Digibyte is one of the oldest blockchains and was founded in 2014.
The developers say that Digibyte is safer and more decentralized than Bitcoin.
There is no shortage of Altcoins, but Digibyte was one of the first to enter the market in the days before there were ICOs. It has a secure infrastructure that is faster than Bitcoin.
Since Digibyte is still a real Altcoin, Digibyte’s pricing is very much tied to Bitcoin, but it’s much more a blockchain 2.0 project. There are people who see it as a three-tier blockchain network that separates ´smart contracts´, processing and ´Decentralized Applications´ (Dapps).
It is also characterized by cross-chain compatibility, making it a competent competitor in the blockchain armament race, experiencing a fairly rapid commercial launch, and claiming to operate the longest (most blocks) blockchain in the world thanks to its faster block time. Digibyte is a decentralized digital asset and open source blockchain platform, the crypto currency is marked by the DGB symbol.
The DGB Genesis block was launched on 10 January 2014 and without the ´Initial token Sale´ (ICO). Digibyte uses a multi-algorithm approach that creates different Proof-of-Work (PoW) mining methods and thus increases the mining capacity and thus the accessibility to the Digibyte mining pools. This prevents centralization and secures the network against a 51% attack.
Start in 2014
Digibyte was developed in 2014 by Jared Tate, who is also its lead developer, the blockchain is not controlled by a private company, and the team regularly updates its system to add new features. The team pretends to develop technologies to apply digibyte security also to ´Internet of Things´ (IoT) devices and other communication services. The DGB can be sent via the Digibyte Blockchain and recorded forever in an unalterable public book decentralized on thousands of computers around the world.
How does Digibyte work?
Bitcoin is one of the most popular crypto currencies, but Digibyte undoubtedly has great potential. The currency has a block time of 15 seconds, while Bitcoin needs 10 minutes.
The DGB is a UTXO-based crypto currency where new transactions do not come from the wallet balance but each user coin has an identifier. If the user sends a coin to someone else, it will only be considered as the issued coin, which avoids the problem of “double spending”. The currency was also the first to implement the innovation ´Segregated Witness´ to keep its blockchain small and scalable.
Digibyte began with a single proof-of-work algorithm and achieved five proof-of-work algorithms after its first hard fork, resulting in a more decentralized and secure system. Bitcoin releases a certain amount each time a transaction is completed. The amount of Bitcoin released during this process is halved every four years until the upper limit of 21 million Bitcoins is reached. Digibyte does the same, but differs in many ways.
One of the biggest differences between the two is that Digibyte, or $DGB, has an upper limit of 21 billion coins that are released over time, which is in stark contrast to the 21 million bitcoins. Jared Tate explained that the rationale for this decision was that Bitcoin had experienced tremendous value growth in such a short time. By increasing the total number of units to be released, Tate hoped to offer users a simpler and more familiar transaction with known numbers in the DGB.
Every two years, the Digibyte Blockchain system doubles the number of transactions by halving the block time, by 2035 the number of DGBs will have reached 21 billion and the block chain will be able to process 280,000 transactions per second.
What are the advantages of Digibyte?
As a degradable coin the transaction speed of Digibyte is unprecedented, with this currency there is no problem, because it is 40 times faster than Bitcoin and 10 times faster than Litecoin.
Digibyte uses five different algorithms that generate different mining methods, thus increasing the mining capacity and accessibility to the Digibyte mining pools. This prevents centralization and secures the network against a 51% attack. Digibyte is one of the most secure block chains available.
Digibyte has a long history after it was founded in 2014. The fact that Digibyte has been on the market for some time allows investors to view historical data for several years before investing, making trading decisions safer.
- Highly decentralized
Think back to what made Bitcoin such an amazing technology; it was developed as a decentralized currency. Bitcoin operates with an algorithm that has resulted in huge amounts of mining power coming from certain countries, making it less and less decentralized every day. Since the Digibyte block chain uses 5 different mining algorithms, the block chain is distributed over 200,000+ servers, computers, phones and nodes worldwide.
- Cheap transactions
Digibyte transactions are extremely cheap. Again, think back to what Bitcoin was designed for; a cheap way to send money peer-to-peer.
- Awareness raising
People say a lot about Digibyte and how amazing it is, but it lacks marketing. People need to remember that this is a completely community-driven project. There was no ICO to raise billions of dollars to fund the project.
Digibyte is the faster alternative to Bitcoin and Litecoin. It offers great features that let you buy goods every day. On the other hand, it offers no unique advantages over Bitcoin other than the speed of transactions. It depends on the user which crypto currency is best for a particular situation.
When you think about the future, Digibyte is one of the best coins and a good long-term investment option. The project has been growing steadily since mid-2017, which makes it useful for real-world purposes such as shopping in stores. Digibyte is gaining popularity in the gaming community as Digibyte offers DGB to players in exchange for the time they have spent playing these particular games.
The project experienced a few years of successfull technology development, has been used, tested and proven. This creates a lot of confidence in the community. The Digibyte Blockchain is transparent and global. It can be used in many industries. The coin is a good investment for the long-term investor and very cheap to buy at the moment.
What is Digibyte?
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