Obyte is a revolutionary cryptocurrency project that was launched on December 25, 2016. The platform is built around a distributed ledger that is based on a directed acyclic graph (DAG). This unique structure enables a decentralized, disintermediated, and open access to the Obyte ledger, eliminating the need for blocks and miners.
First DAG-based Platform for dApps
Obyte stands out as the pioneer DAG based cryptocurrency platform that supports decentralized applications (dApps). The lack of miners and blocks significantly reduces the risk of front-running and other types of miner manipulation. This makes dApps on Obyte safer and easier to develop compared to those on blockchain-based platforms. Developers have access to Oscript, a new language that is designed to circumvent unsafe programming patterns that are prevalent in earlier dApp platforms.
DeFi Apps on Obyte
Obyte's safety features make it an ideal platform for Decentralized Finance (DeFi) apps. Several of these apps are already available on the platform, with more currently under development.
Additional Features of Obyte
Apart from its support for dApps and DeFi apps, Obyte offers a slew of other features. These include self-sovereign identity, private untraceable currencies, the ability to send crypto to an email using textcoins, and highly compact libraries that are suitable for small Internet of Things (IoT) devices.
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