Last Updated: February 15, 2022.
DigiByte is one of the world’s most innovative blockchains that has been online for quite a while now. It was released in early 2014.
The project was created by Jared Tate, known as DigiMan. Digibyte is a volunteer-based undertaking, which is supported by the global community.
Today, we will be exploring the world of DigiByte and find out why it is on a path to becoming one of the top 10 cryptocurrencies you can invest in today.
Note: Please be noted we do not encourage or support online crypto trading where it’s banned by local laws etc, and we don’t own such portals/websites, please follow your local laws and invest at your own risk.
What Is DigiByte?
DigiByte was created as an alternative to Bitcoin to enable swift transactions with low fees. It features better scalability and faster transaction speed, and decentralized applications can be built on top of the blockchain.
The network has its own native cryptocurrency that powers it known as the DGB token.
The blockchain has the functionality in place in order to facilitate the processing of 1,066 TPS. DGB is 100% mineable, and there are 5 mining algorithms that will be discussed later in the article.
The Digibyte blockchain is based on the PoW model. Miners have the opportunity to actually earn tokens through the process of validating blocks. The rewards get reduced by 1% each month, and, by 2035, all 21mln of DGB coins will be mined.
Advantages of DigiByte
Over the years, DigiByte built up quite a reputation for itself. It is fully decentralized, which means that no one regulates the DigiByte blockchain. Everything is in the hands of the community that has been contributing to the network for years.
There is Digibyte Foundation, consisting of volunteers, that operates in a non-profit way and defends the principles of decentralization.
Digibyte Awareness Team serves an educational purpose and promotes Digibyte in different ways.
Apart from the massive community of like-minded individuals, Digibyte is well-known for its incredible speed – 15 seconds to build blocks. This is 40 times faster than Bitcoin’s!
As the project is open-source and free to use, it gives every person the opportunity to modify the software and guarantees 100% transparency.
With Dandelion++ protocol, you can rest assured that no one can track your location or IP address. The developers did their best to take care of your privacy.
Even though the achievements of this project are incredible, the team never stops working on it and improving its features to make Digibyte more functional and useful for its community.
The Five Mining Algorithms Implemented by DigiByte
DigiByte implements advanced security and cryptography, consistently pushing the envelope when it comes to innovation. It has 5 mining algorithms: Odocrypt, Skien, Qubit, SHA256, and Scrypt.
Each of them provides its own level of security to the network and serves its own specific role.
SHA256 is a Secure Hash Algorithm. This is like a signature for a text, or even a data file, and generates a unique, fixed-size 256-bit hash.
Essentially, this is what gives it its authentication and protection.
Moving along we have Scrypt, the password key derivation function designed to make it a lot more expensive to perform hardware attacks by requiring lots of memory.
The next is Odocrypt, which is a substitution-permutation network; the substitutions and permutations change once in 10 days.
Skein is a cryptographic hash function protecting DigiByte.
Last but not least we have Qubit, which is a hashing algorithm suitable for ASIC mining only.
Which of the algorithms to choose depends on the hardware being used. SHA-256 and Scrypt are preferred by ASIC miners, while Qubit is best for experienced miners, as it combines GPU and CPU mining.
Here’s the thing, DigiByte will become one of the top 10 cryptocurrencies because it implements a high level of innovation and has one of the largest communities. It is also easy to use – the team says that getting started with Digibyte is much easier than sending SMS!
The availability of 5 mining algorithms also contributes to the increase of community members. Whether you have GPU, CPU, or ASIC devices – there is a compatible option for you.
As for the popularity of the DGB coin, you can find it on many exchanges, including Godex. Godex is a decentralized crypto exchange platform that offers you the DGB to BTC converter without hidden fees and, most importantly, registration! Fast transaction, enhanced security, anonymity – this is what Godex is all about!
What Makes DigiByte Special?
The DigiByte network can be split into four distinct levels that make it stand out technology-wise when compared to any other cryptocurrency.
- The top layer is similar to an application store that has real-world use cases. You can create any type of digital asset just by using the DigiAsset protocol on the blockchain. These are known as dApps, and they can be built on top of the existing blockchain. These smart contracts take full advantage of the security that the system offers.
- The middle layer is responsible for providing security.
- The bottom layer ensures proper communication between everyone involved in the network.
DigiByte is quite possibly one of the most unique blockchain projects out there. The DigiByte blockchain is free, open-source, and released under the MIT license. You have the complete freedom to modify the code.
This freedom, along with transparency and complete security, is the reason behind the massive community that supports the project.
This is definitely not the end of the development process. Let’s wait for new milestones and achievements. Now you know why Digibyte is unique, and why this coin deserves to be in your portfolio.