Future of Digital Currency May Not Involve Blockchains


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Although it may be hard to imagine, cryptocurrencies are far older than Blockchain technology. Most of us look at Bitcoin as the first cryptocurrency, although it is only the first Blockchain-based currency. Cryptocurrencies like B-Money and BitGold existed prior to Bitcoin, however, these didn’t really go far, especially when judged against Bitcoin.

The problem with cryptocurrencies conceived before Bitcoin was their centralized structure. Without Blockchain technology, there was no “decentralized, immutable, transparent” ledger in which transactions could be recorded, leading to a centralization. Yet it looks like Blockchain may not be the be-all, end-all of digital currency technologies.

Recently, a new form of crypto has emerged that leverages the Directed Acyclic Graph (DAG) organizational model for the structure of its decentralized ledger, allowing old problems to be solved and new features to be added.

Today, we’re going to take a look at the technology that can potentially replace the Blockchain itself and some of its current implementations.

Byteball: The DAG
Byteball is a DAG-based cryptocurrency. The first of its kind, Byteball is distributed through an airdrop process in which GBYTE, the native currency in the network, is distributed according to the user’s Bitcoin holdings. Recently GBYTE distribution has also begun to take place through cashback partnerships with participating merchants. Although it’s refreshing to see an ICO-less cryptocurrency, its distribution method is one of the least interesting aspects of Byteball.

In Byteball, there are no blocks. Instead, transactions are linked directly to each other and each transaction contains one or more hashes of previous transactions. The set of links between the transactions forms what is known as the DAG, as opposed to the “Blockchain” system used in Bitcoin and other cryptocurrencies.

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Bitcoin seems to be doing so well and taking the lead. The thing I have seen out here is more and more people being reluctant whenever the topic of cryptocurrency comes up. Is it quite an expensive venture.
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