What is DigiByte (DGB)? | A legitimate Bitcoin competitor?
DigiByte is a crypto-currency that centres on security, decentralisation and speed. Founded in 2014, it is part of the oldest class of cryptocurrency projects. However, despite its age and development in the last four years, this project is still relatively unknown.
An Interesting Cryptocurrency
In this guide we cover:
- What is Digibyte?
- How to Buy Modafinil with Digibyte
- History and team
- Trading History
- Technical specifications
- The perspective of the future
- Where to buy DGB
- Where to store DGB
- Competition
- Conclusion
What is DigiByte?
Supporters of DigiByte argue that it is the sleeping giant of the cryptocurrency. According to his fans, he is at the forefront of cryptographic technology. It hosts a system that is quicker, more scalable and more secure than other major currencies. Over time, they argue, their superior technology will outperform Bitcoin, Litecoin and other digital cash options. The project has a dedicated community and almost 100,000 nodes around the world.
DigiByte (DGB) - (As of today)
Market Cap
$152,079,445 USD
Volume (24h)
$1,311,928 USD
Circulating Supply
11,704,060,380 DGB
Max Supply
21,000,000,000 DGB
Price per coin $0.012994 USD
RANK 48
What Does Digibyte Do?
How to Buy Modafinil with DigiByte / DGB?
How do I get a discount when buying Modafinil with DigiByte?
We automatically apply the discount to your order when you select DigiByte or any other cryptocurrency; although DGB is not a favorite by any means, I still prefer it over Credit Card or PayPal any day of the week, all you need to do is select Pay with Cryptocurrency and select DigiByte / DGB from the drop down menu.
You will then be taken to the DigiByte Payments page where you can just:
- Select DigiByte in the Cryptocurrency payments option.
- Scan the DigiByte QR Code or
- Copy and paste the amount and Dash payment address from the checkout or
- Manually type theDGB address and amount if you have a fantastic memory 😉
The Discount should be displayed on at least the receipts and checkout confirmation, but you will notice the discount on the posted price! If you do have any questions about this, please get in contact with us.
Are exchanges or refunds possible if I pay with DigiByte?
In most cases due to the private nature of DigiByte; we would not attempt any exchanges or refunds for modafinil paid with DGB; however, if you are registered, regardless of the name or email you register with; if it can be established, that you are out of pocket, and that has been caused at our end, we will be more than happy to offer a refund or exchange that has been paid for with any crypto coin. In other words, it would be no different if you paid with cash, credit card or in seashells. 🙂
Are there any extra costs for spending with DGB?
No, there are no additional fees; if anything we pass on the savings to your purchase in the way of discount for paying with cryptocurrencies.
If You Do Have ANY questions or suggestions relating to this or any other article, please, please get in touch with us at our Contact Us Page, and we will be more than happy to help you!
Characteristics of DigiByte
On the other hand, adoption in the last four years has been slow. It is still a relatively dark currency compared to its competitors. The DigiByte website offers a wealth of excellent marketing texts and buzzwords. However, there is little technical information about how the network works. It's hard to get an idea of DigiByte's real achievements against the things they have planned for the future.
In this article, we will attempt to deepen the platform: its history, technical specifications and its achievements. In the end, you will have to make your own decisions about whether DigiByte is the next big thing or most of the fluff.
Team and History
Jared Tate developed DigiByte in 2013 and started the Genesis block in Jan 2014. At that time, it was one of the few blockchain public projects. It was launched without an initial chip sale and with little advertising.
DigiByte creator Jared Tate
After the launch, Tate devoted himself full-time to the development of DigiByte. Since then, funds for the project have been donated to the DigiByte Foundation. It is also reasonable to assume that Tate and others involved in the project have a significant amount of DGB (the native currency) from the extraction and initial transactions. Your wealth would increase each time the amount of DGB gains.
Jared Tate Created DigiByte
Talking of different characters working on the team, it is difficult to find out much about the staff that supports the project. The website does not include data about the equipment. A little research on LinkedIn revealed a total of fewer than ten developers who claim to work for the project, including Tate.
Trading History
As with all cryptocurrencies, the DigiByte price has recently been volatile. Until 2017, the rate remained relatively constant, with a slight increase. But, 2017 and 2018 saw a series of spikes and setbacks for DGB.
