A Vision for DigiByte’s Rosetta Implementation: A Launchpad for Universal Development and Collaboration on the DigiByte Blockchain
October 27, 2022 – The DigiByte Alliance continues to support the DigiByte developer community’s adoption of Rosetta as a platform to provide a more robust foundation that lowers the barrier to entry for developing on the DigiByte blockchain. The DigiByte core developers have completed the review of the code that First Bridge submitted in the Spring of 2022 and the implementation of Rosetta on DigiByte is now a developer-ready platform.
October 18, 2022 – The mission of the DigiByte Alliance Education Committee is to broaden the public’s awareness and understanding of the DigiByte blockchain in order to accelerate its growth and adoption through the development and delivery of educational resources to its community, the public, and educational institutions. The Educational Committee of the DigiByte Alliance intends to close the blockchain awareness gap and to open the doors to future financial literacy and inclusion through education, empowerment and action.
December 8, 2021 – Dedicated members of the DigiByte blockchain community announced today the formation of the DigiByte Alliance, a groundbreaking philanthropic approach to creating economic support for the decentralized blockchain. The mission of the DigiByte Alliance is to steward the acceleration and innovation of the DigiByte blockchain by focusing on raising funds for development, maintenance, and education. Charitable contributions to the foundation can be made in both cryptocurrency and fiat currency.
December 8, 2021 – Creation of the DigiByte Alliance is the result of efforts of several long standing DigiByte community members who wanted to create a platform through which individuals, institutions, corporations, and governments could come to better understand and interact with DigiByte blockchain technology. We understood that while the technology provided many superior features, in order to help grow its adoption and support its continued development, some type of formal structure was necessary to raise funds to implement and facilitate the goal of making DigiByte universally known as a utility to express and transfer value-a tool of value exchange to be used by the people, for the people world-wide.
Frequently Asked Questions (FAQs)
Why the 501(c)(3) Public Foundation structure?
The DigiByte Alliance opted for a 501(c)(3) non-profit structure as the board of directors sought a reliable, legally compliant fundraising mechanism for the DigiByte ecosystem. Moreover, the tax advantages linked to donations to a 501(c)(3), its eligibility for government and corporate grants, and its function as a conduit connecting established businesses, governments, and institutions to new opportunities in the decentralized blockchain digital economy played a pivotal role in the selection of this structure.
Choosing to raise funds through a 501(c)(3) organization provides several key advantages:
- Tax Deductibility: Donations to a 501(c)(3) nonprofit organization can be tax-deductible for donors, making it an appealing choice for individuals and businesses aiming to reduce taxable income, thereby potentially increasing donation volumes.
- Grant Eligibility: A 501(c)(3) organization can apply for government and private grants, many of which are inaccessible to for-profit companies.
- Regulatory Oversight: 501(c)(3) organizations possess a longstanding tradition and legal framework and fall under the IRS’s regulation as they are obligated to report their activities and finances, providing an extra layer of accountability.
- Broad Appeal: A traditional 501(c)(3) nonprofit can appeal to a wide donor base, including those who may be unfamiliar with blockchain technology.
How will funds be allocated?
A 501(c)(3) nonprofit organization such as the DigiByte Alliance has specific guidelines that it must follow in allocating funds to ensure it maintains its tax-exempt status. Here’s a general outline of how it works:
- Fundraising: The DigiByte Alliance generates funds through various avenues, including direct donations, grants, and fundraising activities. These resources are integrated into the organization’s overall financial plan.
- Compliance with Bylaws: All financial activities must be carried out in strict accordance with the DigiByte Alliance’s bylaws. The bylaws serve as an internal governing document, providing guidelines for decision-making processes, financial management, and the execution of the organization’s mission.
- Reporting and Compliance: The DigiByte Alliance is required to maintain accurate records of expenses and revenue, submitting annual reports to the IRS. These reports detail the financial operations of the Alliance and demonstrate alignment with the organization’s mission, crucial for maintaining tax-exempt status.
- Stewardship: The DigiByte Alliance is tasked with responsible stewardship of its resources, ensuring that funds primarily benefit its mission of growing the public DigiByte blockchain ecosystem over private interests.
Can I give anonymously?
You can give up to $1000 anonymously in any crypto offered on Gemini. However, at this time, anonymous donations in DigiByte are not supported. We will provide an update on any changes to that policy.
Is my cryptocurrency donation tax deductible?
Your contribution is tax-deductible to the fullest extent permitted by law. For donors in the United States, the IRS has classified bitcoin as property for tax purposes. This means that when someone donates bitcoin and other cryptocurrencies to a 501(c)(3) nonprofit such as the DigiByte Alliance, donors do not have to pay capital gains tax and it is tax-deductible if you provide your KYC information. However, tax rules for cryptocurrency donations can be complex and may vary by region. We recommend consulting with a tax professional for advice on your specific situation.
Can I donate to the DigiByte Alliance from outside the United States?
Yes, fiat and cryptocurrency can be donated to the DigiByte Alliance from anywhere around the world, with the exception that the DigiByte Alliance does not accept donations from individuals located in OFAC sanctioned countries due to US regulations.
What happens to my cryptocurrency once it is donated to the DigiByte Alliance?
The DigiByte Alliance accepts crypto donations directly via Engiven. To ensure immediate application of your generous support to our mission, any donations of assets that are listed on Gemini are instantly sold and converted to US dollars by Engiven. This approach allows us to mobilize your contributions swiftly, maximizing their impact in advancing the DigiByte blockchain, mitigating market value risk, and ultimately benefiting the community we serve.
Do I get to vote on initiatives of the DigiByte Alliance?
While the generosity of donors to the DigiByte Alliance is greatly appreciated, governance and voting rights are reserved for the members of its Board of Directors in accordance with our bylaws. However, the DigiByte Alliance is committed to incorporating community feedback into its decision-making processes, ensuring that the allocation of funds reflects the collective values and perspectives of the community it serves.
Does the DigiByte Alliance hold my data when I donate?
No, your data is collected by the third parties Virtuous and Engiven contracted by the Alliance for processing donations. Please see their terms of service for further questions.
Are you affiliated with the other groups supporting DigiByte?
DigiByte has several autonomous groups supporting its network and we encourage the continued creation and growth of them as they are critical to maintaining the decentralization of the DigiByte ecosystem. The DigiByte Alliance is not formally affiliated with any of these other groups.
DigiByte is one of the most decentralized UTXO open-source blockchains in existence. DigiByte never held an Initial Coin Offering (ICO) and was fairly launched on January 10, 2014 with just a 0.5% premine to pay for early development and to incentivize the community to utilize and fortify the network. It is permissionless without any centralized authority and its blockchain is completely open-source, released under the MIT license which gives you the power to run and modify the software. DigiByte is a Bitcoin derivative with a completely independent blockchain.
DigiByte focuses on speed, security, and scalability. Blocks occur every 15 seconds and due to SegWit implementation, can enable up to 1066 on-chain transactions per second with negligible fees. DigiByte uses 5 cryptographic consensus algorithms and real time difficulty adjustment to prevent malicious mining centralization and hash power fluctuation.
DigiByte has a maximum supply of 21 billion. Compared to 21 million Bitcoin, 21 billion DigiByte have been designed to be ready for mass adoption. The block rewards reduces by 1% every month instead of halving every 4 years. All 21 billion DigiByte will be mined by the year 2035. After 2035 the miners will then rely on transaction fees alone.
If you would like to help support the DigiByte network, we welcome you to our Gitter, GitHub,
Discord and Telegram groups. We also encourage you to follow the DigiByte Alliance on Twitter