GoByte (GBX) is a cryptocurrency based on Dash aimed at vendors to provide monetary services . GoByte features the masternode technology, which provides to the network near-instant and secure payments as well as anonymous transactions. The near-instant payments known as InstantSend technology, average at 1.3 seconds per transaction. The anonymous transactions known as PrivateSend technology, mix your funds trough the masternodes network, making near-imposible to trace back the origin of the funds.
Our project is not aiming to build the blockchain around the existing economy. We are aiming to create a new economy around the blockchain.
The first step into building the GoByte Network economy is by providing liquidity and ways to acquire GBX coins. Therefore, a part of our current development team which has past experience into building, developing and maintaining bank ATMs that are currently being actively used around the word, have decided to build and develop our own ATMs and POS Terminals along with Card Reads and more.
All of those devices will be directly linked to the GoByte Pay module which will attribute to the customers an identity and act as a central bank of the entire economic system. Allowing you to deposit, withdraw, perform payments, loan GBX coins, link or request GoByte Pay Debit/Credit cards to use with our ATMs, POS Terminals or CardReaders.
In order to create a self-sustaining economical system, GoByte had implemented the Governance feature, currently found in Dash and more other cryptocurrencies. The governance feature allows to the masternode holders to vote, fund or reject proposals submitted by the community, from event sponsorships to acts of charity or developer bounties. By funding projects, the community can sustain the media/events appearance and even the development, without the reliance of a central development team.
We’re making a cryptocurrency that’s easier to learn, use, and more secure than any before. We believe that blockchain technology needs to disappear into the background, leaving only an intuitive and beautiful interface that’s as easy to use as the likes of PayPal.
We know there are looming concerns when it comes to legislation in the crypto space. So we are taking precautions against the threat of government intervention. The world of cryptocurrency is very new, and fraught with uncertainty. The biggest challenge that cryptos now face are future regulations that government entities such as the SEC are assumed to be planning.
Anonymous Transactions Governments are interested in taking away our privacy to send digital currencies, in the name of “Combating terrorism financing and money laundering.” To solve this problem, GoByte will have an on/off switch for the anonymizing feature of GoByte. Turning this off would leave it much in the same way as Bitcoin is now, in that transactions, with considerable effort, would be somewhat trackable.
The Howey Test and Securities Laws Government entities around the world that regulate securities, are beginning to take action against cryptocurrencies and ICOs that they consider to be securities. We have designed GoByte to be sure that it will pass the “Howey Test” that the U.S. government uses. The following explains the reasons why:
Profit Generation for Users
GoByte holders earn income, in the form of more minted GBX coins, by placing them within our masternode system or in staking wallets. Therefore, GoByte passes rule #4 of the Howey Test, which states “Any profit comes from the efforts of a promoter or third party”
GoByte has a built in governance system, whereby the masternode holders vote on leadership and various aspects of DIVI’s key metrics and functions, controlling the profit-generating process. Since our cryptocurrency is controlled by its users, not the founders, it cannot be considered to be a security.
The governance treasury is controlled by a non-profit GoByte Foundation, and the price of GoByte doesn’t represent the value of this foundation or the company(s) that are hired to maintain and upgrade it.
While GoByte holders don’t need to ever trade/exchange our tokens in order to profit by their ownership, we expect that GoByte will be listed on cryptocurrency exchanges, and it’s well known that getting listed onto these exchanges can add considerable value. Many experts expect that the Governments will soon start to pressure or force crypto exchanges to de-list those that are found to be securities. GoByte should not have that problem.
Taxation The GoByte Project supports all efforts to keep governments from taxing cryptocurrencies, which will severely hamper innovation and growth in these world-changing technologies. As we consider it a necessity, our "Pay" module has functions like collection and payment of taxes by merchants who use GoByte. Specifically, our “Auto Split” function can automatically split off a percentage of any transfer coming into a wallet address, geo-tagged by location to set the percentage, and set it inside a separate “pocket” or even automatically send it to another wallet address (such as a state or government’s wallet address.) This will save GoByte users a lot of time and expense complying with tax regulations that may appear in the future.
Conclusion With these innovations, we believe that GoByte is at this time the only cryptocurrency that has built in ways to comply with whatever roadblocks government organizations put up to prevent mainstream adoption.
GoByte Frequently Asked Questions