What is DigiByte
DigiByte is an open-source blockchain and asset creation platform. It describes itself as the safest, fastest, longest, and most decentralized UTXO blockchain in existence. Let’s verify this information by looking into its history and technical specifications.
Here is a rundown of the most notable facts about DigiByte:
- Development began in October 2013 by the blockchain founder, Jared Tate, and the first block was mined in January 2014. Tate was actually involved with Bitcoin from 2012 onwards and has written a book called “Blockchain 2035: The Digital DNA of Internet 3.0”.
- DigiByte can be used for digital assets, smart contracts, decentralized applications, and secure authentication.
- The network consists of three layers: a smart contract that is essentially an application store, a public ledger, and the core protocol with nodes for relaying transactions.
- It was the first major altcoin to activate Segwit (separates transaction signatures and scripts for lighter transactions) in April 2017.
- The DigiByte Foundation is run by volunteers to ensure trustworthiness, honesty, and openness to all stakeholders.
The network is supported by open-source developers and the DigiByte Awareness Team. The first group consists of volunteers who support the ecosystem through peer-reviews, code, and app development. The second group raises awareness of people about DigiByte through social media, marketing, and press releases.
- Algorithm: PoW, Multiple algorithms
- Category: Collectibles & NFTs
- Industry: Medium of Exchange, IoT, Payments
The price of one coin was hovering at a record low of 0.001 up until 2017. This was an important moment for many projects, including DigiByte. But the series of highs hasn’t stopped during the crypto boom, and the value rose to its all-time high on May 01, 2021 - $0.1825. The current circulating supply (end of 2021) is 14.94B DGB out of the max supply of 21 billion. The market cap is over $477 million and rising.
How Is the DigiByte Network Secured?
The blockchain is divided into three layers, which makes DigiByte stronger. We’ve talked about them earlier briefly, but let’s cover what each of them does:
- Application Layer - The user-facing layer that allows for the creation of decentralized applications and interactions with the cryptocurrency.
- Consensus Layer - This is where transactions get recorded onto the blockchain.
- Network Layer - This one has to do with communication and operating procedures. Simply put, the bottom layer defines operating procedures for all devices running the software.
DigiByte developed a custom authentication system for applications called Digi-ID. It allows users to mitigate the need for usernames and passwords. Instead, it uses cryptographic data without any personally identifiable information to grant access to applications.
Overall, in terms of security, DigiByte can be commanded for improving many aspects of Bitcoin’s security, capacity, and transaction speed.
What Makes DigiByte Unique?
Now, let’s take a deeper look into characteristics that make DigiByte cryptocurrency projects:
- No CEO – There is a known founder (unlike Bitcoin), but there is no one officially “in charge”. Everyone working on the network is an unpaid volunteer.
- Five mining algorithms – DigiByte is a PoW blockchain that supports five mining algorithms – Sha256, Scrypt, Skein, Qubit, and Odocrypt. It allows miners to use different types of hardware, such as ASICs, FPGAs, and GPUs.
- Built for speed – Transactions are confirmed in about 15 seconds. This makes it a faster digital currency than Bitcoin (40 times faster) and Litecoin (10 times faster). SegWit, as its ability to process up to 1066 on-chain TPS, is perfect for daily payments.
- Manageable units – DigiByte has a significantly higher supply limit than Bitcoin (1000:1 ratio). This is because it was designed for mass adoption, not relying on supply shortage. All 21 billion coins are expected to be mined by 2035, after which miners will be rewarded for transactions alone.
- IoT and AI – DigiByte hopes to extend its application to IoT devices. Also, by combining the advancements of blockchain technology with AI, the team hopes to build robust communication systems and revolutionize how we approach data and automation.
- Regular updates – The project’s official Twitter page has amassed 236.8K followers, who rely on the feed as the hottest source of news. The community can also follow DigiByte’s YouTube channel for release briefings, interviews, and insight about the ongoing developments.