SpiderByte $SPB

SpiderByte, previously known as LitecoinPlus (LCP), is one of the crypto projects that have significantly evolved since its inception. Starting its journey as a Scrypt PoS with 221,400 coins and an annual stake of 15%, it has transformed into a dynamic and community-oriented cryptocurrency. SpiderByte, unlike many other crypto projects, did not commence via an Initial Coin Offering (ICO), instead, it was initially designed as a Proof of Stake (PoS) coin exercise.

Proof of Stake (PoS) and Proof of Work

The PoS, an algorithm that cryptocurrencies use to achieve distributed consensus, has been a key feature of SpiderByte. The integration of Proof of Work was introduced in 2018 alongside a block reward, which began at 2 LCP and decreased by 0.25 LCP for every 200,000 blocks until achieving 0.5 LCP. To maintain the coin's growth and avoid premature creation of all remaining coins, both the reward and PoS percentage are controlled dynamically.

PALADIN-51 System

In the early months of 2020, SpiderByte introduced the PALADIN-51 system, enabling the adjustment of several blockchain parameters dynamically through community votes. This unique feature minimizes the need for mandatory software upgrades and promotes further growth for SpiderByte.

Rebranding and Future Growth

As an important milestone, on April 22, 2022, PALADIN Software Development Pte. Ltd. was officially established. This Singapore-based company is dedicated to the continuous development and support of SpiderByte. The rebranding of the coin from LitecoinPlus to SpiderByte marks a significant step in its growth and also a commitment towards the coin's sustainability in the competitive crypto market.