DigiByte Review: All you need to know about Digibyte
While considering the overpowering choice of open source Cryptocurrencies and finding an alternative to the Crypto giants like Bitcoin, Ether, and Litecoin, you must have come across the emerging DigiByte. The DigiByte Company asserts itself to be the worlds’ fastest, longest and the most secure decentralized Blockchain which can endow endless benefits to its users. It will not be much to say that this company is rapidly broadening its scope and finding its place in the list of top Cryptocurrencies in the market. This comprehensive review on DigiByte will cover all the points which you need to understand while dealing with DigiByte.
What is DigiByte?
DigiByte is a digital asset like Bitcoin and Ether which focuses on the issue of Cybersecurity with its reliable and secure decentralized Blockchain. This open-source cryptocurrency was created in 2013 but was available to the customers for trading in 2014. Initially, this international Blockchain was based on Bitcoin but has worked over the years to build its reputation. Now, it is known as one of the fastest networks with superior and cutting-edge medium to make the life of traders steady, fast and hassle-free. When it comes to developing a system free from third party interference then DigiByte is a great option. The main objective of the working of the DigiByte team is to provide a seamless experience to their clients with secure communication and eradicate the problem of Cybersecurity while trading for DigiByte coin. Over the years, the developers have managed to drive past the major competitors and the pinnacles in the crypto space like Bitcoin, Ethereum, and other big digital assets in terms of technology. The real achievement of the company is that it has set a new future benchmark for the new and upcoming Cryptocurrencies. The sophisticated security protocols and applications are specially designed to help traders stay away from hackers and give them an assurance to trade effortlessly and efficiently.
DigiByte Company history and team
DigiByte was founded in 2013 by Jared Tate but the Blockchain came to be launched in January 2014. The company doesn’t showcase many developers who worked for the success of DigiByte, but somewhere in LinkedIn, you can estimate around 5 developers including Tate who started with no initial token sale and nothing. The project was funded by donations and the whole credit goes to the devoted developer team who hold a major chunk in the development of this unique and innovative digital currency. Apart from the firm understanding of Blockchain technologies, Jared Tate is popular and talented public speaker. Although the lack of marketers, project management team and community outreach can make it difficult for the company to increase its fan base in the overcrowded cryptocurrency market. Now, the company has its own community with around 100,000 nodes all across the world.
How is DigiByte unique over other currencies?
DigiByte has a lot of engaging and enthralling applications which includes DigiSign and DigiDoc. DigiByte introduced the concept of gaming currency which uses different prototypes which can be incorporated in games like Minecraft. There was a buzz about the collaboration of DigiByte and Minecraft where the app will have DigiByte as the digital currency. Although this was not true, the company really created their server and rewarded players for performing some specific function. This clearly shows how the concept of digital currency can find its scope in the gaming world. Initially, it started the mining adjustment with Digishield which was a pioneering idea over the Kimoto Gravity well system used by other digital assets like Dogecoin and many POW coins. These systems not just help in maintaining inflation rate because of mining pools but also come with a high Hash rate. The mining algorithms work more frequently in re-targeting the difficulties over KGW system which is done at a rate of 60 seconds. So, the implementation of Digishield makes sure that the fluctuation entirely depends on the mining hash rates. This digital asset has 14 mining pools and is listed in nine different digital currency exchanges. Also, the company has come down to many social networking websites like Twitter to update the community on the recent developments and Blockchain technologies. This has led to massive retweets and enhanced its reputations. After this initiative, the value of the currency rose from 35 Satoshis to 80 Satoshis and triggered significant purchasing frenzy. Furthermore, the company is witnessing a rapid surge in the increase of investors since last year.
How DigiByte works?
After its inception in 2014, it has managed to gain a lot of clients and patrons and has built a great supporting community. It started the mining algorithms with Digishield and has been adopted by many major Blockchain. All you have to do is make an account and buy this currency with a number of options including fiat currencies. Anything labeled as DigiByte cannot be destroyed, counterfeited or hacked and is a digital asset which can be converted to other altcoins or traded anytime. You can send the purchased DGB coins to any verified DigiByte wallet and exchange it with other digital currencies or fiat currencies in various exchange platforms like Binance, Changelly, etc. The DigiBytes can be sent over the Blockchain network within minutes while taking care of our personal information, currency and digital data by providing utmost security with its high standard protocols.
DigiByte news, figures, and market trends
This digital coin has risen to the 61st position in the world’s largest cryptocurrency list and has a market capitalization of around 320 million dollars. This system uses a combination of 5 different and advanced mining algorithms which helps in preventing mining centralization. The Blockchain became the second currency which introduced segregated witness technology (Segwit) by using a Blockchain technology called Soft fork. The DigiByte chart shows that the major surge in the market cap was during 2017. 2017 was a period for many new Cryptocurrencies to come to the limelight. DigiByte represents a 25000% increase in the market cap and reached the highest price of $0.472 on 17th December 2017. Market cap during 17th December stood up to a high limit of $452 million. This currency is there in the market for around 4 years and has a solid team with its own unique flair discriminating it from other altcoins in the cryptocurrency market. The users are updated with a notification every 1 to 3 seconds during transactions and the Blockchain uses the mining algorithms every half minute for completing the transactions in less than 3 minutes. The speed is significantly higher than other most other digital assets and there are no surplus charges for DGB to DGB exchange like mining fees. Users are entitled to receive or send DGB from any verified DigiByte address and use fiat currencies like USD, EURO to trade for DGB. However, the transactions are limited in quantity for multiplying throughput, efficiency and the speed of the platform. All the users at this platform can get only 21 billion DGB in 21 years. But, it has the fastest speed of 15 blocks while engendering the fact that more innovations can happen on the Blockchain in future.
