How are Digit funds used?
An in-depth explanation and public logs will be kept at our funds page
How to keep my Digit wallet and balance safe?
First step to keep your wallet safe is to protect it against third party intrusion. You can do this by encrypting your wallet and protect your balance with safe password. Go to Settings –> Encrypt Wallet and enter your password. After pressing OK, your wallet will need to close for the encryption process. Please read through the warning messages. The process will be finished in about 30 seconds and you can then re-open your wallet.
Protection against intrusion from outside your local network requires having decent antivirus software and an enabled firewall.
The second step to keep your Digit wallet balance safe is to back up your wallet. Choose a secure place for the backup. It can be a 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 a new wallet from the Digit homepage and restore your balance with that saved file. Remember: Digit does not have a 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 24 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?
It is advised to run your wallet for a minimum of once per 30 days
How much is the interest rate?
Digit Interest rate varies. Base interest rate is 1% per month. The rate will steadily rise during the Digit one year mining period and decrease in a later time period, but it will never be less than base interest.
What is the 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.
What is the Digit Support Foundation?
DSF is an organisation created to support the Digit distribution and development process. Together with community, DSF is helping to make Digit safe, stable and popular payment instrument.
How will the Digit price be more stable than the price of other coins?
If demand for Digit will rise, then price of Digit will rise consequently. This results in Digit being profitable to mine and 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 its previous position.
How will interest staking replace mining in the future?
The mining reward will slowly decrease over time and the interest rate will gradually increase during the mining period. This leads to less Digit mined and more Digit created from interest until mining will completely cease.
How does Digit inflation after mining is ended?
After the mining period is ended, Digit interest rate will start moving towards base interest until it reaches base of 1% per month. This results as 12% per year if 100% of Digit would gain interest.
How to restore the 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 the sync process. Your full balance will be available once wallet is synced.
To quickly open your wallet data folder you can press windows key + r and then copy paste %appdata%\Digit or type it manually.
If you are using a 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/ .
I’m having trouble with syncing my wallet! 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:
Code:
connect=80.240.142.154
listen=0
staking=0
This will allow your wallet to connect only to the Digit node, will refuse all incoming connections and disable staking during sync process.
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.
