Digibyte is an open-source platform that focuses on asset creation. The blockchain architecture is designed to compete with major cryptos like XRP, Litecoin, and even Bitcoin. In addition to security and scalability, the platform provides the ability to issue assets, launch apps, and create digital identities.
Digibyte utilizes a Proof-of-Work consensus process and is designed to be flexible and support a variety of mining methods. Digibyte, unlike Bitcoin, allows smart contracts, which are crucial for handling more than a 100 transactions per second. The goal of the platform is to create a whole ecosystem of tokens and decentralized applications (dApps), similar to Ethereum.
Jared Tate, a programmer who has been working with Bitcoin since 2012, established the DigiByte network in 2013. The goal was to improve Bitcoin's blockchain technology and make a safe, decentralized network that could quickly reach a larger group of people. Even though the open-source blockchain network has some similarities to Bitcoin, there are also a few key differences.
The network was made available to the public on January 10, 2014. A small amount of DGB, the native currency of the blockchain network, was pre-mined and given to those who helped develop it when it was released.
DigiByte has seen various improvements since its initial release. In 2014, features like DigiShield and MultiAlgo were launched. MultiShield was released in December 2015. In April 2017, DigiByte became the second major blockchain to use SegWit for scalability improvements. Then, in July 2019, the network added Odocrypt, a unique hashing algorithm that further improved security.
DigiByte is primarily concerned with speed, security, and scalability. It takes great satisfaction in being "faster, safer, and more innovative."
Speed- With substantially faster block timings than any other UTXO blockchain to date (15 seconds), DigiByte has addressed and resolved some difficulties that many other blockchains, such as Bitcoin, would not experience.
Scalability - DigiByte considers on-chain scalability to be a central principle of its blockchain, with "second layer" protocols never intended to be the primary "solution" for greater throughput or transaction capacity.
Security- DigiByte has been at the forefront of innovation with the industry-renowned DigiShield—a real-time difficulty adjustment mechanism that ensures the stability of block creation timing even as mining hash power increases and falls drastically.
The DigiByte blockchain is divided into multiple layers to fulfill its ambitious goals: Application Layer: This is the layer that anyone can use to access DigiByte's decentralized applications (dapps) and interact with its digital currency, DGB. Consensus Layer: The layer where transactions are recorded, which lets miners control the release of new DGB currency. Network Layer: The blockchain's core layer that specifies the communication and operating procedures for all devices running the software.
The use cases of DGB tokens are:
It has the most advanced difficulty stability, which allows changes to be made to protect the chain from malicious threats and improve security.
Digibyte, like Bitcoin, uses the UTXO protocol to keep track of transactions.
Digibyte's most innovative use is for DigiAssets, which are digital versions of traditional financial assets like gold or stocks or legal documents like notarized papers or land deeds.
Another noteworthy use case is the Digi-ID, which is an authentication mechanism for applications that eliminates the need for usernames and passwords. According to the DigiByte team, this ID can exchange cryptographic data with applications without disclosing any personal information.
DATE NEWS/EVENTS IMPACT 17/05/2022 DigiByte Founder resigns, criticizes "Greedy" crypto culture -24% Decrease 07/05/2022 TerraUSD and LUNA both collapsed, and as a result, a number of crypto platforms folded in the aftermath -40% Decrease 09/04/2021 New liquidity mining program with DigiByte and Ren +30% Increase
DigiByte is constantly working to enhance blockchain technology. Its unique decentralized network is known for being fast, secure, and flexible. It is highly efficient as a three-layered blockchain. While the price per DGB token is substantially lower compared to a token like Bitcoin, it can be mined significantly faster. DigiByte's network is constantly improving and implementing new features because of an active team of volunteer developers. It will be interesting to watch how far this innovative blockchain can progress in the future.
DigiByte