XTRABYTES (XBY) is a blockchain platform based on a new concept called Proof-of-Signature (PoSign) for achieving blockchain consensus. Coupled with a new algorithm named Zolt, PoSign ensures that all blocks are rapidly processed and signature-verified. A radically new concept, Proof-of-Signature provides users with an unparalleled level of security and speed.
XTRABYTES is a project that most people have never heard of, yet it has the potential to render all of the top cryptocurrencies obsolete. XTRABYTES is a completely decentralized, secure platform that has real world use, as it is scalable, with a transaction volume capacity that is head and shoulders above other crypto platforms.
The XTRABYTES platform is designed to be built upon through D-Apps that can be written in nearly any programming language. From the X-CHANGE, a decentralized cryptocurrency trading platform (DEX), to the X-VAULT, a secure, encrypted data storage, XTRABYTES offers it all.
Since most people in the cryptocurrency space have not heard of XTRABYTES yet, this project is highly undervalued. With its grand vision, XTRABYTES is focused on solving all of the most pressing issues in the cryptocurrency world.
It’s a new modular blockchain platform offering scalability and unprecedent security (SHA-512) resistant to quantum technology lurking behind the corner. It is also based on Proof-of-Signature (PoSign) algorithm rendering mining practically obsolete. XtraBytes will be operating under a system of nodes that sole responsibility will be authenticating transactions. Each and every alteration to the blockchain has to be approved by all of the nodes and those consistently trying to sign invalid portions of the code would be immediately blacklisted from the network. This technology is already successfully utilized by other big players in crypto world such as DASH or IOTA.
- Cryptopia – Although Crytopia is an exchange long-relied upon by XTRABYTES investors, it occasionally experiences processing delays. For instance, withdrawal times for most coins are still delayed by up to 20 hours. And while users can open a support ticket on the website directly, Cryptopia’s support staff often take 30 days or more to answer (supposedly due to an influx of new members). Cryptopia is addressing such issues and claims to be working on upgrading it’s systems.
- Yobit – The XTRABYTES team regularly warns investors to stay away from Yobit. They’ve kept the XTRABYTES wallet in maintenance for several months, leaving investors empty-handed. Continual customer support requests from the development team as well as other investors have gone unheeded.
Since the XTRABYTES project is still in its infancy, it is highly undervalued at the moment. With the potential to unseat the top cryptocurrencies on the market due to its innovative tech, XTRABYTES is the most exciting project in the industry right now. Since XBY isn’t even traded on any major exchanges yet, early adopters have been purchasing it on Cryptopia, C-Cex or Nova Exchange.
After purchasing XBY, it can be transfered to the desktop wallet for Windows, Mac, and Linux that can be downloaded from the official website.
XtraBytes (XBY) is different because the XBY isn’t presented as another security coin, rather, it is a fully-fledged platform that can be applied in unlimited fields. The platform will also make it possible for users to integrate any known coding language, in the process eliminating the limitations that other projects face.
The fact that XtraBytes (XBY) transactions can be confirmed instantly using a technology that can complete up to 10,000 transactions per second is another selling point. Its transaction speed is far beyond what Ripple (1500 tps) has to offer. In addition to that, the developers of the platform also claim that their system can repel up to 51% attack preventing any forks in the future.
The relevant XTRABYTES Price From COIN360 widget:
XTRABYTES is not an ICO, it’s a community driven project.
XTRABYTES is putting the finishing touches on its STATIC (Services Transactions and Trusted in Control) node network. Designed as a system of real and virtual network nodes, STATIC nodes produce signature-verified transactions by rapidly communicating with each other. While the STATIC network’s online nodes validate blocks as they occur, the network’s offline nodes double-check these blocks as they come online. The resulting network design means, “the entirety of the STATIC node network would need to be compromised simultaneously to undermine the integrity of the blockchain”.
XTRABYTES’ Proof-of-Signature overcomes the flaws inherent to current consensus algorithms. Unlike Proof-of-Work, PoSign does not rely upon block mining to add transaction records to its blockchain. By eliminating this, XTRABYTES has ensured that no miner or group of miners can take control of the blockchain (known as a 51% attack). By removing this threat, Proof-of-Signature solves one of the most complex problems in cryptocurrency.
PoSign also reduces energy requirements necessary with Proof-of-Work consensus. The tremendous computing power required to validate each transaction makes a highly inefficient and wasteful process. Since PoSign relies upon a system of real and virtual network nodes to verify transactions, it uses substantially less energy. PoSign also employs a proprietary alert system named PULSE (Ping Unified Leger Synchronization Equalizer) to communicate with network nodes, thereby determining when a transaction block should be verified.
XTRABYTES’ Proof-of-Signature is also set to overturn present expectations regarding transaction speeds. While SegWit is being applauded for doubling Bitcoin transaction speeds (now at 7 transactions per second), XTRABYTES is seeking to achieve 10,000 transactions per second. Using the aforementioned PULSE as its node communication system, PoSign stands a very good chance of achieving this goal. In contrast, marginal improvements in transaction speeds serve as nothing more than temporary stop-gap measures. Without a fundamental rethinking of how transaction blocks are validated (as is the case with PoSign), transaction delays will continue to be a problem.
See Also on BitcoinWiki
- Xtrabytes (XBY) Website
- White Paper
- Xtrabytes Today (XBY) Blog
- XTRABYTES price and market state on Coin360