What is DigiByte (DGB) Coin?
DigiByte (DGB) coin is the cryptocurrency rewarded to miners on the DigiByte platform for securing the network and validating blocks by running mining nodes.
Up to 5 cryptographic algorithms run on the network (Groestl, Qubit, SHA256, Scrypt, and Skein). Algorithmic block share is 20% per algorithm. By having different mining algorithms and giving them an equal block share (20% each), more users can participate in mining pools with a more diversified array of equipment, including CPUs and GPUs.
ASICs miners are suited for SHA256 algorithm mining. However, it’s quite expensive for ordinary users to maintain ASICs, locking them out from the mining process as witnessed with other coins like Bitcoin. Qubit and others can even accommodate CPU and GPU mining.
Overall, DigiByte hopes to play a leading role in digital markets as a convenient and preferred means of exchange. It promises fast transaction speeds (40 times faster than Bitcoin).
The public permissionless blockchain seeks true decentralization and independence. It boasts of never having an initial coin offering. Instead, some pre-mine coins were given away in the early days to incentivize client downloads. DigiByte believes that Proof of Work is the only way to achieve a decentralized consensus.
Who created DGB?
Jared Tate kickstarted DigiByte in October 2013, coding from his garage in Idaho at the beginning. At the start of the year, on January 10, 2014, DigiByte came into existence after successfully mining its first Genesis Block.
More milestones followed within the year. In February, Digibyte implemented difficulty adjustment. September saw the activation of MultiAlgo to prevent mining centralization. In December 2015, the blockchain launched DigiSpeed to reduce block times to 15 seconds, speeding up transactions.
DigiByte continues to undertake a roadmap designed to make it faster and safer than other blockchains, achieving many blockchain firsts along the way.
What is special about DigiByte technology?
DigiByte has introduced various innovations that make its technology special. It implements a three-layer infrastructure. DigiAssets, the first protocol layer, supports the creation and distribution of digital assets, representing any real-world assets, identities, smart contracts, tokens, and more. Developers can build decentralized apps on DigiByte.
The second layer is the public ledger. While other public POW blockchains use one consensus algorithm, the platform leverages five equally weighted mining algorithms. Dosing so guarantees its immutability and resilience to various attacks.
The network remains fast despite the Multialgo implementations. Up to 1066 on-chain transactions may be processed in one second with negligible gas fees. This bolsters the network’s potential to serve as digital payment means for daily transactions.
Nodes running DigiByte software form the third network layer. Mobile devices, computers, and servers relay transactions functioning as nodes. The software remains open-source, allowing the verification of the code and binaries. Anyone can also download, modify, and run DigiByte.
How many DGB coins have been issued?
DGB capped its max supply at 21 billion coins. But its circulating supply as of March 2022 is over 15 billion coins. After issuing all coins by 2035, the miners will solely depend on transaction fees as compensation to keep the network running. As of March 2022, the DGB crypto price has only managed an all-time high of $0.178084.
How is a DigiByte network secured?
The DigiByte network is kept secure by the proof of work consensus. It’s the go-to consensus mechanism by most of the earliest crypto platforms and held to be more secure than Proof of stake. DigiByte’s use of multiple algorithms consensus algorithm makes it more decentralized, secure, and private. All the algorithms adopt real-time difficulty adjustments. Odocrypt, part of the multialgo algorithms, even modifies itself after ten days for immunity against ASIC mining.
Where can I buy a DigiByte coin?
Buy DGB on Changelly at friendly rates. We partner with the leading fiat-to-crypto platforms, giving you real-time access to their quotes. When carrying out crypto-to-crypto swaps on Changelly, you can lock in the DGB coin price with a fixed rate order to reduce volatility or create a floating rate order at an industry-wide low rate of 0.25%.
Can I buy DigiByte with a credit card?
Buy Digibyte with a credit card on Changelly with ease. All you need is a Changelly account and a supported wallet. Our network processes transactions quickly, and coins generally arrive within 5 to 30 minutes.
Can I buy DGB with a debit card?
You can buy Digibyte with your debit card. Pay and we’ll make the conversions automatically. Our fiat partners support over 50 local currencies.
Can I buy DGB with PayPal?
While PayPal offers a convenient way to make DGB online purchases, few platforms support this payment gateway in the crypto space. Changelly doesn’t have PayPal support at the moment.
Where can I store DGB?
After you buy DGB, you can store it in various wallets. The official team behind DGB has published two wallets, DigiByte Core available on Desktop, and Digibyte Go, its online version. As recommended on the Changelly blog, other suitable wallets include Ledger, Exodus, and Jaxx Liberty.