The innovation of DigiByte: What are the advantages?
The peculiar advantage of DigiByte is their hard-working team who work to bring innovative and advanced tools in the Blockchain technology. Here is what will impress you and motivate you towards using it.
Five mining algorithms
For avoiding mining centralization, this system uses five secure and advanced cryptographic mining algorithms. This is much better and reliable than the single mining algorithm.
The DigiByte system has a layer-like structure which uses 3 different layers to provide linearity and modularity approach. All these three layers have different functions and are placed one over the other.
- Core Communications and Global Network: This layer connects all the nodes (around 100,000) together on the network. This is the foundation block which facilitates basic data transfer and acts as a supporter for other layers.
- Public Ledger & Digital Assets: When we are transferring data, it is necessary to store the entire network’s data so that there is no breaching of the security. This is the layer where all the network data get stored which helps in avoiding manipulation of the data. So, it modifies the miners and maintains it so the traders can be assured that their funds and coins are safe and away from counterfeiters or hackers.
- Applications: The Application layer includes the interface, the transfer and the API which can be used for building an additional application on the top of the system.
High Throughput and fastest speed
As DigiByte block time is estimated at 15 seconds, it is 40 times faster than Bitcoin and substantially with many other cryptocurrency systems. This means that the transactions will get confirmed and completed much faster than other platforms. Apart from the optimum level of processing speed, DigiByte has the longest Blockchain in the world. However, it has some scalability issues because of so many nodes which need the network history of each node to process the order. Also, it added the segregated witness to make the ledger compact by separating transaction confirmation from transaction information. It also engenders the innovation of cross chain transactions. The limitation in the transaction scope and size was entirely for human security as limiting scope will protect the security of the system and make it many folds faster. This fast block time and limited transaction scope help in attaining a throughput of around 280 orders processing in a second. Where Bitcoin can only handle 8 transactions per second, it is considered to be a revolutionary change and a good alternative to Bitcoin in terms of speed.
Advanced difficulty stability
Ever since, the company has launched the Multishield and Digishield in their platform, it has raised its share in the cryptocurency world. The DGB has one of the most sophisticated difficult stabilities in the digital world. This not just gives an impetus to new innovation but also suppresses many myths in the cryptocurency space.
With over 100,000 nodes all over the world, you can attribute to the fact that the system is extremely secure and has an advanced block chain technologies for Swift and secure processing. It is considered as one of most secure platforms to buy and sell DigiByte.
DigiByte mining and techniques
The mining of this cryptocurrency is carried out by a process which is known as Proof-of-Work (POW). The mining is carried out by means of advanced and high-performance GPU, CPU and ASIC to process the order of blocks of network of this digital currency. Apart from high-performance equipment, you also need mining software and a verified DigiByte wallet. The miners have to solve complicated algorithms and computational problems using latest mining software, wallet and advanced computer systems. These sophisticated hardware and high power systems can be very expensive for small businesses and traders. However, many other crypto currencies have started to use the process of power-of-stake instead of POW to minimize the cost. POS does not use the expensive computer systems, software products thereby making the process of mining relatively easy and affordable.
Solo or pooled mining for DigiByte
When it comes to mining for DigiByte, there are two options for the miners – Solo mining or Pooled mining. In solo mining, the miners have to use the right software along with high-end computer hardware and verified digital wallet. For first time investors, the process of Solo mining can be extremely difficult and it is recommended for them to start with the CPU mining to learn to the process of mining efficiently. SHA256, GROESTL, QUBIT, SCRYPT, SKEIN are the five mining algorithms used by DigiByte. SCRYPT and SHA256 are ideal for mining on different advanced AISC whereas SKEIN and GROESTL are good for the GPU used.
DigiByte vs. Bitcoin
DigiByte is 40 times faster than Bitcoin and is more secure and a better option in the increasing cybercrime world. Also, the process of mining is much more straightforward and the DigiByte wallet is extremely user friendly and sleek. The only disappointment with the company is that Bitcoin allows much higher volume and transaction limits. Bitcoin is considered to be more trustworthy because of its reputation. Although with new innovations and better API, we can expect DigiByte to emerge as a top and popular cryptocurrency in the market.
DigiByte is old and secured platform with advanced and long Blockchain to keep all transactions safe and away from hackers. With the new gaming concept, it is occupying traction in the gaming community. The biggest hurdle for the company is to gain more customers and nothing is fundamental in the company. The company is promising new innovations and advanced features but has many scalability issues and glitches. Although the speedy, secure network and new technological adoption is going to make it is a big competition for the major Crypto giants in the world.