DigiByte

#48
Price: $0.0308541
Change(24h):
-8.05%
Volume(24h): $2,168,160
Market Cap: $318,188,137
DigiByte is a decentralized payment network and digital currency based on a public blockchain. Created at end-2013 by Jared Tate as a for-profit project, DGB is a minable altcoin, using five different and independent Proof-of-Work (PoW) algorithms. Designed to compete with Bitcoin, Litecoin and other bigger payment coins, DigiByte offers to process transactions in one-three seconds and confirm them in about a minute and a half. Its network can handle more than 280 transactions per second and is intended to double its capacity every two years, eventually exceeding 2000 transactions per second (the capacity of Visa). Total coin supply is capped at 21 billion DGB units, planned to be reached by 2035.

Category:

Entertainment and leisure

Financial Services

Minable: Yes

Coin Prefix: DGB

Type: Coin

Websites:

Latest Hight: $0.05

DigiByte Markets

# Source: Pair: Price:
1
Bittrex
DGB/BTC
$0.0428119752
2
Poloniex
DGB/BTC
$0.042636156
3
HitBTC
DGB/BTC
$0.0428998848
4
Kucoin
DGB/BTC
$0.042636156
5
OKEx
DGB/BTC
$0.0425482464
6
Bittrex
DGB/ETH
$0.04328258328
7
Kucoin
DGB/ETH
$0.043017858
8
Livecoin
DGB/BTC
$0.0427240656
9
HitBTC
DGB/ETH
$0.0428707884
10
HitBTC
DGB/USDT
$0.04275969536

DigiByte aims to be easy-to-use, fast, efficient means of payment

Area to disrupt: fast transactions, tipping

Competition: Dogecoin, Bitcoin, or any other coin that uses Scryt, Sha-256, Qubit, Skein, or Groestl algorithms to mine

ICO token: no (2014), decentralized minable multi-algo PoW blockchain

DigiByte (DGB) is the name of the single monetary unit, which is part of the DigiByte network. It was created by Jared Tate to be fast and secure and to compete with Bitcoin. It is designed to reach a wider adoption and be more decentralized than Bitcoin. The token is used for payments and it has a huge supply of 21 billion units that will be created within the span of 21 years. The DigiByte blockchain allows for fast block times (15 seconds), so a transaction can be confirmed in about one and a half minutes. Most of the transaction fees on the network are minimal or non-existent. The process of mining DGB tokens is made easy through a simple software that can be used by beginner users.

DigiByte is decentralized, similar to Bitcoin. So, it avoids third parties and is not operated on a central server. The production of new DGB coins is reduced every month by 1%. This reduction of supply creates scarcity, which, subsequently, if demand is high, would increase the value of the coin.

The DigiByte team is hard at work and constantly adds new features to the coin to stay competitive. The team, which progressively improves the protocol, consists of members from all over the world. Their focus is concentrated on the security of the network as number one priority. The aim is to create a cryptocurrency with the fastest transactions on the market. Its high supply allows for the price of the token to be low enough to be used as a tipping currency. The low price also allows for better price stability. DGB’s free transactions and low price make it a perfect candidate for doing microtransactions. Every feature of DigiByte is accomplished on the same decentralized system as Bitcoin. The project and its wallets are made in a manner to be quickly understood by beginners. The user experience of DigiByte is one of the best in the industry.

DigiByte can handle more than 280 transactions per second, which is 40 times more compared to Bitcoin.
Every two years the system upgrades its blockchain and doubles the number of transactions per second by increasing the block size twice. This process is set to be repeated until reaching the maximum capacity of 280 000 transactions per second in 2035.

Some other benefits of DigiByte are the ease of adding new features and upgrades to the protocol much quicker than Bitcoin. The whole point of DigiByte is to be an easy to understand cryptocurrency and easy to market to people. It is cheap to acquire, prices do not fluctuate that much and transactions are inexpensive.

DigiByte implemented MultiShield, which is an advanced version of DigiShield. MultiShield helps adjust the difficulty of the coin in accordance with its five different mining algorithms*. Each algorithm has its own difficulty adjustment and it is weighted equally against the other algorithms. MultiShield is adopted in other blockchains as well.

Segregated Witness (SegWit) was a soft fork that was activated on the DigiByte blockchain at the end of April 2017 with the intention to allow cross chain transactions and atomic swaps, as well as transactions with single confirmation, and to lay down the implementation of the Lightning Network. DigiByte’s introduction of SegWit, designed to improve the network’s scalability, reduce transaction times and fees, and fix transaction malleability, came just two days after Litecoin (LTC) implemented the same upgrade, and four months before Bitcoin activated it.

Some future use cases of DigiByte include IoT (Internet of Things) and Machine Learning in data analysis.

Important to note is that DigiByte includes a premine to pay developers.

 

*The five mining algorithms are Sha256 (ASIC friendly), Scrypt (ASIC friendly), Groestl (GPU friendly), Skein (GPU friendly), Qubit (ASIC friendly). The first currency to use such multi-algorithm is Huntercoin.