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DigiByte (DGB) - A Complete Guide

Daksh Murkute | | |

DigiByte is a rapidly growing blockchain, created in 2013 and released in 2014. It claims that it is the safest, fastest, longest, and most decentralized blockchain in existence.

 

According to DigiByte, Blockchains such as Bitcoin and Ethereum, are not that secure and stable. a full blockchain network comprised of three distinct layers: smart contracts and decentralized applications (dapps), a public ledger for the DigiByte native coin, and the system's core infrastructure.


DigiByte, unlike other Proof-of-Work (POW) cryptocurrencies, supports five distinct mining algorithms.

 

In this blog, we are going to discuss Digibyte and its token DGB and a brief about its future plans. After reading this blog you will be in the position to decide whether you want to invest in DGB or not. 

Contents

What is DigiByte?

History of DigiByte?

What are the advantages and features of DigiByte?

What are the DigiByte platforms?

Does DigiByte have a future?

How much is DigiByte worth in 2021?

Is DigiByte a good investment?

 

The cryptocurrency market is rapidly expanding. Many new currencies are entering the market at a rapid pace, and some of these crypto coins are gaining widespread attention. Many new investors in 2021 will be looking for crypto that is growing rapidly. Cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and others are examples of this. Many low-cost currencies, including SHIBA INU, BitTorrent, Holo, and others, have seen their value rise over time. DigiByte is also among them. DigiByte has risen to become one of the top 100 cryptocurrencies in the world.

The DigiByte token is abbreviated as DGB. In this blog, we'll look at the DigiByte Crypto coin.

 

What is DigiByte?

What is DigiByte?

DigiByte is a decentralized blockchain that operates similarly to but faster than bitcoin. DigiByte is concerned with performance, security, and scalability. Its network enables users to build decentralized apps.

 

It was originally designed to compete with popular cryptocurrencies such as Litecoin and Bitcoin, but it is now a rapidly growing open-source blockchain in the crypto world. DigiByte has a block time of 15 seconds, and it is 40 times faster than Bitcoin (the time taken to constructs a new block in the blockchain is known as block-time).

 

Digibyte allows its users to add their assets, which can be tokens, shares, currencies, and so on, and create DApps (decentralized apps) into their network; with this power, anyone can create cryptocurrencies on the DigiByte platform.

 

History of DigiByte

 

History of DigiByte

 

Jared Tate established Digibyte in October 2013. He has worked full-time on Digibyte's development. He has also been invited to speak on Blockchain technology at MIT, Harvard, and the US capital.

 

What are the advantages and features of DigiByte?

 

Advantages and Features of DigiByte

 

1. Decentralization- Decentralization is the transfer of authority from a centralized entity to a distributed network; DigiByte promises to be the most decentralized blockchain in the world. It stores this information in a variety of ways.

 

It employs different algorithms in addition to the Proof-Of-Work consensus algorithm.

1. Proof-Of-Work

2. Sha256

3. Scrypt

4. Skein

5. Qubit

6. Odocrypt
 

  • Scaling along the supply chain.
     
  • Educating people about the importance of running a full node.
     
  • Accepting code contributions that are consistent with DigiByte's ethos.

 

2. Pure Consensus: Consensus is essentially a group decision-making process; it is a type of resolution in which individuals must support the majority choice. For example, if ten people in a group must make a decision, each of them can make a suggestion, but the majority will choose the one that will benefit them the most. So DigiByte makes decisions based on Proof-of-Work consensus algorithms, claiming that Proof-of-Work is the only proven and reliable method of achieving distributed and decentralized consensus.
 

3. Permissionless- To join a permissionless blockchain, no authorization is required. Users can connect to the network after creating a personal address. DigiByte is a permissionless blockchain, which means that the network is not centralized.
 

4. On-chain scaling- On-chain scaling refers to increasing the capacity of blocks in any blockchain by increasing block size, block speed, and so on. DigiByte agrees and believes that chain scaling should be the primary strategy for future growth.
 

5. Network participation- DigiByte strives to be widely supported across a wide range of platforms in order to encourage participation from as many entities as possible.
 

What are the DigiByte platforms?

 

1. Mobile Applications- In 2018, DigiByte released a mobile application for Android and iOS, which is the best SPV (Simplified Payment Verification) that allows users to carry their DigiByte coin with them wherever they go. These applications can be accessed and installed using simple and low-cost hardware.

2. Digi-id- Digi-id is another application that focuses on providing quick and secure authentication and can be used to replace standard usernames, passwords, and other credentials. The overarching goal here is to address many of the flaws in current security systems. Because a blockchain does not store or transmit any information, it is completely anonymous.

3. Digi Assets- DigiByte has launched the Digi-asset platform to bring digital assets to the blockchain network. Tokens, shares, and currencies are examples.
 

Does DigiByte have a future?

 

Does DigiByte have a future?

 

Let's talk about some of their future plans.

1. Algorithm changes - DigiByte intends to replace one of its core algorithms with a new version in order to strengthen the blockchain and encourage people to mine on the DigiByte blockchain.

1. Staking algorithm- Staking is the process of locking your coins in order to obtain rewards on the blockchain network; the lock coins are then used to provide security.

1. Memory optimization - As time passes, the number of blocks in the DigiByte increases; the main purpose of DigiByte is to support as many hardware combinations as possible.

 

How much is Digibyte worth in 2021?

According to DigiByte's website, the company has never received funding from an ICO (Initial Coin Offering), and the DigiByte blockchain is not controlled by any CEO or corporation. It is a global community-driven initiative that is run entirely by volunteers. The current price of DigiByte is $0.07, with a live market cap of $611M, CoinMarketCap.com ranks it at #87 at the time of writing. It has a circulating supply of 14 billion DGB coins and a total supply of 21 billion DGB coins.

 

Is DigiByte a good investment?

According to CoinMarketCap, the price of DigiByte in USD is $0.071 at the time of writing; however, prices have been fluctuating over the last few months. Finally, for the time being, it is stable. However, crypto markets are highly volatile, and you should conduct extensive research before investing in any crypto coins.

 

Should you invest in DigiByte?

DigiByte, in my opinion, is much more than digital money; it is a multifunctional and multipurpose blockchain. The primary goal of DigiByte is to develop a market-leading project that can easily claim to be faster, more secure, and more decentralized than any other blockchain.

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