Comparison of Byteball and Iota

Quick bullet-point comparison

Byteball

  • First cryptocurrency with DAG-structure to trade on exchanges, 2016 late December.

  • Does not require proof-of-work

  • Decentralized, not fully trustless. Has 12 witnesses, trust required that majority will not conspire together, users select and can replace witnesses see Witness

  • Fair, open initial distribution by proving BTC ownership, spanning a year

  • Has fee, the amount of data to store in the network is the amount of currency, bytes, to pay. To store a transactions costs about 520 bytes, full nodes and witnesses colllect/split the fee.

  • To pay for goods/service of value 52 000 bytes, the fee would be 1%. Bytes are traded in 1 000 000 000 (1GB) as of (June 2017), total supply is 1 000 000 000 000 000 or 1 petabyte. For todays price of $700 for 1GB, the fee of 600bytes (high estimate) is $0.0004. For fee to be $0.4, the price of 1GB would be $700 000.

  • Declarative smart contracts, oracles, user-defined (private) assets, immutable data-storage.

  • Community effort, no organized businesses, foundations.

  • Uncensored, unmoderated communication channels.

Iota

  • Began as idea/ICO in 2015, trades on exchange 2017 July.

  • Requires Proof-of-Work

  • Zero-fee, the transaction is payed for by expending compute-resources doing Proof-of-Work.

  • The data-structure DAG also sometimes called Tangle

  • Total supply is 2 779 530 283 277 761, traded in (1 000 000, 1Mi). 2.779 petaiota.

  • ICO, over-the-counter trade before exchange.

  • Developer releases mark milestones as checkpoints in network.

  • Has foundation, which has wide business connections and signed partnerships.

  • Censored/moderated communication channels.

  • Not yet (2017 July) decentralized, has Coordinator/Proof-of-Authority.

A few useful technical discussion links,

https://www.reddit.com/r/ethereum/comments/6h2jut/have_ethereum_devs_considered_tangle_dag_instead/

https://www.reddit.com/r/Iota/comments/6h3sc8/what_are_the_cons_of_iota/


Some points of comparison by Tony from Altcoin Spekulant Oct 6, 2016 interview:

Byteball IOTA
the ordering of transactions is based on main chain IOTA uses PoW
there is no chance of orphaning parts of the DAG can be orphaned
there are deterministic criteria when a transaction becomes final there are no exact criteria, it is still probabilistic, based on intuition
has multiple assets and smart contracts is a single token currency with only plain payments
there are assets that are transferred privately all payments are public

Raiblocks?

See this Reddit thread for a DAG coin comparison (Byteball, IOTA, RaiBlocks).


This "comparison" page main author: @portabella at the Byteball slack