MoneyByte WhitePaper

Version 1.0 / Release October 2019

 

 

Introduction

Where our normal money is struggling to stay healthy, cryptocurrency projects show that they are able to correct the errors and pitfalls of ordinary money and to develop a healthy money system.

The new money system, also called digital money has a healthy economy.

The economy for digital currencies has grown exponentially in the past two years and Digital Currency (Cryptocurrencies) have emerged as the latest brave market in the trading world. This has led us to a modern way of investment with new, safe and transparent technology (Blockchain).

And this technology (blockchain) also makes the digital money (currency) function. No more central parties needed for the money to function. Blockchain makes Digital money (cryptocurrencies) decentralized.

MoneyByte blockchain technology revolutionizes this new era of digital money and digital investment by aligning economic incentives in a decentralized community!

 

What is MoneyByte

MoneyByte is NextGen digital money backed with its own blockchain. The MoneyByte blockchain is a decentralized blockchain powered by Proof of Stake and Masternodes.

MoneyByte is co-owned by the 2 administors:  Willem de Boer (Holland) and Pete Newland (England). They are assisted by a team of professionals. Developers, technicals and marketing. You can meet the full team at https://www.moneybyte.org/our-team/

 

Our Vision and Mission

We see our current monetary system malfunctioning, hence why we believe in the alternative monetary system. The system of digital money, cryptocurrencies.

Our vision is that this new system, this digital money, will fill the gap that is created by the malfunctioning of the monetary system.

Our mission is to let MoneyBytes jump into that gap and our two main goals within this mission are:
1. To position MoneyByte as a widely used digital payment method
2. Position MoneyByte as a digital investment vehicle.

 

MoneyByte Blockchain

In the blockchain and cryptocurrency industry we want to become one of the most important providers in order to ultimately achieve our main goals (digital payment and digital investing)!

Our blockchain technology allows our coin to be used as very fast transaction and payments facilitator. MoneyByte blockchain creates larger transaction capacity with a faster speed than other cryptocurrencies (for example Bitcoin or Litecoin).  Also our blockchain delivers much lower transaction fees.

Although the main goals of MoneyByte are payments and investings, our blockchain technology has the possibility for store of value. Store of value requires fungibility, security, privacy, efficiency, low inflation and decentralization. And the MoneyByte blockchain delivers those.

 

The MoneyByte COIN

◆ Name: MoneyByte

◆ Ticker: MON

◆ Type: PoS + Masternodes

◆ Algo: Neoscrypt

◆ Features: Instant Send, privacy and masternode support

◆ Coin Supply: 32.22 Million

◆ Reward Distribution: 30% POS - 70% MN

◆ Block Reward: 2.3 MON (reducing proposals every 2 year)

◆ Block Time average: 60 seconds

◆ Masternode Collateral: 50000 MON

◆ Pre-mine 5 million, no ICO

◆ Premine: used for swapping BitcoinMonster into MoneyByte. BitcoinMonster supply during swap was 5 million, so all 5 million of pre-mine is used for the swap! All coins are distributed!

After quote: BitcoinMonster was the former blockchain of our team, which was replace with the MoneyByte blockchain.

 

Distribution

The maximum supply of MoneyByte coins will be 32220000 MON. These coins will be mined through PoS mining (Proof of Stake) and through Masternodes. Every block in the blockchain mined , contains 2.3 MON of rewards, distributed over PoS (30%) and Masternodes (70%).

With an average of 60 seconds per block, we will generate 1440 blocks each day, meaning 3312 coins will be distributed on the network each day in the first 2 years.

All MoneyByte coins will be distributed in a time lapse of 42.5 years (ending april 2061). When all MoneyByte coins will be distributed then fees for staking will be the rewards to divide.

Our block/distribution roadmap:

block reward

Block begin

Block end

Total coins distributed at block end

Expected date block end

 

0

1

5.000.000

september 2019

 

2

50000

5.150.000

october 2019

2.3

50000

1101200

7.567.760

october 2021

2.1

1101201

2152400

9.775.280

october 2023

1.9

2152401

3203600

11.772.560

october 2025

1.7

3203601

4254800

13559600

october 2027

1.5

4254801

5306000

15136400

october 2029

1.3

5306001

6357200

16502960

october 2031

1.1

6357201

7408400

17659280

october 2033

1

7408401

21969120

32220000

april 2061

 

 

 

 

Disclaimer

This document is currently considered a draft, and while we make every effort to ensure that any material herein is accurate and up to date, it may not be exhaustive. It contains forward-looking statements and is likely subject to further changes without notice.

 

Moneybyte is not intended to constitute securities in any jurisdiction, and you may not acquire any if that conflicts with any laws in the jurisdiction or you are subject. This document is not meant as investment advice, and does not imply any elements of a contractual relationship. If you are in doubt please ask a professional legal advice.

 

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