SpiderByte price is $0.01030572
SpiderByte (SPB) is currently valued at $ 0.01030572, which represents a change of +0.00% over the past 24 hours.
SpiderByte, previously known as LitecoinPlus (LCP), is a unique cryptocurrency utilizing a blend of proof-of-stake and proof-of-work consensus algorithms. It was initially released as a Proof of Stake (PoS) coin exercise with 221,400 coins available and a generous annual staking reward of 15%. Over time, Proof of Work was introduced, providing an additional layer of consensus, and the staking reward was adjusted dynamically to prevent an overabundance of coins in circulation.
In 2020, SpiderByte introduced the PALADIN-51 system, allowing for greater flexibility and control over various blockchain parameters. It's worth noting that SpiderByte didn't launch via an ICO (Initial Coin Offering), but rather through its original iteration as LitecoinPlus.
SpiderByte was created by PALADIN Software Development Pte. Ltd., a Singapore-based company established on April 22nd, 2022. The company is committed to continually developing and supporting SpiderByte, ensuring its longevity in the evolving world of cryptocurrencies.
SpiderByte utilizes both Proof of Stake (PoS) and Proof of Work (PoW) consensus algorithms to maintain security and fairness within its network. The PoW element was added in 2018, initially starting with a block reward of 2 SPB that gradually decreases over time.
Utilizing the PALADIN-51 system, the SpiderByte community has the power to dynamically adjust various aspects of the blockchain, such as the reward structure or the PoS percentage. This allows the community to play an active part in the coin's development, fostering a truly decentralized system.
The unique blend of PoS and PoW consensus mechanisms set SpiderByte apart. This hybrid system ensures greater security and decentralization, supporting both miners and stakers alike.
Additionally, SpiderByte's PALADIN-51 system represents an innovative approach to blockchain management. This system allows for the flexible alteration of blockchain parameters without needing mandatory software upgrades, promoting sustainability and continuous growth.
Finally, During its transition from LitecoinPlus to SpiderByte, the coin rebranded and underwent significant development to meet the changing demands of the crypto market.
There are currently 3.1M SpiderByte (SPB) coins in circulation. The total supply is 4.0M, a cap set to control inflation and ensure scarcity, contributing to the coin's value over time.
SpiderByte (SPB) can be purchased on various cryptocurrency exchanges, including Nova, Cryptopia, CREX24. Please remember to exercise caution and carry out thorough research before trading or investing in cryptocurrencies.
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