Explaining digital currency to the Layman

Posts in: February


22Feb 2016
AppleBytes Comments Off on Explaining digital currency to the Layman

Explaining digital currency to the Layman

How are digital currencies created?

Just like physical currencies, digital currencies like ArtByte don’t just pop into existence; they have to be made. In physical currencies, paper bills are printed and coins are minted by government agencies, then distributed into the banking system. In the same way, digital currencies must be created and distributed to users.

For a digital currency like ArtByte, the currency is created by a software application. This software runs on each computer connected to the ArtByte network. All of the computers connected to the network work together, sharing the complex calculations necessary to create each ArtByte, and a certain number of ArtBytes are created each day. This process is called mining, and is not free, as it costs computer power and electricity. To compensate computer owners for their work, ArtBytes are paid to the software users connected to the network.

How are balances kept and transactions processed?

Just like at your bank, your account balance and transactions are stored on a server. At your bank, the bank owns the server. But, as a digital currency, ArtByte’s account data resides on a peer-to-peer (computer-to-computer) network that consists of all the computers logged into the network. This allows for additional security as there is no single server that hackers can attack, and each transaction is verified by all the computers on the network.

Just like logging into your bank account with your browser, you can see your ArtByte balance and spend it using the ArtByte Wallet App. The wallet gives you all the info you need, just like using your browser for banking transactions. The Wallet App is available in several versions: Online, MAC, Windows, Android, and IOS.

 

Learn more at http://artbyte.me

8Feb 2016
AppleBytes Comments Off on What are ArtBytes?

What are ArtBytes?

ArtByte is a digital currency that supports artists of all kinds (musicians, actors, painters, dancers, sculptors, film makers, directors, photographers, etc)

You can think of ArtBytes as digital tokens that fans give to artists they appreciate.  And ArtBytes are more than a token of appreciation, artists can redeem them for cash and gift cards (American Express, Amazon, AMC Theaters, Starbucks, and many more).

Now fans can support their favorite artists with more than just a like or a fav, but with real financial support by tipping them with ArtBytes on social media.

Want to know more? Check out our main website: www.ArtByte.me

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