The Good Tech Companies - Educational Byte: New Sending Options in the Obyte Wallet

Episode Date: March 10, 2025

This story was originally published on HackerNoon at: https://hackernoon.com/educational-byte-new-sending-options-in-the-obyte-wallet. The Obyte network was updated, and with it, its native wallet --now including new features to enjoy! Let's learn more about it. Check more stories related to web3 at: https://hackernoon.com/c/web3. You can also check exclusive content about #crypto-wallet, #on-chain-governance, #crypto-governance, #temporary-data, #sidechains, #obyte, #good-company, #obyte-network, and more. This story was written by: @obyte. Learn more about this writer by checking @obyte's about page, and for more stories, please visit hackernoon.com. Obyte went through a major network update to include several new interesting features. This update enhances spam protection, refines transaction fees, and introduces a more distributed way for the community to select Order Providers (OPs) using their GBYTE balance.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. Educational Byte New sending options in the Obyte Wallet, by Obyte In November 2024, Obyte went through a major network update to include several new interesting features, bringing improvements to decentralization, governance, and security. This update enhances spam protection, refines transaction fees, and introduces a more distributed way for the community to select order providers, OPs, directly with their GBYTE balance. By giving users more control over the network, Obite ensures a transparent and decentralized system without central influence. Additionally, the update strengthens the platform's infrastructure, making it more efficient for sidechains and data verification. As part of this upgrade, the obite wallet also needed to be updated, and with it came new features, before, besides compatible tokens,

it was already possible to send raw data, texts, attestations, private profiles, oracles, polls, other types of votes, and definitions of autonomous agents, ah, to the DAG. Now, users have two more sending options, temporary data and votes for the newly introduced system variables. Temporary data, temporary data, OIP number 7, in obit allows users to post data on the DAG for short-term storage. Unlike regular transactions, which remain on the network permanently, temporary data stays available for just one day, by default. After that, nodes can delete the data itself, but a hash of it remains on the DAG forever.

This ensures that the original data can still be verified off-chain without burdening the network with unnecessary storage. It also comes with a lower cost, half the usual fee, making it a more affordable option for applications that need to timestamp or verify data without storing it indefinitely. This feature was mainly introduced to support sidechains, especially those that need a decentralized way to order transactions without relying on their OWN consensus mechanism. However, it can also be useful for other applications that require temporary data verification, such as document timestamping or ephemeral messages. To send temporary data to the DAG, you'll only need to go to the Send menu in the obit

wallet. Next, in the section What to Send, you choose Temporary Data, you'll find then a menu including a field and a value value and the option to add more fields. The field represents the name or type of data you're storing and the value is the actual content of that data. For example, you can put document hash as a field and said hash qmx3, a unique IPFS hash, as a value. Or you can choose any simple, temporary message that will be erased from the DAG after one day. The estimated fee in GBYTE will appear below, and the transaction will be complete after the payment. Votes for system variables, as we've mentioned above, the community can now vote for order providers, OPs, using their GBYTE holdings, OIP number 3.

The OPs are formed by 12 public nodes that issue transactions continuously to guide the order of the others, and before the November upgrade those nodes used to be chosen off-chain. However, the last update ensures that the community, rather than a small group of incumbents, determines the selection of order providers, OPs, from now on. Users can vote for their preferred OPs through their wallet, with voting power determined by their GBYTE balance. In addition to Ops selection, it's also possible to vote on crucial network parameters, such as transaction fees, ensuring a fairer and more transparent decision-making process. To make governance accessible, Obite has launched a dedicated website where users can

participate in voting. This integration makes it easy for GBYTE holders to actively shape the network's future without relying on centralized decision making. If you want to check and vote for new parameters in the network, you can visit the website, but the option is directly implemented in the Send menu in the Obite Wallet. Instead of tokens or data in what to send, you can choose vote for a system variable or count votes for a system variable, if you've already voted or simply want to trigger a count of your and others' votes. In both cases, a menu with a list of the variables to vote or count on will appear. They could be op list, where you're expected to include the obit address of your

selected ops, threshold size, the size when the oversize fee starts applying, base TPS fee, calculation basis for transaction per second fees, TPS interval, TPS fee growth rate, and TPS fee multiplier, prepayment factor. An estimated fee will be shown in the wallet before you send your vote, and the process will be finished when you pay that fee in GBYTE. You can visit the governance website to check on the current values, the votes, the total vote as balance, and other stats. Enjoy your new, decentralized sending options, featured vector image by FreePic. Thank you for listening to this Hacker Noon story, read by Artificial Intelligence. Visit

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