What is XBY coin?
XTRABYTE is a blockchain platform that distinguishes itself from other cryptocurrencies by using a proof of signature algorithm to collect blockchain data. The cryptocurrency incorporates other algorithms such as Zolt to ensure complete processing and verification of blocks. It is important to note that XBY coin didn’t go through an ICO phase but is rather a community project.
The XBY coin has not yet gained much popularity in the market and hence it is underrated.
Nonetheless, XBY coin bears the potential of surpassing many other cryptocurrencies because it is decentralized, highly secure and can be used in the real world due to its scalability capabilities which therefore means it cant process more transactions per second than a vast number of cryptocurrencies.
XBY coin was developed from Bitmox, an ICO project that got abandoned by its developers before it rebranded to XTRABYTE. XBY coin’s developers took over the Bitmox project back in March 2017.
Key features of XBY coin
This feature facilitates the secure transfer of funds and encrypted communication through messages for users on the XBY network.
It distributes the user’s messages across the network nodes in shards before the message gets to the recipient. By doing so, there is no way the entire message can be intercepted by an unwarranted third party.
X-chat is a decentralized messenger hence it only stores the messages on the owner’s device alone, no virtual storage.
X-Vault functions as a storage Dapp on the XBY platform which provides secure storage for the user’s data. The storage is done via shards across the XBY network by encrypting and sub diving the data among the STATIC nodes for maximum security and privacy.
XBY coin uses its own network known as Virtual Information Transmissions Aligning STATICS which acts as a PVN for interconnecting online nodes.
The network also provides a virtual private network for all STATIC nodes on the network. VITALS network makes the communication between nodes to be smooth, fast and secure during the processing of transactions.
How XBY coin works
XBY coin runs its own D-App through which other projects can build their application in almost all programming languages. It’s proof of signature algorithm used also renders mining obsolete which creates a fair and level trading ground for all.
The authentication of transactions is done by a system of nodes under which XBY coin operates.
This system makes it difficult to alter the transactions on the blockchain since any alteration has to be approved by all nodes; any trader that forcefully tries to sign invalid code portions automatically gets blacklisted on the network.
Proof of signature security measures in detail;
PoSign security system uses the Services Transactions and Trusted in Control node network.
STATIC nodes are designed as both real and virtual network nodes that communicate with each other to produce signature-verified transactions. Virtual nodes verify blocks as they occur while the real (offline) nodes conduct a double check on those blocks as they go online.
Therefore, any compromise on the system has to be done on both the offline and online nodes, which is almost impossible.
Advantages of the PoSign algorithm
- PoSign eliminates any possibility of a 51% attack on their blockchain – PoSign does not depend on mining activities to increase the number of transactions on its blockchain. As a result, no miner has the ability to control large portions of the blockchain. The 51% attack is a common issue for many cryptocurrency blockchains such as Bitcoin.
- Consumes less energy – The proof of work consensus requires lesser energy for the functioning of its nodes. For the proof of work consensus, a lot of computing power is required to validate transactions. The proof of work system employs a Ping Unified Leger Synchronization Equalizer alert system, that communicates with the network nodes to determine when and which transaction to verify.
- Higher speeds – XBY coin has one of the highest transaction speeds with about 10000 transactions in one second. The high speeds are made achievable by the PULSE alert system.
Buying XBY coins
Below is a list of the major exchanges through which investors can acquire XBY coins;
Coinbase – Coinbase is an American cryptocurrency exchange with a reputation for top class security. The main advantages of Coinbase are that it is can be accessed from over 30 countries, it offers fiat deposit possibilities and PayPal withdrawal options.
The site supports multiple currencies and XBY coin can be bought through the exchange by purchasing coin like Bitcoin then sending to another exchange that directly supports XBY coin.
Upbit– Upbit is a South Korea-based exchange site and one of the largest in the country. Investors in XBY coin can exchange Ethereum for XTRABYTE on Upbit.
Changelly – the main advantage of using Changelly to buy XBY coin is that you get to use your credit cards to make payment hence you do not have to own other cryptocurrencies to complete an exchange.
Bitlish– this exchange site charges relatively lower transaction fees and one does not require tedious verification processes to access the exchange site. It accepts the BTC/XBY exchange.
CEX.IO– this is an exchange site allows investors to trade their XBY coin using fiat currency such as USD.
BitBay – this exchange accepts both credit cards and fiat currencies as a means of payment for the XBY coin.
Storage of XTRABYTES
As a holder of XBY coin, you can opt to store your coins on an exchange, or you can get a private wallet.
XTRABYTE wallets are compatible for Windows, MacOS and Linux operating systems. Cryptoline news recommends that you use a private wallet such as Ledger, especially if you have huge amounts of XBY coins.
It is also important to note that storing XBY coin on exchanges is not the best idea as they are more prone to being hacked on exchanges.
Furthermore, ensure that you double-checked exchange links and wallet links before transacting to protect yourself from loss of money.
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