About Artbyte - Our History, Development, Vision & Mission

  • Artbyte (ABY) was introduced in 2014 as a truly innovative decentralized peer-to-peer network, based on Bitcoin and designed to combine transaction speed, ease-of-use, and a noble mission of helping artists and content creators in general.
  • The initial Artbyte slogan was, “A person to person digital currency. With Artbytes, art lovers can now support their favorite artists directly.” It is our goal to stay true to this mission.
  • Artbyte is a transparent, open-source network, in operation since March 6, 2014. The original “Legacy Artbyte” blockchain was a pure Proof-of-Work cryptocurrency based on Scrypt mining and featured ultra-fast block times combined with large per-block rewards, resulting in significant inefficiencies and rapid devaluation of the UTXOs (e.g., unspent transaction outputs, or “coins”). The project was abandoned after the 2018 “crypto winter” with a small group of enthusiasts and hobbyists maintaining it.
  • After in-depth community consultation, in early 2022, a team lead by EWMCI embarked on a long-awaited transformation of Artbyte, with successful transition to a Scrypt-based, hybrid Proof-of-Work (PoW) and Proof-of-Stake (PoS) code that addresses many of the inefficiencies of the original chain.
  • The original maximum supply limit of 1 billion Artbytes was surpassed in mid-2022, during a two-year transition (via 1:1 non-inflationary swap) to the new, more sustainable hybrid PoW / PoS codebase. Once the transition period was completed, unclaimed Artbytes were provably burned using OP_RETURN. Because Artbyte is considered to be “fully mined” the new code was designed to greatly reduce per-block rewards, aiming for incentivizing ongoing staking activity while preventing overabundance of newly minted coins.
  • Since 2019, Artbyte is a member of the EWMCI Crypto Ecosystem – A global cryptocurrency platform that focuses on development, infrastructure, and use cases for participating core projects (more info at )
  • Artbyte is also included in EWMCI Bronze , Stock-to-Flow Stars (due to its scarcity) and EWX-18 indices