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Investing In DigiByte – Everything You Need to Know

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DigiByte (DGB) is a fourth-generation blockchain and cryptocurrency that consistently ranks amongst the top-performing projects in the market. The network is best known for its high scalability, security, and unique multi-structured consensus mechanism. Today, DigiByte has a strong following in the market and across its numerous social media channels. The platform is recognized for its pioneering technologies.

What Problems Does DigiByte (DGB) Solve?

DigiByte was built to reduce issues such as centralization in the sector. The network utilizes a variety of proprietary systems to ensure decentralization. This strategy provides a censorship-resistant and permissionless blockchain that can be used to create digital assets, smart contracts, decentralized applications, secure authentication, and more.

DigiByte (DGB) - Twitter

DigiByte (DGB) – Twitter

Mining Centralization

DigiByte combats mining centralization in multiple ways. Bitcoin and other earlier cryptocurrencies suffer from mining centralization due to the technical structure of their mining processes. Specifically, it has become so competitive to mine for these tokens that users must join mining pools. Sadly, large mining pools dominate these networks today. This situation has led to an increased difficulty for regular users seeking to do their part to secure the network. DigiByte eliminates these concerns through the introduction of a special multi-faceted PoW algorithm.

Benefits of DigiByte (DGB)

The benefits Digibyte brings to the sector are many. For one, the protocol is a pioneer in terms of new consensus mechanisms and network features. The blockchain has proven to be very secure and operates as a fully open source project. Notably, DigiByte was released under the MIT license. As such, it’s verifiable by any individual or entity.

Scalability

Another main concern for developers was scalability. Scalability issues have plagued previous PoW networks like Bitcoin. DigiByte eliminates these concerns to bring users increased transaction speeds. Specifically, DigiByte supports 1066 transactions per second. This TPS rate makes it the fastest UTXO blockchain in the world currently.  The network is able to obtain 40x the speed of Bitcoin through the integration of on-chain scaling coupled with OP_codes and SegWit.

Flexibility

DigiByte provides the market with more flexibility. The blockchain supports digital assets, smart contracts, decentralized applications, secure authentication, and much more. This improved functionality and features have helped DigiByte remain a top contender in the market.

How Does DigiByte Work

DigiByte combines a custom-built blockchain and cryptocurrency to create a more efficient UTXO blockchain. The network operates as a public, decentralized, Proof-of-Work, Multi-Algorithm network. Users can send, receive, and HODL their DGB or other digital assets securely.

DigiByte (DGB) - Homepage

DigiByte (DGB) – Homepage

DigiByte (DGB) – Mobile Dapp

At the core of the network resides its mobile Dapp. This interface went live in 2018. Today, it’s available as a free download on both Android and iOS applications. The Dapps are designed to support international clientele. As such, there are 50+ full native language options to meet your needs.

Digi ID

Digi ID is another cool feature worth mentioning. This system enables developers and users to create and issue blockchain IDs. This digital verification system can be used to replace standard usernames, passwords, two-factor passwords, building swipe cards, and medical cards. This strategy provides more security than traditional systems because it enables users to verify their ID without providing any sensitive information to third parties.

Digi Assets

DigiByte enables anyone to issue digital assets. Notably, it’s one of the few networks that support this task directly from the mobile Dapp. Users can create and launch digital assets on the DigiByte network in minutes using the dashboard. These digital assets can include fungible or non-fungible tokens. Users have already issued DigiByte credits, shares, event tickets, coins, trading cards, property deeds or titles, travel tickets, and more.

Non-Fungible tokens are one of the fastest-growing sectors in the blockchain market. These token have found considerable usage in both the art and gaming sectors. There has been NFT artwork sold for over $60 million this year. There are also a rising number of in-game NFT use case scenarios. These systems enable players to verify the fairness of games and gain access to actual ownership of digital assets.

DigiByte (DGB) Consensus

The DigiShield PoW mechanism builds on Bitcoin’s SHA-256 method. The network introduces a new system called DigiShield that integrates five different cryptographic algorithms to secure the network. This mechanism adds a new block every 15 seconds. It also integrates a real-time difficulty adjustment to further secure decentralization across the network.

This system is designed to work with the Odocrypt protocol. This code alters the consensus mechanism’s algorithm every ten days. Specifically, it rotates between SHA256, Scrypt, Odocrypt, Skein, and Qubit. The purpose of this mechanism is to eliminate the use of high-powered ASIC miners.

DGB

DGB is the main utility and governance token of the network. Anyone can send value globally using DGB. Notably, there are 21 billion DigiByte slated for issuance throughout the life of the project. The last DGB will be mined in 2035 at the current rate.

Community

Impressively, DigiByte developers work purely as volunteers. No developer earns a paycheck for their efforts. In this way, DigiByte represents a new form of community-driven network.

History of DigiByte (DGB)

The DigiByte concept was first introduced to the market in late 2013. The platform was founded Jared Tate. Notably, DigiByte is the most decentralized UTXO blockchain in operation today. When the network launched, it originally utilized the Litecoin code-base. Since that time, the system has undergone several non-contentious soft-forks and hard-forks to bring it to its current form.

How to Buy DigiByte (DGB)

Digibyte (DGB) is available on the following exchanges:

Uphold – This is one of the best options for both UK and United States residents. USA clients can claim a debit card that earns cashback & crypto

BinanceBest for Australia, Canada, Singapore, UK, and most of the world. USA residents are prohibited from buying DGB.  Use Discount Code: EE59L0QP for 10% cashback off all trading fees. 

BitPanda – This is the best exchange for residents of Europe. They do not accept users from outside of this region.

Uphold Disclaimer: Assets available on Uphold are subject to region. All investments and trading are risky and may result in the loss of capital. Cryptoassets are largely unregulated and are therefore not subject to protection“.

DigiByte (DGB) – The Quest for a Better Crypto

DigiByte represents the desire by developers to create a better cryptocurrency. The network eliminates mining centralization and provides a more democratic network for users to leverage. Additionally, the streamlined digital asset issuance features provide another layer of usability to the network. For these reasons and more, DigiByte is set to remain a popular project moving forward.

David Hamilton is a full-time journalist and a long-time bitcoinist. He specializes in writing articles on the blockchain. His articles have been published in multiple bitcoin publications including Bitcoinlightning.com

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