Know Everything About DigiByte (DGB)

Know Everything About DigiByte (DGB)

What Is DigiByte (DGB)?

DigiByte (DGB)

DigiByte (DGB) is an open source blockchain and asset creation platform. Development began in October 2013 and the genesis block of its DGB token was mined in January 2014 as a fork of Bitcoin (BTC).

A longstanding public blockchain and cryptocurrency, DigiByte uses five different algorithms to improve security, and originally aimed to improve on the Bitcoin blockchain’s security, capacity and transaction speed.

DigiByte consists of three layers: a smart contract “App Store,” a public ledger and the core protocol featuring nodes communicating to relay transactions.

Who Are the Founders of DigiByte?

DigiByte was created by Jared Tate, also known as “DigiMan,” who oversaw its metamorphosis from development to its current setup before announcing that he was temporarily retiring from his position in May 2020.

Tate has since returned, and as of September 2020 once again appears closely involved with DigiByte’s growth.

Tate’s biography states that he was involved with Bitcoin from 2012 onwards, and authored the first book written by a blockchain founder, “Blockchain 2035: The Digital DNA of Internet 3.0.”

DigiByte’s operations depend not only on developers, but also the DigiByte Foundation, a volunteer organization tasked with overseeing preservation of the project. A third group of volunteers, the DigiByte Awareness Team, is responsible for marketing and promotional activities.

Primary features of DigiByte

  • It is a fully-functional blockchain network comprising three distinct layers: smart contracts and decentralised applications (dapps), a public ledger for the DigiByte coin, and the system’s fundamental infrastructure.
  • Compared to other Proof-of-Work (POW) currencies, DigiByte offers five distinct mining methods. 
  • DigiByte mining is possible on a consumer-grade system that allows a broader audience to join the network.

What Makes DigiByte Unique?

DigiByte is a modification of Bitcoin which aims to diversify security, speed and capacity possibilities.

Its first incarnation was as an open source blockchain and associated cryptocurrency, DGB. The network has five separate algorithms which help to maintain security and help prevent ASIC miners from commandeering too much power.

Later, another offering, DigiAssets, appeared, with DGB as its native token. DigiAssets appeals to those developers looking to launch digital assets, decentralized applications (DApps) and encode the necessary corresponding smart contracts.

All governance structures for DigiByte are run on a voluntary basis, in line with the thesis that the network should be open source and publicly accessible. Transaction fees in DGB are paid to miners for validating the blockchain.

Pros & Cons of DigiByte coin

PROS

  • DigiByte blocks are generated at a 40 times faster rate than that of Bitcoin and ten times that of Litecoin.
  • It boasts a transaction rate of 1066 on-chain transactions per second with a minimal fee.
  • They have created many things that might be regarded as firsts in the realm of blockchain.
  • It is decentralised, as it has never collected funds via an initial coin offering(ICO) and does not have a substantial number of pre-mined coins. Additionally, no CEO or corporation controls the blockchain.

CONS

  • DigiByte has been in this market for nearly seven years and they are still unable to compete with Bitcoin and Litecoin. Many individuals are unaware of the DigiByte currency as it doesn’t have enough presence in the media. 
  • Many investors assert that DigiByte is undervalued compared to other coins because of its lack of use cases. 
  • Beginners may not find it as an easy experience as the official wallet offered on their website is a full node wallet that needs storage of the whole DigiByte currency blockchain.