XtraBYtes – General Info, Best Exchanges and Wallets

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xtrabytes xby

XtraBytes is a platform on which a multitude of customized services can be deployed and utilized. A quick association is to think of XBY as an Ethereum 2.0 of sorts, but with greater scalability, security, and freedom.

XTRABYTES combines a unique consensus algorithm with an advanced network protocol to create an innovative blockchain platform. It seeks to address the security and energy efficiency issues inherent in current blockchain technology.

 

 

FEATURES.

Modules.

XtraBYtes module allows developers themselves to connect to the XtraBYtes platform and build both new and link existing applications on the platform. A module can be coded using many different popular programming languages ranging from Visual Basic, Java, to C++.  This makes XTRABYTES extremely flexible and opens up the creation of modules to third party developers; or anyone who knows a basic programming language.

Think of it kind of like the Apple Store, but for programmers to be able to build their platforms on top of a secure, nearly impenetrable blockchain and in the same breadth, once the modules are online, developers will be able to interlink their programs and applications, allowing for cross use platform usage as well.

Due to the adaptable nature of module content many categories can be created and tailored to the module’s individual purpose.  Examples of categories include:  Administration, Business, Commerce, Educational, E-Commerce, Finances, Games, Security, and many others.

The greater part of all of this is that application developers will be able to collect service fees for the applications used across the platform; so decentralized applications can make money by simply plugging into the core ecosystem; which is a huge game changer.

 

Decentralized storage.

The first and primary use of the XtraBYtes platform will be for decentralized shared storage. This will be an unique platform that will secure your data from anywhere in the world. The future of storage is not on a PC and it surely is not on your phone. XtraBYtes is the answer!! This makes it similar to what we have in: Siacoin and Golem.

 

Proof-of-Signature.

XTRABYTES is powered by the Proof-of-Signature (PoSign) consensus algorithm, a unique and revolutionary approach to achieving distributed consensus which was created by Founder and Lead Developer, Zoltán Szabó (aka. Borzalom).

In all other existing blockchain technologies, transactions are verified and blocks created by only one randomly selected node in the network. Common consensus algorithms such as Proof-of-Work, Proof-of-Stake, and Proof-of-Importance attempt to ensure that the node selected is not malicious or faulty, but they cannot guarantee that this is the case.

PoSign comprises a radically different approach. Transactions are verified by a network of what are called STATIC nodes—importantly, each of these nodes must sign off on a transaction before the associated block can be appended to the chain. Should a malicious node repeatedly attempt to compromise the chain, it will be blacklisted automatically.
The security improvements are profound—to compromise XTRABYTES, the entirety of the STATIC node network must be compromised and a single malicious actor cannot undermine the integrity of the blockchain. Additional benefits include substantially decreased energy consumption as the consensus algorithm does not require nodes to solve computationally difficult problems to earn transaction fees or create new tokens.

 

What are the static node returns?
The returns of the static nodes are currently undetermined, but one can assume the annual ROI easily compete with the likes of DASH and DYN. Unlike normal nodes, XBY static holders will not just gain from transaction fees, but also service and maintenance fees.

 

Pulse.

Static nodes communicate with one another via the PULSE system. If nodes are online, the system behaves like instant messaging, while offline nodes are always automatically forwarded missed messages by the network. All of these transmissions are encrypted, secured, and timestamped. This is in direct contrast to the Bitcoin network whose peers communicate with one another in an unsecured fashion.

 

Vitals.
The VITALS Network is a private network directly interconnecting the online STATIC nodes;  effectively providing VPN-like functionality to the network.  VITALS therefore supports the communication needs of the XTRABYTES blockchain by providing interference-free direct paths between nodes to ensure security and speed when processing transactions.

 

Scalability.

xtrabytes coinXTRABYTES was designed with scalability in mind from the ground up. The platform implements a chord network protocol to facilitate rapid communication between nodes to ensure high transaction throughput and fast processing times. The result is a blockchain that can easily scale to meet increasing numbers of users. Simply put, XTRABYTES strives to offer a next-generation blockchain solution.

 

Security.

Security is at the core of the XTRABYTES platform. XTRABYTES introduces a revolutionary new consensus method, Proof-of-Signature, that dispenses with the use of only a single node to verify transactions and instead requires the signature of every node in the network. This provides an unparalleled level of durability and resistance to attack

STaTiC nodes rely on multiple layers of encrypted and digitally signed sources to guarantee the integrity of the network while competitor systems rely either on a single signature only, or even none at all.  It is impossible to steal all signatures, given that not all STaTiC nodes are online at a given time, and that they use different operating systems (eg. Windows, Mac. Linux)—and even if a virus compromises all online STaTiC nodes, even a single offline STaTiC node is capable of restoring the network once reactivated.

 

TECHNICAL SPECIFICATIONS.

650,000,000 coins.
No premine.
XBY coins were all bought by investors in ICO.
No POS rewards.
No POW rewards.
No inflation.
50 XBY transaction fee per transaction.

 

 

XTRABYTES (XBY) OVERVIEW.

xtrabytescryptocurrencyCoincapmarket ranking: 210.

Current coin Value: $0.019328 (-6.09%).

Market Cap: $8,175,871.

24hr volume: $17,623.

Circulating Supply: 423,000,000 XBY.

The XTRABYTES coin is essentially a utility. The coin is inextricably linked to the success of the network and its services, as it will be utilized within transactions to purchase services and compensate providers. As the applications on the platform are utilized by community members and the general public, an increase in demand will further increase the value of XBY.

 

No ICO + 0% Pre-Mine.

There was no ICO or pre-mine. Subsequently, this has resulted in a very fair distribution of coins, with the biggest holder currently holding just over 4% of the total supply. This makes XBY less liable to control by market makers such as whale investors looking to accumulate. In addition to this, it will also prevent some of the negative effects associated with whale manipulation like high levels of price volatility. A third benefit of having no ICO is that devs have more incentives to work hard and deliver a finished product that will drive the price up. This contrasts greatly with ICOs like EOS, which has already raised exorbitant amounts of money before their platform is even ready!

 

0% Inflation.

XBY has a fixed supply of 650 million. This means inflation is 0, thus you will not have to worry about your investment becoming diluted over time. The supply in circulation is also much lower when one accounts for money locked in nodes. There are currently 465 static nodes, all of which are holding at least 500,000 XBY, reducing total supply by over 230,000,000. In the future, additional STATIC nodes will be added to the network, reducing the available supply to a considerably smaller amount.

 

Community Coin.

It’s a community coin. In practice, this means holders will have greater control over the direction of the coin as well as improved transparency with developers. With many coins, you find that devs neglect the demands of prominent investors, and in some cases go months without responding to forums such as BCT. This contrasts with XBY which actively deploys mods to answer peoples queries alongside the founder.

 

Wallets.

 

Exchanges.

 

 

IN CLOSING.

The ultimate goal for XBY is to become the supporting infrastructure for other modular applications. This will create a complex ecosystem where other developers can plug, and build their applications utilizing the XtraBytes platform. Combine this with the backing of an ultra-secure network, and you have a sleeping giant that many crypto investors dream of investing in. The current market cap is tiny when you consider the strong fundamentals and lack of marketing in this project.

 

 

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