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ARCADE for DigiByte, part 2: DigiDollar vaults, minting and redeeming

DigiDollar, DigiByte's dollar-pegged coin, on the test chain: what a mint locks, gathering coins, minting into a vault, redeeming, receiving and sending.

3:49 · no voice, captions on screen

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What the video says
  1. DigiByte on ARCADE · Part 2 of 2 · DigiDollar
  2. What DigiDollar is
  3. Working out what a mint locks
  4. Minting into a vault, and redeeming
  5. Receiving and sending DigiDollars
  6. Who turns mainnet on
  7. DigiDollar is a dollar-pegged coin on DigiByte. ARCADE's DigiDollar module puts it in the wallet you already use.
  8. DigiDollar now shows the system's current state for the chain you pick: DigiByte testnet or DigiByte mainnet.
  9. Cost works out how much DGB a mint of this many dollars would lock, for the lock time you choose, before you commit to anything.
  10. Lock times run from 30 days to 10 years. The test chain adds a 1-hour lock, so you can try the whole cycle in an afternoon.
  11. A mint spends only a few coins at once. If your DGB is spread over many small coins, Gather joins up to 50 of them into one, back to you.
  12. Mint locks your DGB in a vault and creates DigiDollars, from $100 to $100,000.
  13. Pressing Mint… doesn't send anything by itself: your wallet shows the transaction first and signs only when you say yes.
  14. My vaults lists your vaults. When a vault's lock ends, Redeem appears beside it: you return the DigiDollars and your DGB unlocks.
  15. Receive shows your DigiDollar address and what you hold. Test addresses start with TD, mainnet ones with DD.
  16. Send pays DigiDollars to anyone's DigiDollar address, from $1. The network fee is paid in DGB.
  17. Mainnet mints stay off until this node's operator turns them on, after reading the module's README.
  18. Until then everything runs on DigiByte's test chain. Test coins have no value, so it's a safe place to learn how vaults work.
  19. Recap · What you saw
  20. Lock DGB in a vault to mint DigiDollars
  21. Your wallet shows and signs every step: nothing moves without your yes
  22. When the lock ends, Redeem gives your DGB back
  23. Practise on the test chain: test coins have no value
  24. Start at the beginning · Part 1 · DGB in your wallet
  25. Chains, receiving, ordinals and mining

All ARCADE videos · DigiByte on ARCADE