What exactly is a DigiByte?

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DigiByte claims to have a tried-and-true solution that is faster and more secure than blockchains such as Bitcoin and Ethereum.

Blockchains such as Bitcoin and Ethereum, according to DigiByte, are insufficiently safe and scalable. DigiByte asserts that it has a tried-and-true solution that is faster and safer than the competitors.

 

What is DigiByte?

DigiByte is a comprehensive blockchain network comprised of three distinct levels.

Smart contracts, decentralised applications, and customised tokens are housed at the top layer. The public ledger is the middle layer, where the DigiByte native coin can flow around the network and act as the network’s base asset. The lowest layer is the system’s essential infrastructure, which contains the decentralised

nodes, client software, and communication between them

 

Who Invented DigiByte?

Jared Tate is the founder and creator of DigiByte, and he worked on it from 2013 until 2020.

Unspent Transaction Output (UTXO) is a technical approach for keeping track of blockchain transactions between accounts that is used by both DigiByte and Bitcoin. However, as of July 2019, DigiByte had over 9 million blocks compared to Bitcoin’s less than 600,000 blocks. DigiByte is 40 times quicker than Bitcoin, making it the world’s fastest and longest UTXO blockchain.

 

A brief history of DigiByte

  • January 2014 – DigiByte is officially launched
  • April 2017 – Segwit is activated on DigiByte becoming the first major altcoin to do so
  • May 2019 – DigiAssets is launched
  • February 2020 – DigiByte Foundation launched

What’s so special about it?

Secure and battle-tested in the wild for 6 years, DigiByte has proven that its security as a blockchain is for real.The blockchain network’s main distinguishing feature is that it employs five mining algorithms, when most only employ one. These five mining algorithms are designed to prevent mining concentration and to make the network more safe and decentralised.

DigiByte claims to have the “most sophisticated difficulty stability” of any contemporary blockchain, in addition to five mining algorithms. The sophisticated difficulty modifications are intended to safeguard the DigiByte blockchain from harmful assaults and to improve security even further.

Since April 2017, DigiByte has had over 275,000 complete nodes downloaded and 15,000 nodes operational globally.

 

What else is different?

DigiAssets, the top layer of the DigiByte blockchain that enables for smart contracts, decentralised applications, and programmable tokens, is DigiByte’s most recent innovation. The team feels that DigiByte is the best base protocol for a platform like DigiAssets due to its enhanced security and scalability.

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Jared Tate, the founder of DigiByte, created the first two DigiAssets in April 2019. Both the DigiTorch and the DigiFlame are intended to be passed down from different DigiByte community members as they construct new projects on DigiAssets.

 

How is DigiByte produced?

DigiByte’s supply and distribution schedule are fixed. Within the next 21 years, a total of 21 billion DigiBytes will be created. Because there was no ICO or Token Generation Event, new DigiBytes were and will continue to be created through mining. The first DigiByte was created in 2014, and the final 21 billion coins will be created in 2035.

How can you obtain DigiByte?

DigiByte can be bought and sold on major exchanges including Bittrex. To use DigiByte outside of an exchange, you must first download a DigiByte wallet. Mining is another way to acquire DigiBytes.

 

How to mine DigiByte

Unlike many other Proof-of-Work (POW) cryptocurrencies, DigiByte supports five different mining algorithms: Sha256, Scrypt, Skein, Qubit and Odocrypt. Mining rewards are distributed equally to miners on each algo, with 20% of rewards distributed to each.

Because of this, it’s possible to mine DigiByte on practically any type of computer hardware by CPU or GPU mining, or it can be mined on specialized ASIC hardware—like Bitcoin. Once you’ve chosen which algorithm you’ll use to mine, it’s simply a matter of choosing a DigiByte mining pool and downloading the appropriate mining software; CCMiner for Nvidia cards, Claymore miner for AMD GPUs, and AwesomeMiner for CPU mining.

Once installed, you’ll need to configure your pool and set your DigiByte address, after which you can begin mining.

How to buy DigiByte

Although DigiByte can be mined, doing so is a time-consuming process, and requires expensive hardware to make it worth your while. That means you’ll likely be better served by buying it outright.

How you go about doing this depends on your payment method, and how much DGB you are looking to buy. But in general, buying in using another cryptocurrency is the cheapest way with the fewest obstacles, while using your debit or credit card will likely be more expensive, and will almost certainly require you to complete KYC verification first.

According to CoinGecko, DigiByte is currently listed on several dozen cryptocurrency exchange platforms, including well-reputed platforms like Binance, Kucoin, Bittrex, and OKEx. Through one of these platforms, it can be traded against other cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Tether (USDt).

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For those looking to purchase DGB with a credit or debit card, there are fewer options. Currently, just a handful of brokers offer fiat purchases for DGB, including Changelly and Coindirect. The DigiByte Foundation also allows users to purchase DGB using credit or debit cards through its partnership with Change Angel.

What can you do with DigiByte?

DigiByte, like Bitcoin, can be used to make payments or transfer assets. However, DigiByte is also utilised to power the DigiAsset smart contract network. In this sense, DigiByte acts similarly to Ethereum gas in that it can be used to pay for transactions or as a carrier for other assets and code to be delivered and received.

The DigiByte’s Future

In addition to constantly developing technical upgrades and improvements to the core protocol, DigiByte launched DigiStats in the fall of 2019 to provide interactive and historical blockchain statistics, expand mobile and payment processing options, and create more fiat and USDT stablecoin pairings on various exchanges.

In early 2020, as the network turned six, the company launched the DigiByte Foundation, designed to help with fund-raising inside the community.

The Foundation is currently working on securing partnerships for the project, as well as promoting the awareness and adoption of DigiByte. In July 2020, it launched the DigiBee donation platform, which enables contributors to pay towards the maintenance and further development of DigiByte’s ecosystem, and entitles them to voting rights around DigiByte Foundation decisions requiring community involvement.

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DigiByte’s most important forthcoming plan will be to expand DigiAssets. If everything goes as planned, the network will include a full ecosystem of dapps and ICOs.

Price movement and recent happenings

DigiByte, like many other cryptocurrencies, has experienced a bullish trend shift. DGB is trading at $0.0224 as of September 2020, with a market capitalisation of $303 million.

Since reaching a 2020 low of $0.003 in mid-March, DigiByte’s price has been on a steady upswing, peaking at $0.0366 before sliding back considerably to its current price. DGB achieved a high of 601 percent year-to-date (YTD), although it is still up 329 percent YTD.

DigiByte was listed on several smaller exchange platforms in the second and third quarters of 2020, including OceanEx, LBank, and Bilaxy, and DigiByte Founder Jared Tate stepped down from his position in May 2020.

The team behind DigiByte is currently working on the development of the next iteration of the project, and building out the utility of the token.

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