Updated: Dec 20, 2019
DigiByte is one of the older classes of decentralized cryptocurrencies and an open source-based blockchain platform. It has witnessed some very rapid commercial adoption and claims to be running the longest blockchain in the world, because of its faster block time. The Digibyte currency is denoted by the symbol DGB, with a total supply of 273.6 million DG tokens.
This guide will talk about the purpose of Digibyte, the team behind it, how it works, and various uses and applications.
What Is DigiByte Designed For?
DigiByte was created to stand out from other cryptocurrencies, particularly Bitcoin. It was designed to be a much faster, scalable, and super-secure digital currency. The creator was involved with the Bitcoin framework until 2013, when he understood issues related to efficiency, scalability, speed, and performance in the cryptocurrency.
DigiByte blockchain was created to address these numerous problems, such as increasing throughput, making transactions go through faster, and providing more stability, all the while, preventing malicious attacks.
Who Is the Team Behind DigiByte?
DGB genesis block was launched without Initial Token Sale or fanfare, in January 2014 by Jared Tate, who is also the project’s lead developer. Tate is one of the few blockchain founders to go public and devote full-time commitment towards the development of DigiByte.
Before that, Tate was on the Advisory Board of Lifeboat Foundation and the President of DigiByte Holdings Ltd. The blockchain was the first-ever major platform to adopt SegWit under Jared’s leadership.
It has also pioneered multiple blockchain enhancements such as MultiShield, DigiShield, and MultiAlgo, which were implemented by numerous other blockchains to improve their system.
How Does DigiByte Work?
The platform is known to use a multi-algorithm approach, which creates a different proof-of-work (PoW) mining method. This helps in increasing the network’s mining capacity and, in turn, the accessibility to DigiByte mining pools. The process helps in securing the network against 51% attacks and also prevents centralization.
Mining decentralization is maintained by 5 advanced mining algorithms, which work on Proof of Work consensus. These algorithms split the mining power and operations to facilitate secure transactions. MultiShied technology allows the load to be rebalanced amongst the 5 mining algorithms.
There are three layers to the DigiByte software. Core Communications & Global Network layer allows for basic data transfer between all linked nodes and other layers. Public Ledger & Digital Assets layer protects against data manipulation by storing the data on the DigiByte network.
The last layer is the Applications layer, which is the user-interface and allows users to build and host both centralized and decentralized applications.
What are Current and Future Applications of DigiByte?
DGB is currently available to trade on numerous exchanges, including Bittrex, Poloniex, Kucoin, ShapeShift, ChangeAngel and Cryptopia. It is also a third-party wallet compatible with Trezor, Ledger Wallet, and Coinomi. Other official wallets include DigiByte Go wallet, Android Beta, and Linux wallet.
DigiByte is looking to offer its technology and token for global payment systems, to make the domain of cryptocurrency more accessible to mainstream societies, including merchants and consumers. It is looking to build its community and become a market leader in global remittances.
The platform has also gained traction from the gaming community, with its DigiByte Gaming. This offshoot of the main platform, allows gamers to exchange DGB tokens for the duration of gaming.
DGB is a lucrative investment opportunity for crypto enthusiasts with its long term potential and currently undervalued status. However, the platform is majorly used by developers to create modernistic Dapps, including AcceptCryptoZ, Mazer Gaming, and V-ID.
The most awaited DigiByte project “Core 4.1.3” protocol, will allow users to create and enter individual smart contracts in their blockchain. This could help the coin gain momentum
in the coming future. The Digibyte team claims to be developing tech, which can enable DigiByte security to be applied to IoT devices & other communication services.
This is probably why the platform is labeled as the sleeping giant of cryptocurrency, by its supporters. Experts believe that DigiByte could very well be on the cusp of cutting edge crypto-technology. It already hosts a network that is more scalable, secure, and faster than most other major cryptocurrencies. The superior technology is expected to win out against Litecoin and Bitcoin, among other top digital cash options.
However, adoption has been pretty slow over the last 5 years, and the great marketing copy employing buzzwords offer little technical information about how the network functions, or where it is intended to go.