What is GoByte?
GoByte (GBX) is a digital currency that enables anyone, anywhere in the world to make quick, easy and cheap payments at any time without going through a central authority. Based on a decentralized peer-to-peer network, and secured by strong cryptography, GoByte offers a safe and user-friendly payment method without barriers. GoByte is portable, inexpensive, divisible and fast digital cash for both the internet and everyday life.
Who invented GoByte?
Based on the Dash project, GoByte was launched on November 17, 2017 by founder Hisyam Nasir. The first few years of development saw GoByte develop a focus on speed and fungibility, making it an excellent and practical alternative to cash, both online and at the point of sale in shops and restaurants.
What is GoByte used for?
Due to its low fees and fast transactions, GoByte is used around the world as a practical alternative to cash and credit cards. It is also a useful solution in the international remittances market. It is particularly popular in regions where technical access barriers exist to traditional payment systems, or where hyperinflation has made existing currency impractical to use.
Who controls GoByte?
Much like email, GoByte is an open protocol not under the control of any single entity. Anyone can write software to transact on the GoByte network without requiring the permission of a central authority. Other than the minimal fees required to prevent spam attacks, there are no barriers to using GoByte.
What are the advantages of GoByte?
Freedom: GoByte puts you in full control of your money. GBX can be sent or received by anyone, anywhere in the world at any time. There are no bank holidays, exchange rates, bureaucracy or hidden fees to deal with.
Irreversible transactions: Transactions are instant and final, protecting merchants from expensive fraudulent chargebacks.
Security: GoByte payments can be made and verified by both parties even without any personal information in the transaction.
Speed: Unlike many other digital currencies, GoByte transactions are secure and visible to the entire network in under 1.5 seconds.
What are the disadvantages of GoByte?
Acceptance: GoByte is not yet as widely accepted as other payment methods. Many merchants have never heard of GoByte.
Volatility: As a relatively new currency, the market value of GoByte is not yet stable. These changes from day to day may discourage users and merchants from transacting in GBX, or holding GBX after completing a transaction.
How does InstantSend work?
Unlike conventional blockchains, where it is necessary to wait for transaction confirmation in a block, GoByte leverages the network of masternodes to validate that the funds specified in the transaction have not already been spent, and then locks them within 1-2 seconds so they cannot be spent again until the transaction is complete. Any transactions attempting to use the same funds will be rejected by the network, even in the case of a 51% attack.
How does PrivateSend work?
GoByte offers optional transaction anonymity through a feature called PrivateSend. An improvement of CoinJoin, PrivateSend allows you to break up your Dash into specific denominations and “mix” these with other participants, thereby obscuring the origin of funds used in the final transaction. PrivateSend offers superior privacy to centralized mixing services because each round of mixing is facilitated by a different masternode, making it effectively impossible to track funds on the blockchain.
Learn more about GoByte from our community.
Be a part of a growing community and join our official chat groups and servers.
Chat group members get the first chance to test new features and are the first persons to receive new news and announcements.