CHEYENNE, Wyo.–(BUSINESS WIRE)–The DigiByte Alliance, founded to support education and innovation for the DigiByte blockchain, has obtained 501(c)(3) status from the Internal Revenue Service (IRS) and is now recognized as a charitable organization tax-exempt public sector as described in sections 501(c)(3), 501(a)(1) and 170(b)(1)(A)(vi) of the Internal Revenue Code. This designation is a watershed moment in the eight-year history of the public DigiByte blockchain, authorizing the DigiByte Alliance to receive contributions to support the development and growth of the DigiByte ecosystem through tax-deductible donations, gifts, grants, legacies and in-kind donations.
The DigiByte Alliance’s groundbreaking philanthropic approach to supporting a decentralized blockchain makes it one of the few open-source public blockchains backed by a public 501(c)(3) non-profit organization. The DigiByte Alliance will work with organizations and individuals committed to supporting DigiByte, whose growth and development to date relies on the voluntary efforts of its global grassroots community, and is not backed by an initial coin offering. , venture capital or pre-financing of mines. The DigiByte Alliance’s mission is to manage the acceleration and innovation of the DigiByte blockchain by raising funds for its ongoing development, maintenance and training.
Charitable contributions to the DigiByte Alliance will be accepted in both cryptocurrency and fiat currency. Potential donors can learn more at https://www.dgballiance.org. Donation functionality will be added in the coming weeks. A donor’s ability to claim itemized deductions is subject to various limitations depending on the donor’s specific tax situation.
The DigiByte Alliance intends to use funds received from donations to sponsor research and development, as well as educational activities designed to facilitate technical and scientific advancements, application and adoption of DigiByte, and in providing freely accessible tools and resources to advance blockchain science and education as it relates to decentralization in general and DigiByte in particular. For example, the DigiByte Alliance recently participated in efforts to develop the DigiByte Improvement Process, or Code Contribution Guidelines, and recruited developers to work toward completing the implementation of the Rosetta Standard on DigiByte. . Rosetta is an open standard designed to simplify blockchain deployment and interaction.
“We welcome the 501(c)(3) designation from the IRS,” said Michelle Dougherty, President of DigiByte Alliance. “We believe the DigiByte blockchain has significant benefits and can become a trusted blockchain network that can serve as a public service to reliably and efficiently protect, secure, express, create and transfer value in the emerging digital economy. We look forward to collaborating with public and private supporters of open source blockchain.
The DigiByte Alliance sees itself as one of the many avenues of support for the global decentralized community of DigiByte and hopes to see many other non-profit companies and foundations around the world join the DigiByte Alliance to accelerate its use and adoption. .
“Since its launch eight years ago, the DigiByte Blockchain has matured and been nurtured by a dedicated group of developers and blockchain enthusiasts around the world. These volunteer developers have donated many thousands of man-hours for the evolution of this innovative public blockchain, but have been limited in their efforts by a lack of time and financial resources to achieve greater advances and innovations,” said Fredrick Gabelmann, vice president of DigiByte Alliance. “The IRS recognizing DigiByte Alliance as a tax-exempt charitable organization provides the development community with a means to mobilize the resources needed to dramatically increase the size, scope, and scale of the DigiByte open source community.
About the DigiByte Alliance
DigiByte Alliance’s mission is to accelerate the growth and adoption of DigiByte. The DigiByte Alliance was formed to help build the decentralized DigiByte blockchain infrastructure for the public good, with a focus on serving users of the DigiByte protocol and blockchain. The DigiByte Alliance is committed to assisting in the development and maintenance of this decentralized public infrastructure because security, efficiency, transparency and access to financial transactions and data integrity are fundamental to ensuring the dignity of individuals, human rights, freedom and democracy in society. . Learn more at dgballiance.org.
About the DigiByte Blockchain
DigiByte is a security-focused peer-to-peer decentralized public communication and payment infrastructure developed and deployed for the benefit of the general public. Launched in January 2014, DigiByte is a UTXO and Proof of Work blockchain with an architecture that includes five consensus mining algorithms, 15-second block times, real-time difficulty adjustment, and extremely low fees. Learn more at DigiByte.org.