The priority of every business or financial organisation is to coordinate high financial activity and make profit at reduced costs. Blockchain technology and cryptocurrency has brought about new methods of making payments. The introduction of Bitcoin brought about a new wave of carrying out transactions and its volatility gave rise to worldwide recognition of cryptocurrency. Inspite of bitcoin's numerous advantage over traditional method of saving and sending money, the costs of mining, redo all the POW included in the blocks created after the transactions, build legitimate POW Strong enough to ward off hackers is very expensive. Due to this, the costs of transferring bitcoin is quite high and small businesses run at loss when dealing with small values.
Unlike Bitcoin, in Byteball there is no PoW but it runs on a different consensus algorithm, the costs of maintaining the blockchain is quite cheaper than bitcoin and so it costs of transactions is very Small which is profitable to both small and large businesses that deals with cryptocurrency.
Use Case
Apart from my earnings I receive as blogger on steemit, I also earn through crypto trading. The Nigerian steemit community is one of the biggest on the platform and so basically there are quite a good number of Nigerian steemians who earned from bytes airdrop using steem attestation and more that are yet are still to attest their steemit account.
I found out about Byteball during the Airdrop and so many steemians wanted to convert their bytes that they got from the Airdrop into real cash and so I decided to buy bytes from Nigerain steemians in exchange for Nigeria Naira, which will be paid directly into their bank accounts. I was Buying at particularly dollar rate to compensate for the Bank charges incurred when making bank transfers in Nigeria. Precisely, I was buying at NGN325/$ or NGN325/$ worth of bytes depending on prevailing exchange rate of the USD to Nigerian Naira.
With Byteball, steemians testified that the charge they incurred when selling to me was negligible when compared to trading on an actual exchange platform like Binance.
Current Progress
As Time went on and competition increased because more cryptocurrency traders started to join in the trade, I decided to create a WhatsApp group where buyers can reach me easily and communicate. The purpose of the group is to make everyone see the transaction process is free and authentic. Also, I added other services to the group. In place of money transfers, Byteball sellers request for;
- buy airtime
- payment of electricity bill
- buy data
- payment of cable TV.
I am limited to these services because these are services I can render for now and as time goes on, I will do more.
Milestones
One major accomplishments I love so much since I started buying Bytes is Trust. I have earned the trust of so many Nigerian steemians who are scared of fraudulent buyers and that is why I decided to keep my exchange group open for all to see. Apart from that, I know some buyers personally.
The possibility of ByteBall is endless because the transaction speed is fast at a very negligible charge. One major project I want to carry out is taking the exchange of Bytes to a different level. I want to create a thrift where people can save their Bytes with me for a period of time and expect a additional Bytes after the stipulated time period. At the same time, I can also lend out out Bytes, which is to be repayed with interest. In reality, these idea is just in my head because I am yet to figure an investment platform to invest saved Bytes on. Similarly, I am yet to figure out how to get a surety for Bytes lenders.
In a nutshell, I want to start up an online Bytes Bank.