ArtByte is a person to person digital currency. With artbytes, art lovers can now support their favorite artists directly. When a fan sees an artist’s work they appreciate, instead of just liking or faving them, fans can give them ArtBytes (which can then be converted to cash, used at restaurants, concerts, movies, theaters, etc).
Just like at your bank, your account balance and transactions are stored on a 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. These computer “nodes” are paid with ArtBytes for contributing their computer power to the network. This process is called mining.