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DigiByte DGB is a publicly available blockchain that allows crypto transactions at a minimal fee. DGB is the native coin for DigiByte. These coins are real online assets that can’t be destroyed and are immutable(changeless).
It makes it easier to protect and keep objects that are valuable; such as currency, digital data among others. More interestingly, any transactions that happen on the DigiByte platform remains there forever.
Due to its functionalities thus, its high security and super-advanced technologies, DigiByte can be considered an advanced/improved version of Bitcoin, like Bitcoin 2.0 if you may.
In order to be on the safer side, its blockchain is globally decentralised and spread on over two hundred thousand(200,000) servers worldwide.
It has three security layers;
- Applications Layer: It is the first layer of the blockchain that is used to run the day-to-day activities of the platform and also in transactions made on the blockchain.
- Digital Asset / Public Ledger Layer: This layer pretty much intensifies the entire security of the blockchain and keeps all the data of users and transactions made on the blockchain. It also has a feature the prevents the manipulation of system data.
- Core Protocol Layer: This layer is responsible for connecting the nodes of the blockchain/ Network and supports all of its infrastructure.
It uses a proof-of-work algorithm to confirm/verify transactions made on the blockchain. To guarantee 100% security and improve decentralization in mining, the blockchain has five separate mining algorithms, each with its own difficulties.
A new block is mined with each of these separate algorithms every 1.5 minutes. A normal new block is mined every 15 seconds.
All of this is an extraordinary improvement over Bitcoin. Bitcoin has only one mining algorithm with a new block mined every 10 minutes, which makes bitcoin a lot slower to perform transactions.
Its scalability is one of its features that makes it more extraordinary/special. Bitcoin can only perform at most seven transactions per second. However, DigiByte can perform a maximum of 560 transactions in 1 second, which is 560 times more than BTC.
The bitcoin community understands this very well and has taken steps necessary to speed up transaction speeds on the bitcoin blockchain. Solutions like lightning are in use by some wallets, which essentially provides the speeds necessary for near-instant transactions.
However, lightning has faced its own share of criticisms, first off, there is the argument that lightning networks are centralized, thus making blockchains with speed embedded in its core more preferable to layer 2 solutions like lightning.
Who owns DigiByte
It was developed by Jared Tate, popularly referred to as DigiMan. He developed the blockchain from scratch to its current stage.
He temporarily retired from the company in May 2020. Jared returned to the company in September 2020 and once again appears closely involved with the stability, growth and expansion that has characterised the blockchain he developed.
Tate was involved with Bitcoin from 2012 onwards, and authored the first book written by a blockchain founder, “Blockchain 2035: The Digital DNA of Internet 3.0.”
DigiByte does not depend only on voluntary developers for improvements but the foundation is responsible for the development and improvement of the blockchain.
It also has a group of volunteers known as the DigiByte Awareness team which is responsible for promotional activities and marketing.
How does DigiByte Work
DigiByte has so many features, just like other cryptocurrencies, it allows its users to send and receive DGB coins worldwide in an irreversible and permissionless manner.
Also, the blockchain allows its software users to create decentralized applications (dapps) for customers on the network’s custom suite of smart contracts.
It can therefore be said that this blockchain is in competition with the big boys; Bitcoin and Ethereum and has uniquely positioned itself with solutions that earlier platforms couldn’t envisage or solve from the get-go.
The ability to execute smart contracts is what has made Ethreum big, but it has its own challenges, such as slow transaction time, and the high cost of gas to interact with a smart contract.
This makes it, extremely hard for some users to use platforms like Ethereum to develop decentralized applications, giving room for solutions from other blockchains to fill in the void.
What Makes DigiByte Unique
DigiByte is an upgrade of Bitcoin which aims to modify the security, speed and capacity possibilities of its blockchain.
Its first epitome was as an open-source blockchain and its native cryptocurrency is DGB. As stated earlier, it has five different algorithms which aid in improving security and help prevent ASIC miners from commandeering too much power.
After the first epitome, there was an update on which DigiAssets was added, with DGB as its original token. DigiAssets appeals to developers who are interested in storing digital assets, decentralized applications (DApps), and encrypting the necessary corresponding smart contracts.
The ability to store digital assets is an avenue for growth, something the community would capitalize on, in a metaverse universe that is bound to happen.
Where Can You Buy DigiByte
Just like the other cryptocurrencies, you can buy on the Hotbit app, where you could use a debit and credit card. The Hotbit app allows you to own your private keys and hold or trade DGB against some other major crypto and FIAT currencies.
In conclusion, DigiByte blockchain is one of the favourite blockchains for so many reasons. Its community is blessed with many talented and enthusiastic developers all around the world.
The structure of its network allows the building of applications without backing up the network. That is why I personally think it is going to be of the great and major decentralized blockchains in the future.
Decentralized applications are here to stay, and indeed, they are the future, thus any platform that truly enables decentralized applications to run in a faster and cheaper way, has a shot at becoming big in the future.
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