How do digital currencies like ArtByte work?

How do digital currencies like ArtByte work?


April 14, 2015

As with any new technology, digital currencies like ArtByte can be hard to understand. Lets look at how ArtByte works.

 

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.

In 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. For more details on mining go here: http://www.artbyte.me/mining-applebytes/

 

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 them 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.

 

Since ArtByte was founded to support artists, what are the advantages vs cash?

  • ArtBytes can be given by any fan, anywhere in the world, to artists anywhere in the world.
  • Fans or artists don’t need credit cards or bank accounts to give and receive ArtBytes.
  • There are no governmental, corporate or regional restrictions, telling fans who they can support.
  • Artists receive and can spend donations of ArtBytes almost instantly.
  • There are no fees for giving artists ArtBytes, compared to credit cards, Paypal or bank transfer fees, etc.

To learn more about the advantages of ArtByte, go here: http://www.applebyte.me/why-support-artists-with-applebytes-instead-of-cash/

To see places you place you can spend ArtBytes, go here: http://forum.artbyte.me/index.php?/forum/25-places-to-use-applebytes/

 

Ready to get started?

The first thing you need to do is get your ArtByte Wallet App (Online, MAC, Windows, Android, or IOS). The online wallet version is already connected to the network. If you download the MAC, Windows, or Android wallet, just open it and it will automatically connect to the ArtByte network. The first time your wallet connects, it will need to sync with the network (which could take 30 mins to a couple of hours, depending on your internet connection) After that it syncs in just minutes. Go here to get your wallet: http://www.artbyte.me/get-started/

Earn your first ArtBytes, by helping to put them in circulation. Just copy your wallet receive address (found on the Receive Tab of the Wallet), and login to the ArtByte Orchard: http://orchard.artbyte.me/  Post your ArtByte wallet address into the Orchard and you can earn 100 ArtBytes a day. You can spend them, save them, send them to friends or tip your favorite artists anywhere in the world with them, just by knowing their Twitter account. For how to tip, see: http://tips.artbyte.me/

 

More information on ArtByte is available at: http://artbyte.me

And be sure to check out the ArtByte Music Store https://music.artbyte.me/ where you can download great music, paid for with ArtBytes!

 

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