Home Blockchain Digibyte (DGB) on DigiSweep 1% cut to Cover Costs

Digibyte (DGB) on DigiSweep 1% cut to Cover Costs

Digibyte

Digisweep is the most essential and powerful tool that all Digibyte community members should learn how to use. The tool takes a 1% cut to cover costs.

Digisweep is a simple tool for sweeping multiple private keys to new addresses. The private keys will never leave your machine or get saved elsewhere unless the users specifically require them.

To use DigiSweep, users will need 1. Mnemonic or Private Key  2.  Coin address (where you want the coins to be sent to) 3.  Asset Address.

A mnemonic phrase consists of 12-24 words.  These words are used to generate an infinite number of private keys. It can be understood as the root of a tree. This root can have many branches, and every leaf is a private key.

A mnemonic phrase is a group of words, often 12 or more, which gets created when a new wallet is made to store your cryptocurrency. If the computer running your crypto wallet died, was lost, or even stolen, uses can use the mnemonic phrase to recover your wallet and crypto.

These phrases are to be used by cryptocurrency hardware wallets and to be written down on a piece of paper by the user to safely back up the users’ funds.

A mnemonic phrase is a private key that is not encrypted. Therefore, anyone who knows your mnemonic phrase could take away your crypto assets.

The recovery phrase represents your wallet’s private key in a human-readable format. Representing the key as a series of words instead of a long string of letters and numbers minimizes the risk of errors when you write it down. There are different recovery phrase formats used in the cryptocurrency industry.

According to some estimates, it would take billions of years to crack these phrases without knowing any of the words (or letters) in the mnemonic.

Ledgers do not store your private keys, nor ever ask for them.

In simple terms, a seed phrase is a series of words that are generated by your cryptocurrency wallet, which gives you access to the cryptocurrency associated with that wallet.

A crypto address, also known as a coin address, is a string of characters representing a wallet that can send and receive cryptocurrency. It is akin to a real-life address, email, or website. Every address is unique and denotes the location of a wallet on the blockchain.

Community response:  I discovered Digibyte in 2017. I didn’t have much at the time (maybe $100 USD worth), but I was shocked when I thought I had lost all of it in a transaction. Somebody pointed me to Telegram from Twitter, where DigiSweep was recommended. Used it, got my Digis back, been here since.

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Steven Anderson

Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9

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