A peak in June 2017 occurred when DigiByte hinted at an imminent announcement on Twitter. Investors looking to earn money with the ad quickly bought DigiByte. This pumps the price. However, the report did not arrive for several more days. Introduced a new wallet and some additional features. At the time of the announcement, the DGB price had already collapsed to levels close to the previous report.
The price of DigiByte skyrocketed again from December 2017 to January 2018. John McAfee, a famous crypto investor, tweeted DigiByte as a company worth seeing. The resulting December increase led into the new year. But, finally, it collapsed along with the rest of the cryptography market in the correction of January 2018.
There have been no significant fluctuations in 2018, except for a brief period in T3 this year where the price went up by one or two months. This happened almost at the same time that the company announced the availability of a wallet for iOS and Android, which can explain it. Also at this time, Apple App Store began to allow payments in Digibyte.
Technical specifications
Like Bitcoin, DigiByte is a cryptocurrency based on UTXO. This means that the new transactions do not come from a wallet "balance". Instead, each coin has an identifier. When a coin enters your wallet, your wallet considers it "not spent." When you send that coin to another person, it becomes a spent coin. This avoids the problem of double spending of the digital currency. It also solves other security problems with the blockchain.
DigiByte vs Bitcoin
See How DigiByte Compares to BTC and LTC
Blocks, mining and hashing algorithms.
DigiByte launched its genesis block on January 10, 2014. At the launch, it used a single working algorithm test. Shortly after that, however, he bifurcated to enter a total of five working test algorithms, including the Bitcoin algorithm (SHA256) and Scryptsystem (used by Dogecoin and Litecoin). The division of mining between algorithms promotes decentralization and increases the security of the network.
A new block is removed approximately every 15-18 seconds. Each of the five mining algorithms mines a block every 90 seconds. Within every block, transaction volumes are limited. DigiByte was also the first to complete Segregated (SegWit) Witness technology, helping to maintain its small and scalable blockchain. The fast blocking time combined with four years of existence means that this project has the longest blockchain that currently exists. Longer even than Bitcoin.
CoinMarketCap
DigiByte coin supply
Ultimately, the DigiByte blockchain will exploit 21 billion DGB over 21 years. Currently, there are more than 11 billion DGB in circulation.
Paul Turner
Layered infrastructure
infrastructure layers digibyte
DigiByte Infrastructure Layers
The infrastructure for software consists of three layers that work on top of each other:
Leading communications and global network: this connects all the nodes of the system. It supports first data transfer between nodes and establishes the basis for different layers.
Public ledger and digital assets: this is where the network data is stored. It also has security measures to prevent data manipulation. Incentives and manages the miners who secure the platform.
Applications: this is the part that the user of the blockchain faces. It involves the interface, the transfers, the API and any other daily use developed in the DigiByte network.
Fastest blocking time and highest performance DigiByte's fastest blocking time means that transactions are processed and confirmed much faster on your network. DigiByte's blocking time is 15 seconds, which places it 40 times faster than Bitcoin. Of course, the fastest blocking times come with scalability issues, as each node in the network must maintain the complete history of the blockchain to confirm new transactions. The DigiByte blockchain is now the largest in the world.
To counter these difficulties, DigiByte was the leading cryptocurrency to implement a segregated witness (SegWit). SegWit separates the transaction confirmations from the transaction information in the block. This makes the ledger more compact. Also, SegWit allows innovations such as inter-chain transactions and single-confirmation transactions. These options are possible development paths in the DigiByte blockchain.
DigiByte also defines the size and scope of the transaction. There is little documentation that explains exactly how this works, but the team states that such limitations in sales make its blockchain more efficient. Also, the definition of the scope of the transaction theoretically protects the security of the network.
The fast blocking times and the small size of the transactions allow a performance of around 280 transactions per second. That's fast compared to the eight current transactions per second of Bitcoin. However, it faints in comparison to payment processors like Visa, which can manage two thousand transactions per second. DigiByte plans to join the 2,000 transactions per second marked by Visa and possibly surpass them. So far, however, those plans remain vague, without a clear roadmap.
