DigiByte

What is Digibyte?

DigiByte coin or DGB is the native token of the DigiByte network. The latter is a public blockchain with creation of digital assets possibilities.

DGB serves as a medium of exchange in the DigiByte ecosystem.

It is also used as block reward is paid to miners to incentivize them to validate the DigiByte blockchain. DigiByte has a built-in block reward reduction mechanism that reduces reward by 1% every month.

There are a total of 21,000,000,000 DigiByte coins available. According to the project schedule, all coins should be mined by 2035. The supply of DGB is limited, so it is possible that the price of DigiByte will increase as the coin becomes more scarce.

Like most digital assets, DigiByte is volatile, meaning its price tends to fluctuate. Therefore, it is always important to do your research before making any purchases.

To make an informed decision, check out DigiByte’s price history as well as DigiByte’s current price in the chart above.

What are the main features of DigiByte?

As mentioned in the “What is DigiByte” section, it is a public blockchain. DigiByte operates using a Proof-of-Work (PoW) consensus mechanism.

It is protected using 5 mining algorithms: Odocrypt, Qubit, Script, SHA256, And skein. Their main responsibility is to ensure that ASIC miners do not have too much power. In other words, these algorithms prevent centralization of mining. In addition, they protect the network from 51% attacks and double spending.

Moreover, the blockchain is protected by the exclusive DigiByte tool. He also champions such famous projects as Zcash And Dogecoin.

The DigiByte blockchain consists of three layers:

• Application layer resembles an app store. In the case of DigiByte, it is completely decentralized and allows the creation of dApps and smart contracts;
• Public ledger level who is responsible for maintaining security;
• Global network layer where all communication between nodes occurs.

One of the main advantages of DigiByte is its digital asset release tool. DigiAssets which was launched in 2019. This tool allows network participants to create not only digital assets such as coins or tokens, but also smart contracts, dApps and others.

The most important thing is that these digital assets can represent anything from the real world, such as documents, cars, and even apartments or houses. Simply put, users can take their traditional asset (such as a car) and associate it with a digital asset, which will now represent their traditional asset.

Issuing digital assets through DigiAssets does not require extensive technical knowledge.

Additionally, DigiAssets can be enhanced with exclusive services such as DigiassetX or Digi-Broker.

In addition, DigiByte provides a user authentication solution based on blockchain technologies. Digi-ID. This means that it does not use traditional authentication methods such as passwords or 2FA. Instead, Digi-ID is secured using public key/private key cryptography.

DigiByte was founded on Bitcoin. Therefore, when the DigiByte crypto project was first launched, it aimed to solve the problems associated with Bitcoin and provide an improved alternative. DigiByte’s main concerns were speed, security and capacity.

DigiByte offers an almost instantaneous confirmation speed of 15 seconds compared to Bitcoin’s 10 minutes.

The project has never received support through ICO or pre-mining events.

Be sure to take a look at the DGB price in the chart above if you are considering purchasing this cryptocurrency.

Who developed DigiByte?

The idea of ​​the DigiByte crypto project was born in 2013, and the project itself was launched in early 2014. This makes DigiByte a long-standing project, existing for over 8 years.

It is run by volunteer organizations DigiByte Foundation, DigiByte Awareness Team and DigiByte Developers. They are responsible for empowering DigiByte through education, outreach and development respectively.

It was based Jared Tate aka DigiMan. He took on the role of President of DigiByte and then took a break from the project. However, since September 2020, Jared Tate has returned to the DigiByte crypto project.

Jared Tate attended the College of Idaho, where he received degrees in psychology and business.

He is considered the first author who also founded blockchain. Jared Tate and his co-author Andrew Knapp have published their first book entitled Blockchain 2035: The Digital DNA of Internet 3.0.