According to DigiByte, blockchains like BTC and ETH are not secure enough or not scalable enough. DigiByte claims to have a proven and tested solution that is faster, more secure than its competitors.
What is DigiByte?
DigiByte is a complete blockchain network based on three different layers. The top layer is for smart contracts, decentralized applications, and customizable tokens. The middle layer is the public ledger, where the DGB native token can move around the network and act as its underlying asset. The bottom layer is the core infrastructure of the system and consists of decentralized nodes, client software, and communication between each node.
Who Invented DigiByte?
Jared Tate is the founder and creator of DGB, having worked on this project since 2013.
Brief development history of Digibyte
- January 2014 – DigiByte officially launched
- April 2017 – Segwit is activated on DigitByte, becoming the first major altcoin on the system
- May 2019 – DigiAssets Launched
In terms of security and competition in the market, DGB has been previously tested for 5 years and proves that security as a blockchain is real. Its most unique feature is that the blockchain network uses five mining algorithms when most use only one. These five different mining algorithms are intended to prevent centralization of mining and make the network more secure and decentralized.
In addition to having five mining algorithms, DigiByte also claims to have “the most advanced and unbreakable solidity” of any current blockchain. Advanced difficulty adjustments are meant to protect the DGB blockchain from malicious attacks and further improve security.
What’s the difference?
The latest innovation from DGB is DigiAssets, which is the top layer of the DGB blockchain that enables smart contracts, decentralized applications, and programmable tokens. Because of DigiByte’s security and scalability, the team believes it provides the ideal base protocol for a platform like DigiAssets.
In April 2019, the first two DigiAssets were created by DigiByte founder Jared Tate. Both DigiTorch and DigiFlame are passed from hand to hand from members of the DGB community as they build new projects on DigiAssets.
How is DigiByte produced?
DigiByte has a fixed supply and delivery schedule. A total of 21 billion DGB will be created within 21 years. Since there is no ICO or token generation event, new DigiByte has been and will always be generated through mining. The first DigiByte was mined in 2014 and the last of the 21 billion coins will be mined in 2035.
How to Hold DigiByte?
DigiByte can be purchased and traded on major exchanges like Huobi. To use DGB in an exchange, you will have to download a DigiByte wallet. You can also earn DGB through mining.
What can you do with DigiByte?
Like BTC, DGB can be used to pay or transfer value. However, DGB is also used as fuel to run the DigiAssets smart contract network. In this context, DGB functions as gas in Ethereum to pay for transactions or as a transport for other sent and received assets or code.
Towards the future
In addition to continuously developing technical upgrades and improvements to the core protocol, DigiByte launched DigiStats in the second half of 2019 to provide statistics on the amount of interactions and transaction history on the blockchain, increased mobile and payment processing options, making more fiat pairs and USDT stablecoins available on various exchanges.
In January 2020, when the network turns 6, the company is also planning to launch the DigiByte Foundation, which is designed to help with crowdfunding.
January 2020 is going to be the start of the #DigiByte Foundation.
Please make sure to follow us to stay up to date, and get involved. Soon we will publish bylaws, and get registered. Next steps will be community involvement, board completion, patron sponsorships, funding, etc.
— DigiByte Foundation (@DGB_Foundation) January 3, 2020
“January 2020 will be the beginning of the DigiByte Foundation. Make sure you follow us for updates and to join in. We will soon publish and register in accordance with the law. The next steps will be community involvement, perfecting the board, sponsors and patrons, fundraising, etc.”
However, DigiByte’s biggest and most important upcoming plan will be to develop DigiAssets. If all goes according to plan, the entire ecosystem of dapps and ICOs will be an integral part of the network.
Dislaimer: This information is provided as a personal blog, not general information or investment advice. We are not responsible for your investment decisions.
Follow the Twitter page | Subscribe to Telegram channel | Follow the Facebook page