DGB is an open source-based blockchain platform that claims to be running the longest blockchain in the world, and that’s due to its more rapid block time. It is also one of the older classes of cryptocurrencies that have experienced some extremely dramatic changes in regard to commercial adoption.
But the question arises, Is DigiByte a tough competitor in the crypto-market and a good investment for 2020?
In the following thorough review of DigiByte (DGB), we’ll cover all of the aspects of this cryptocurrency and give you a closer and more accurate look into the real value of DGB.
What is DigiByte?
DGB, also known as DigiByte, is yet another classic cryptocurrency that is running on the DigiByte Blockchain and mainly concentrates on decentralization, security as well as speed. It boasts a number of important features and when it comes to decentralization, this blockchain is highly decentralized. It was initially developed in 2013 and later was launched on 10th January 2014. It’s worth noting that DigiByte was launched without Initial Token Sale.
According to its admirers, DigiByte is proudly on the cutting edge of crypto-technology, and it’s considered the sleeping giant of this industry. Controversially, it is argued that DGB’s superior technology will win out against Bitcoin, Litecoin, and other top digital cash options.
Jared Tate is the lead developer behind DigiByte. The developing team promises that they’re developing technology to implement DigiByte security to IoT devices as well as other communication services. It’s worth mentioning that no private company is in control of the DigiByte Blockchain.
It is true that DigiByte is Bitcoin-based, yet some enhancements applied to the code significantly improved its functionality; some of these enhancements are the improved security as well as the 15-second block time.
Currently, the DGB market cap is over $82 million. The creators say that DigiByte is quicker and more reliable than Bitcoin and that it’s more decentralized than its best-known blockchain peer. For all we know, it’s the fastest, and the most secure UTXO blockchain that man has ever created.
DGB avoids centralization and ensures more security upon its network protection through its multi-algorithm approach. Through that approach, it creates various proof of work (PoW) mining methods. Plus, it boosts mining capacity. And accordingly, the accessibility to DigiByte mining pools increases too.
How does DGB work?
There are five known advanced mining algorithms that Digibyte uses to maintain mining its decentralization. The mentioned algorithms are Proof of Work algorithms that work on splitting the mining operations of DigiByte and the mining power. This helps in facilitating more secure transactions.
MultiShied technology is used to rebalance the load on the five mining algorithms. Doing so can modify the complexity of all the nodes to prevent the domination of one algorithm over another and manipulation of smaller blockchains.
Scalability, when it comes to DigiByte, is easily provided due to its Segregated Witness technology. This technology works on ensuring that the ledger size is more compact. In addition, the technology facilitates both single confirmation transactions and cross-chain transactions.
The Pros and Cons of DigiByte:
- Decentralization: With no doubt, decentralization is DGB’s strongest aspect. The fact that DGB currency is mineable by a variety of hardware types makes it even more convenient.
- Scalability: DigiByte utilizes DigiSpeed protocol that decreases block times and increases block sizes.
- Fast transactions: DigiSpeed protocol is also useful in terms of providing faster transactions. DGB started with 30 second block times, currently, it’s about 15 seconds.
- Lower Fees: DGB fees are low due to its multi-algorithm approach. Recently, the DigiByte fee was about 0.0001 DGB per transaction of 100,000 DGB sent.
- Security: Due to the multi-algorithm approach, each algorithm is only allowed to mine about 20% of all new blocks. DGB also utilizes (PoW) model to make sure transactions are stored on an immutable public ledger internationally.
- Not as popular: DGB online existence has been there for about 6 years, and when compared to other famous blockchains, Bitcoin and Litecoin, it’s fair to say it’s not as recognizable. Its popularity can be raised with better marketing and by creating more buzz around it.
- Wallets and first-time users: Beginners might find it a bit complicated and sort of a hustle trying to get into the world of DigiBytes. That’s because DGB funds are stored in their official DGB wallet on their site. What’s frustrating about it is that it requires running a full node and storing the DigiByte blockchain.
How to Mine DigiByte?
Similar to bitcoin, Digibyte uses Proof of Work (PoW) as a consensus mechanism, consequently mining Digibyte can be achieved by using the processing power of your computer to solve cryptographic problems.
This, in turn, leads to validate transactions, secure the DGB network, create new blocks, and eventually bring new DGB coins into circulation while rewarding miners.
Mining DigiByte is just so convenient, as you can resume using the PC whilst running the miner since it does not lag or slow down the device.
To mine a DigiByte, there are five steps to follow:
- First off, you might have to join a DGB mining pool. Look for excellent mining pools that work with no issues whatsoever. Most likely, you will be asked to provide your DigiByte digital wallet. If you don’t have one, read along to our recommendations on the best DGB wallets.
- Then, you have to create a new worker. Use Miningfiled — a good DGB mining field.
- Next, you have to download mining software to your device.
- Following, you’re now to create a CCMiner config file that is saved with a .bat extension; don’t worry if things get tricky here.
- Finally, run the .bat file.
Check DGB Reddit posts to read people’s experiences with DigiByte mining profitability.
Where to Buy DigiByte DGB?
If you’re interested and wondering “how can I buy Digibyte?”, here’s your answer. DigiByte is available through the crypto exchanges. In the meantime, most of the exchanges support trading DigiByte assets where you can get your Digibyte coins, but most of them allow you to buy/sell DigiByte only against BTC, USDT, and ETH.
The question of how to buy DGB cryptocurrency is not a dilemma. There are over 30 exchange platforms that provide DigiByte trading, the most well-known ones are Binance, Bitfinex, HitBTC, Ethfinex, Coinegg, OKEx, Bit-Z, Huobi, etc.
Buy DGB with ChangeNOW
You can buy DGB right away with the ChangeNOW instant exchange tool. This platform provides you a fast, secure, and simple way to buy DGB coins.
Our service supports swift and safe purchase options with no registration needed.
4 Steps to buy DGB coins:
Step 1. Navigate ChangeNOW home page, select a currency and enter the amount you wish to deposit. By default, the service will calculate the amount of DGB you will get. Then click on the Exchange button. With the current example, buying DGB for 1,000 USD using a Credit Card.
Step 2. Add your DGB address (Where you prefer to receive your coins).
Step 3. Double-check your information, then click Confirm.
Step 4. After you have confirmed the transaction, complete the purchasing process and you will receive your tokens immediately. (Remember that all processes are irreversible.)
What Is the Best DGB Wallet?
To store your DGB assets, choose a secure and reliable crypto wallet that is compatible with DGB coins. You have a wide range of wallet options to store your DGB coins.
You can pick one of our list for the best DGB wallets here:
- DigiByte Go, the official wallet from DigiByte’s team that is a chrome extension and has a friendly user-interface.
- Trust Wallet, a secure, user-friendly wallet that supports a great variety of cryptocurrencies, available for Web, Android, and iOS.
- Cold wallets and these are wallets that are not connected to the internet, such as Trezor or Ledger Nano S, they grant secure offline storage of your cryptocurrency assets.
- HTC Exodus, a multi-currency wallet that supports DGB cryptocurrency.
- Exchanges’ wallets like Binance, HTC, Huobi, Gate.io, etc.
DigiByte might be seen as a juicy investment for crypto enthusiasts. Why not when it has some prospering futuristic potentials and as for the current time, it is a bit undervalued. However, this powerful cryptocurrency might continue to face some tough competition from its other cryptocurrency peers such as the famous Bitcoin itself.
DGB still has its cons, yet, it checks a lot of the right notes in the cryptocurrency industry. And it is continuously proving its value over time.
To learn more about DGB price prediction, please visit the following DigiByte post in our blog.