Spiderbyte was formerly known as Litecoin Plus. It began as Scrypt PoS 221,400 coins and 15% Annual Stake, and its name was Spiderbyte (SPB). It has not started via an ICO (Initial Coin Offering). It was originally written as Proof of Stake coin exercise. "Proof of stake" (PoS) is a type of algorithm by which a cryptocurrency blockchain network aims to achieve distributed consensus.
Proof of Work was added back in 2018 with a block reward starting at 2 LCP and reducing by .25 LCP every 200,000 blocks until it reached .5 LCP. It is now controlled dynamically, and reward is reduced every so often to avoid creating all remaining coins too early. Also the PoS % is controlled dynamically.
With introduction of PALADIN-51 system in early 2020, several blockchain parameters may be adjusted dynamically, by community vote, to sustain even more the growth of Litecoin Plus. This is to reduce the number of mandatory software upgrades.
On April 22nd, 2022, PALADIN Software Development Pte. Ltd. was officially established. The coin is ongoing re-branding into SpiderByte. The company is incorporated in Singapore, and is devoted to develop and support SpiderByte for life !