FAQSolo Mining configuration?:Digit.conf example:
rpcuser=UsernameHere
rpcpassword=PasswordHere
rpcallowip=127.0.0.1
addnode=80.240.142.154
The Digit PoW block reward starts with a multiplier of 29.2. The multiplier decreases daily by 0.08 and will reach a value of 0.08 in about one year.
Difficulty is driven by the network hash rate
Block reward is calculated by multiplying difficulty with the daily multiplier.
Here is an example of the Digit PoW block reward if the last block difficulty was 15 and we are at 30 days since the launch.
Block reward = 26.8 x 15 = 402 DIG
How PoS Works?Interest rate starts at 1% and increases each month by 1% until it reaches its peak of 12% by the end of the first year. Then, the mining will end and interest rate will start declining towards base rate of 1%.
Effective annual interest rate:
Year 1: 116%
Year 2: 91%
Year 3+: 13%
Total amount of DIG?Digit proof of work block reward is calculated as follows:
nSubsidy = falling multiplier * proof of work difficulty * COIN;
The proof of work difficulty can be a minimum of 1 and the multiplier starts from 29.2. After approximately a year (at block 915000) Digit mining will stop.
We are aiming to hit the maximum amount of coins in 10-15 years down the line. 10 Years if the Digit money supply is high and the price of one Digit is low after the mining period. 15 Years, if the Digit money supply is low and the price of one Digit is high after the mining period. 11-14 years, if the Digit money supply and the price of one Digit is neither low or high after the mining period.
Because of Digit's variable proof of work reward, the amount of maximum coins is impossible to predict at this stage. This is why we will set this goal after Digit mining has ended.
How to keep my Digit wallet and balance safe?First step to keep your wallet safe is protect it against third party intrusion. You can do this by encrypting your wallet and protect your balance with safe password. Choose Settings --> Encrypt Wallet and enter your password. After pressing OK, your wallet will need to close for encryption process. Please read and fully understand warning messages. Process will be finished in about 30 seconds and you can then re-open your wallet.
Protect against intrusion from outside your local network involves having decent antivirus software and have firewall enabled.
Second step to keep your Digit wallet balance safe is to back up your wallet. Choose secure place for backup. It can be USB drive or any other digital storage holder, which you can trust.
To back up your Digit, choose File --> Backup Wallet. Name your wallet backup as you like and save it to your safe location.
If anything happens to your original wallet files, you can easily download new wallet from Digit homepage and restore your balance with that saved file.
Remember. Digit does not have bank as a middleman to keep your funds safe. You are your own bank. Handle your Digit with care!
How do i get paid interest (stake) coins?To be able to gain interest, your coins have to stay in your wallet for a minimum of 8 hours. If your wallet is encrypted, then you will have to unlock your wallet for staking. This can be done by choosing Settings --> Unlock Wallet and entering your password. The coins which are matured for staking move from your balance to your Stake balance and your wallet will show incoming transaction of interest coins. It will take around an hour for Digit central network to confirm your interest payment. After confirming process is finished, all of your DIG will move back to balance and start waiting for next interest payout.
There is no need to worry if your interest payout takes longer than few days or you are not able to run your wallet very often. Interest will accumulate offline and you will always be paid exactly as much as it is meant to be. You will not miss interest payment if you run your wallet once per 30 days.
How often do i need to run my wallet for interest coins?Its is advised to run your wallet for minimum once per 30 days
How much is the interest rate?Digit Interest rate is variable. Base interest rate is 1% per month. The rate will steadily rise during Digit one year mining period and decrease later time period, but it will never be less than base interest.
What is Digit Support Foundation?DSF is an organisation created to support Digit distribution and development process. Together with community, DSF is helping to make Digit safe, stable and popular payment instrument.
How Digit price will be more stable than other coins?If demand for Digit will rise, then price of Digit will rise. Digit will be profitable to mine. Miners will switch to Digit. Difficulty goes up --> Block reward rises --> More Digit will be mined --> More Digit will be offered to markets --> Buy pressure will ease --> Price will return to previous position.
If demand for Digit will fall, then price of Digit will fall. Digit will be less profitable to mine. Miners will switch to more profitable coins. Difficulty goes down --> Block reward falls --> Less Digit will be mined --> Less digit will be offered to markets -->Sell pressure will ease --> Price will return to previous position.
How Interest staking will replace mining in future?Mining reward will slowly decrease over time and interest rate will gradually increase during mining period. This leads to: less Digit will be mined and more digit will be created from interest until mining will completely cease.
How Digit avoids inflation after mining is ended?After mining period is ended, Digit interest rate starts moving towards base interest until it reaches base of 1% per month. This results as 12% per year, if perfect 100% of Digit would gain interest.
How to restore balance from my wallet.dat file?If you are using windows, then your wallet data folder is usually in
users\<your_username>\appdata\roaming\Digit folder. You need to copy your wallet.dat to that folder and then open your wallet for sync process. Your full balance will be available once wallet is synced.
For quick open of wallet data folder you can press windows key + r and then copy paste
%appdata%\Digit or type it manually.
If you are using Mac, then your Digit wallet data folder will be in
~/Library/Application Support/Digit/If you are using Linux, then your Digit wallet data folder will be in
~/.digit/ .
Having trouble with syncing? Here's what to do:1. Back up your wallet.dat and Digit.conf files.
2. Close your Digit client
3. Delete everything except the wallet.dat and Digit.conf in your appdata/Digit folder.
4. open Digit.conf with any kind of text editor and replace the content with:
connect=80.240.142.154
listen=0
staking=0
5. Launch your Digit wallet and wait for it to sync fully.
The blockchain will check and orphan any transactions that do not belong in the main chain. You will not lose orphaned stakes as those will be staked again when your wallet is synced to the right chain and staking is enabled again.6. Close your Digit wallet and replace appdata/Digit.conf with a backup. Then open your wallet again.
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