Launched on Dec 25, 2016, Obyte is a distributed ledger based on directed acyclic graph (DAG). The team claims that due to the absence of blocks and miners, access to Obyte ledger is decentralized, disintermediated, free (as in freedom), equal, and open.

Obyte claims to be the first DAG-based cryptocurrency platform to support dApps. Due to the absence of miners and blocks, the team claims that there is no risk of front-running and other miner manipulation, and dApps are safer and easier to develop than blockchain-based dApps. DApps are developed in Oscript - a new language that avoids many unsafe programming patterns common in earlier dApp platforms.

The team believes that Obyte is especially well suited for DeFi apps; some are already available on the platform, such as Discount Stablecoins (https://ostable.org), while some are being developed.

Other features include self-sovereign identity, private untraceable currencies, sending crypto to email using textcoins, and extremely small-footprint libraries suitable for small IoT devices.