DigiByte Founder Jared Tate Steps Away Citing Lack of Support

DigiByte founder Jared Tate reportedly stepped down from the project after his investment of around $500,000 turned into $500. Tate started the project in 2014 as a fork of Litecoin.

However, the DigiByte founder recently tweeted about his financial struggles after dedicating nearly a decade of his life to the project’s development.

DigiByte Founder Steps Away After Almost a Decade

Tate revealed that he contributed about $500,000 of his own cash to the creation, promotion, and prototyping of DigiByte. After investing over 10,000 hours in the project, he said he has been working four side jobs to keep his house.

Tate acknowledged that despite his huge contributions, he only has $500 worth of DigiByte (DGB) at the moment.

Tate acknowledged his responsibility for the situation in one of his tweets, stating,

“I don’t blame anyone but myself for getting into this situation. I trusted the wrong people, made some bad trades, and had the wrong priorities for work.”

He expressed his determination to bounce back from this setback.

Tate urged the DigiByte community to step up and become more involved in advancing the project. He informed the community that he still believes in DigiByte’s long-term potential and vowed never to give up, even if he indicated that he would be taking a break from working on it substantially.

Nevertheless, he emphasized that others must take on a bigger portion of the burden and actively participate in the project’s advancement.

Jared Tate’s decision to take a step back from his extensive involvement in DigiByte comes from his financial predicament, but he also expressed his frustration with the lack of support.

He noted,

“I can no longer afford to spend days or weeks endlessly on stuff, only to be ridiculed/ attacked & not be compensated during the process.”

DGB Price Loses 95% in 2 Years

DigiByte, an altcoin sharing a codebase with Bitcoin, is a fork of Litecoin. It is a proof-of-work cryptocurrency that focuses on a high throughput over decentralization. It aims to achieve a speed of 280,000 TPS by 2035, but this will be hard to achieve without a proper team of developers.

With no funding rounds conducted after its initial seed round, DGB tokenomics remain straightforward.

It has a fixed supply of 21 billion coins. It is important to note that 105 million pre-mined DGB tokens were allocated to reserves for development purposes. As of now, the circulating supply of DigiByte stands at 16.3 billion.

DigiByte’s market capitalization is valued at just over $140 million, and has lost 95% of its value in two years. The current price of DigiByte (DGB) on CoinGecko is $0.00859. Its current all-time high was $0.1781, set in May 2021.

The token has experienced a 7% increase in the last 24 hours and a 6.54% increase over the past seven days.