News Press Releases ArtByte Reaches SegWit Activation - Provides Positive Fundamental...

ArtByte Reaches SegWit Activation – Provides Positive Fundamental Changes To The ArtByte Platform

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SegWit opens the door to technologies solving a key concern for artists of all types: fair income distribution for creative rights holders. This includes musicians, writers, film makers, dancers, painters, photographers, actors, etc.

Houston, Texas, November 27, 2017, ArtByte is pleased to announce that as of Friday, 11/24/2017, SegWit has been activated on the ArtByte blockchain. What follows is a two-week lock-in period.

Segwit is a new technology first added to Litecoin and Bitcoin (July & August 2017). It gives Bitcoin based currencies additional network scalability, complex transaction types, and smart contract capabilities which have previously, only been available on Ethereum type platforms. Less than 1% of all digital currencies have activated SegWit.

ArtByte is the dominant cryptocurrency in the art world. The ArtByte platform launched May 1, 2014, and has supported thousands of artists around the world. Artists receive tips via ArtByte’s social media apps, are promoted in ArtByte’s community of artists and fans, and sell their work for digital currency on the ArtByte Music Store and coming ArtByte Gallery.

Through the technology of a fast, secure digital currency like ArtByte, artists can receive support from a worldwide market, opening up the opportunity for millions of new fans, including those without bank accounts or credit cards.

And with the addition of SegWit enabled technologies, when a song sells on the ArtByte Music Store, the proceeds can be automatically split among producers, agents, song writers, band members, etc. This will also apply to all types of artist’s sales, featured on the coming ArtByte Gallery.

The ArtByte token, “ABY”, has been used, mined, and traded throughout the world since it was created in 2014. The ArtByte blockchain is fast and secure, having been developed incorporating features from Litecoin, Peercoin, and Dash. ArtByte (ABY) currently trades on five global exchanges and is available for purchase through Bitcoin, Euros, USDs, or RURs.

ArtByte was created to support artists around the world. The mission is clear: “To support artists in the building of their careers. There are never any costs to artists or art lovers for our services.

This includes musicians, painters, sculptors, actors, film makers, directors, editors, producers, dancers, writers, photographers, designers, models, production team members, etc.”

A company spokesperson explains, “Artists can receive and spend Artbyte, similar to cashing-in airline mileage points or credit card bonus points, as well as trade ABY on cryptocurrency exchanges. This provides real financial support for their careers. Additionally, artists gain increased exposure, at no cost, on ArtByte’s social media, weekly artist showcases, forum and special events.

Just as on the Bitcoin and Litecoin blockchains, SegWit gives ArtByte access to the Lightning network (solving scalability issues), MAST (Smart contract type features), Atomic Swaps (direct blockchain to blockchain transactions, eliminating the need for exchanges) and multiple other arising technologies.

For complete information, please visit: http://artbyte.me

Media Contact:

ArtByte Foundation, Inc.

Attn: Media Relations

1201 Enterprise Ave City

Houston, TX  

347-753-4092

media@artbyte.me

References:

https://www.coindesk.com/litecoins-segwit-activation-why-it-matters-and-whats-next/

https://www.coindesk.com/cross-blockchain-trades-lightning-gives-new-life-atomic-swaps/

https://bitcoincore.org/en/2016/01/26/segwit-benefits/

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