What is ArtByte Coin?
ArtByte Coin is a way to capitalize on the emerging technology of digital currencies while providing peer-to-peer support to established and emerging artists.
ArtByte Coin can be given to any artist, whether musicians, performers, directors, authors, producers, painters, photographers, designers, models or entire production teams. In addition, the location of each artist does not matter, as the token is designed for global use.
In order to gain a special relevance in the market, ArtByte supports various art events. This includes, for example, the sponsorship of the decentralized Art Show, which took place on January 19, 2018, in Miami.
In addition, the digital community across the globe was able to participate in this event through a live stream, which also featured a VR transmission.
ArtByte Coin – more than another Altcoin
The ArtByte token should be a cryptocurrency for artists and the art-loving community. The token was created especially for the support of artists. A special focus was put on the financial aspect during the development, because artists should be paid fairly by the use of this token and also become better known within the network.
The acquisition of new fans also plays an important role, as they can then distribute ArtBytes as a tip so that the artists receive an additional source of income.
Another important aspect of the ArtByte currency is the support of artists, taking into account their personal careers. In addition, art lovers and artists must expect no costs in the context of the network. All services are therefore funded by the ArtByte community.
A special feature is the huge and very active community, which already has more than 25,000 active Twitter users talking about ArtByte, while the Facebook community has well over 75,000 members. The community consists of artists, art lovers, crypto enthusiasts, investors and traders.
Other services of the ArtByte Coin network
In addition to its basic features, the network also offers other benefits. For example, an online music store will be made available, through which artists can sell their music. Visitors will be able to visit this music store and buy or download music.
Payment within the shop will be made through the use of ArtByte Coins or Bitcoins. Worldwide use of the platform is also possible – there are no country-specific regulations and the coin can be mined, traded and given away. Especially through an international community, the use of the ArtBytes platform should be strongly stimulated.
Furthermore, the developers also offer a so-called “Tipping App”, which can be used for the distribution of tips, and support payments. This app allows the community to support artists through social networks in a simple and convenient way.
Here, the Artbyte tokens can be distributed via Twitter, and “Likes” proven with real money. The artist can then transfer these tokens to their personal wallet.
How does ArtByte Coin actually work?
ArtByte was previously known as AppleByte and acts as a peer-to-peer currency. In doing so, ArtByte focuses on supporting artists on a financial level. The token will then be used to pay for everyday goods and services.
All tokens are stored in a server; however, this data is backed up by a blockchain so all computers on the network are an integral part. By providing computing power, all computers within the network are part of a mining community.
A prerequisite for the mining of ArtByte is the ArtByte wallet. Once opened, the software will use the computer’s available processing power and start mining new ArtByte tokens. But even using a miner makes it possible to mine additional tokens, in which case a proof-of-stake algorithm is used.
In addition to solo mining, mining pools are also supported, which have an advantage in mining due to the collective computing power.
The wallet is set to pool mining, but can also be operated manually for solo mining. However, this is not recommended by the developers because both the energy efficiency and yield are much lower.
How has the market capitalization of ArtByte Coin developed?
ArtByte Coin was officially launched on June 12, 2014, with the initial name of AppleByte. The currency is officially traded on the markets under the abbreviation ABY. The token was first launched through an ICO, which set an issue price of $0.000197.
This resulted in a market capitalization of approximately $54,096 on the first trading day. Until April 8, 2017, the currency’s performance has been fairly steady, increasing market capitalization to a level of $239,237.
A strong rally then began, which led to new records almost daily. Market capitalization was already $4.99 million on May 25, rising to $9.7 million a short time later. This was also an interim peak, reached on June 7, 2017. Subsequently, a consolidation was met with support at around $4 million so that a renewed uptrend could start.
The rally continued until January 12, 2018, with the price per token already at $0.0399, resulting in a market capitalization of $31.6 million.
Trading of ArtByte Coin
Another relevant indicator of the ArtByte token is daily trading, as it converts around $98,000 daily. In addition, there are about 792 million tokens in circulation, with no fixed limit defined.
Trading of the token takes place in particular between ABY and Bitcoin, but the euro is also an important trading currency. The most important trading center is Bittrex, as it accounts for around 90 percent of daily trading.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.