DigiByte is one of the oldest community driven open-source blockchain projects which was created in 2013. It is also the first blockchain to fork from Proof-of-Work(PoW) algorithm to multi-algorithm mining.
Like a lot of cryptocurrencies, DigiByte is not controlled by a centralized team and in fact, there is no company or CEO controlling it. With over 12,000 active nodes across the world and a distributed network that uses 5 cryptographic algorithms, DigiByte lives up to to the true expectations of being a powerful decentralized blockchain.
What is DigiByte?
DigiByte is a highly scalable peer-to-peer digital currency having one of the safest, fastest, longest and most decentralized UTXO blockchain in existence.
The cryptocurrency was officially launched by Jared Tate in 2014 without an ICO. DigiByte (DGB) uses multi-algorithm approach and real-time difficulty adjustment to prevent centralization, secure the network, and keep the hash power fluctuation in check. This secures the network from 51% attack and it makes DigiByte one of the few blockchains that have never been attacked.
The new tokens (DGBs) can only be produced by mining with new blocks being generated every 15 seconds making DigiByte 40x faster than Bitcoin. Owing to its negligible fees and industry-leading transaction speeds, DigiByte has been one of the very few cryptocurrencies to be adopted on a mass scale.
How does DigitByte Blockchain work?
The three layers of DigiByte Blockchain — Core Protocol, Public Ledger, and Applications provide the network infrastructure, security and communications with a cutting edge speed. DigiByte has five proof of work algorithms for maximum security. Every transaction is stored in an immutable public ledger which makes the network very decentralized. Decentralized Applications (DApps) and Digital Assets called DigitBytes can be created on top of DigiByte blockchain. Every device which has DigiByte software running becomes a node and helps in verifying transactions on the network making it a global network.
Brief Timeline of DigiByte
October 2013 — Full-time development on DigiByte Blockchain started
January 10, 2014 — Genesis Block was mined and DigiByte Blockchain is officially launched
February 28, 2014 — DigiShield activated to use real-time difficulty adjustment against hash fluctuations
September 1, 2014 — MultiAlgo activated to use 5 different algorithms to prevent mining centralization
December 10, 2014 — MultiShield activated to extend DigiShield protection over all the 5 mining algorithms
December 4, 2015 — DigiSpeed activated to reduce block time to 15 seconds for faster transactions
April 28, 2017 — SegWit activated for the effective block size usage
May 2018 — Digi-ID launched to empower users to effortlessly sign-in to websites
April 2019 — DigiAssets launched to allow for the more decentralized issuance of assets
May 3, 2019 — Dandelion++ protocol implemented which prevents IP and physical location tracking
July 21, 2019 — Odocrypt activated which changes itself every 10 days for superior ASIC resistance.
What makes DigiByte unique?
- Easy to use
All you need is to install DigiByte supported wallet to start sending and receiving DGB, it’s as simple as sending an SMS
DigiByte transactions are confirmed within 15 seconds which is 40 times faster than Bitcoin
- Negligible fees
The fees are nearly negligible for DGB transactions making it very popular for daily transactions
Digibyte has been built on top of Bitcoin’s blockchain which in itself is quite secure. In order to add another layer of security, the team has implemented several industry-first technological enhancements such as DigiShield guard, MultiAlgo mining, and Odocrypt algorithm.
- Protects your privacy
Dandelion++ privacy protocol helps to hide IPs and physical locations offering you the much needed privacy
- Not an ICO
Unlike many other cryptocurrencies, DigiByte never had an ICO and in fact, no CEO or a company controls the network. Its blockchain is community-driven and has a global network.
DGBs are mined by Proof-of-Work (PoW) mechanism with a MultiAlgo mechanism which contributes to making the network more secure. The five algorithms are called Sha256, Scrypt, Skein, Qubit, and Odocrypt. DigiByte gives you the flexibility to mine with different kinds of hardware such as CPU, GPU or ASIC.
- Manageable units
The total supply of DigiByte is 21 Billion DGBs and all of them will be mined by the year of 2035 as block reward decreases by 1% every month. The huge supply is attributed to the mass adoption of DGB.
- Real-World Applications
Products such as DiguSign allow you to validate any document or contact on DigiByte’s blockchain. It has several use cases for Governments, Organizations, and Hospitals. The foolproof DigiByte technology can also be leveraged for Cybersecurity purposes.
DigiAssets and Digi-ID
DigiByte has a simplified way to create digital assets simply called DigiAssets on top of its blockchain. DigiAssets is a secure, scalable, and highly decentralized layer that is used for issuance of tokens, smart contracts, and digital identity.
DigiAssets can be used to represent anything physical around us cryptographically such as tangible assets, art or even signed documents. You can learn more about DigiAssets Protocol on GitHub. There is no dearth of tools to help you issue your own DigiAssets even if you are not a developer. You can simply use the wallets developed by DigiByte Community to store your assets.
Digi-ID is an authentication protocol built on DigiByte blockchain that allows users to effortlessly sign-in to websites and applications. It eliminates the password and 2FA requirements for authentication by using the public/private key cryptography. It increases the security as it neither stores nor tracks your data. You can use Digi-ID in 4 simple steps which are described below.
The website or application that you are using generates a unique QR code and shows it.
The QR code is then simply scanned by using any of the DigiByte supported wallet apps.
The user can authenticate the request by scanning their fingerprint or face.
After Digi-ID confirms your cryptographically signed request, you are successfully authenticated
Digi-ID is used by several service providers such as Changeangel, AntunmID, AbsoluteJobs, CryptoBantam, Hash Altcoin and many others.
How to buy DigiByte?
1 DGB is currently 0.0066 USD (1 DGB to BTC is 0.00000088) while it’s ATH is 0.14 USD which is 20 times higher than the current price. There are unverified rumors that DGB might be listed on Binance in the near future.
DigiByte token, DGB is available to buy and trade on several exchanges including :
A guide on how to buy DigiByte on ChangeNOW
ChangeNOW has over 100+ cryptocurrencies, stable coins, and local currencies that you can choose from to buy DGB tokens. The process is very simple and you can buy DGB in just 3 steps.
STEP 1 — SEND TO
- Choose whether you want classic rate or fixed rate first
- Then choose the currency you want to send (let’s assume BTC) and enter the amount
- Enter the wallet address where you want to receive DGB
STEP 2 — CONFIRMATION
- Make sure you are on the right website and cross check all the details you have entered — how much BTC you are sending, how many DGB you will receive, receiving wallet address and estimated arrival
- If all the details are correct, then click on Confirm
STEP 3 — SENDING
- Send BTC to the address displayed by either copying it or scanning the QR code
- Enter your email to receive updates on your transaction
- Wait patiently until you receive DGB to your wallet address
DigiByte has partnerships with merchants, shops, and mainstream companies that not only use DigiByte’s technology but also accept DGB as a payment. ChangeNOW offers you the opportunity to buy DGB in 3 simple steps without the hassle of registering.