Safer
DigiByte also claims to be more reliable than other currencies. Putting security first means making sure that the whole platform is as decentralised as imaginable. This is part of the idea of why the project team has not grown significantly. They have left much of the promotion and development to the community, in a truly decentralised manner. The problem, of course, is coordination. While several people have added to the code base and have proselytised the platform, it has mostly been ad hoc, with no clear direction from the DigiByte Foundation.
DigiByte, however, has been successful in decentralising it's mining. They have done so mainly through right mining incentives and the use of five algorithms. These mining algorithms divide the miners and the power of mining into five equal and smaller groups. This keeps mining competitive and at the same time allows each group to extract a block every 1.5 minutes. The blockchain has more than 100,000 nodes on six continents.
DigiByte rebalances the load among the five data mining algorithms by adjusting the difficulty of each one so that an algorithm does not become dominant. This rebalancing technology is called MultiShield and is one of DigiByte's technical advances.
The first MultiShield prototype, DigiShield, implemented a response difficulty setting to prevent miners with high processing capacity from manipulating smaller block chains. The asymmetric problem of DigiShield has gained notoriety and has been deployed in many other block chains.
Development ahead of the curve
DigiByte has established a reputation for being at the forefront of the development of cryptography. Its DigiShield technology gained full acceptance as a solution for the adjustment of the difficulty. It was also the initial blockchain to implement SegWit. MultiAlgo mining has yet to catch up. However, that is another area in which this project has been a pioneer in the blockchain industry.
As DigiByte has the longest blockchain that exists, they have also faced scalability problems that other chains have not yet encountered. The DigiByte blockchain has more than 5 million blocks. However, being at the forefront of development also allows for error. Until user adoption increases to the levels of the leading cryptocurrencies, it is hard to tell if DigiBytes technology is as robust as it claims to be.
Future of Digibyte
In the future, DigiByte has planned to support the development of smart contracts at the top of its blockchain. The developer community needs reliable open source tools to implement DigiByte applications and services. DigiByte.JS provides a stable API for JavaScript applications that need to interact with the platform.
The DigiByte website also states that the platform will support AI and IoT applications created in its blockchain.
By the end of 2018, many of these updates remain on the list for future developments. Developments in 2018 have mainly focused on increasing adoption through more exchange lists, new wallets and merchants that will accept DGB coins.
Traction is the name of the game for DigiByte. So far, in its four years of history, it has not received much. One hundred thousand nodes is a decent network capacity for an alternative currency. Nonetheless, it is a relatively old currency and has had opportunities to get massive support with messaging and the right public relations.
DigiByte is currently gaining ground in the player community. One branch, called DigiByte Gaming, offers DGB to players in exchange for the time spent playing particular games.
Tate, the executive director, has promised to focus on public outreach and the DigiByte Foundation. At this point, obtaining greater adoption is the biggest challenge facing the project. The fate of DigiByte is at stake. I could take off as a leader in speed, scalability and security; or it could languish in the continuing relative darkness.
By the end of 2018, Digibyte continues to attract loyal followers.
Where to buy DGB?
You can buy DGB in many of the major exchanges, including Bittrex, Huobi or Poloniex, but not Binance.
If you are looking to exploit it, then the various algorithms are compatible with ASIC and GPU data mining.
Where to store Digibyte / DGB?
You can download DGB thermal storage portfolios for any operating system from the Digibyte website in the Portfolios menu. You can also save your DGB coins in one of the usual offline storage portfolios, such as Trezor or Ledger Nano S.
Competition
Like a UTXO cryptocurrency, DGB is competing with many other cryptos, including the mighty Bitcoin and Litecoin. Since DigitByte has some of the fastest and cheapest encryption payments, Dash is also a competitor. Another project in a comparable ranking but also using UTXO is Dogecoin.
Conclusion
With a support community, improved decentralisation and use cases beyond pure payments, DigiByte has much in its favour. With the prolonged bear market of 2018 and some significant developments, it is still struggling to obtain right general adoption. However, the bear market can be a good thing, since it will eliminate those tokens without a solid use case and will give way to projects with real potential. If DigiByte continues to focus its efforts on increasing adoption while working on its high-priced developments, such as smart contracts, the future could be bright for this altcoin.
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