What is Digibyte? DGB explained

3 months ago

What is Digibyte? DGB explained

Digibyte is one of the oldest cryptocurrencies on the market and enjoys an incredible support from its community and developers worldwide. Founded in the year 2014 Digibyte was created under the impression that scalability is one of the major issues yet to be solved by any cryptocurrency. With that in mind the developers of Digibyte started the development in the year 2013 and were focused building a faster cryptocurrency than Bitcoin.

In today’s article we are going to dive deeper into Digibyte and take a close look at what it has to offer. What is Digibyte and what has one of the oldest and most battle proven cryptocurrency on the market to offer?

Digibyte is fast

A new block occurs on the Bitcoin blockchain every 10 minutes on average. Digibyte on the other hand is 40x faster than BTC and the block time is reduced to 15 seconds, while using a UTXO model similar to Bitcoin. It was the first cryptocurrency to adopt SegWit in 2017, which allows Digibyte to handle up to 1066 on-chain transactions per second. At the same time the fees using DGB are absolutely negligible. Before Stablecoins were widely available, many traders were using DGB to transact funds between exchanges using its lower fees and faster transaction times. It helped them to avoid too much volatility while sending funds from one exchange to another, because it was simply quicker.

But Digibyte is not only reduced to speed, because the developers had bigger plans in mind and were aiming to enable all users to use Digibyte as a blockchain ecosystem that is built on different layers. Digibyte is supported by a variety of hardware and software wallets, enabling users to send and receive DGB and its native assets even on mobile phones.

How is Digibyte secured?

Digibyte is secured by five different cryptographic algorithms and a real time difficulty adjustment, which allows to prevent malicious mining attempts and handles hash power fluctuations on the network. The five algorithms are called Sha256, Scrypt, Skein, Qubit and Odocrypt.

Therefore, Digibyte is based on proof of work and the network is secured by miners. It is possible to mine Digibyte with almost every piece of hardware, because with five different algorithms DGB offers miners a lot of flexibility. Professionals will most likely opt for ASICs, while semi-pros will use a GPU friendly algorithm and casual miners might use their GPU or CPU performance or even both.

This approach means that Digibyte don’t have to rely on its own mining industry, but is supported by all kinds of different individuals and companies participating as miners. The fact that everybody can participate means strengthens the effort to decentralize the network.

Who created Digibyte?

Digibyte was founded in 2013 by Jared Tate who took over the role as the founder and head of the project for over 7 years. The genesis block was created in January 2014 which started the Digibyte blockchain. In May 2020 the Digibyte Foundation took control over the project’s development and affairs after Jared Tate stepped down from his position. Still, Tate remains as one of the most notable figures in the Digibyte community and is still actively promoting his invention.

The Digibyte foundation works in a non-profit way and is managed by volunteers. This reflects the decentralized character of the project and ensures that everybody is able to contribute to its opensource community.

DigiAssets – Digibyte is more than just a fast blockchain

Another fact is that Digibyte started very early to develop its own DApp ecosystem of so-called DigiAssets. It is possible to use Digibyte to transfer value, just like with the Bitcoin network. But DGB can also be used to pay and execute smart contracts. Meaning that it functions like Gas in Ethereum. DigiAssets are created on the top layer of the blockchain and include the most common use cases in the blockchain industry. Smart contracts can be programmed and executed to build all different kinds of DApps, like DEX, gaming, IoT, digital identities or even non-fungible tokens.

While Ethereum was the first cryptocurrency to introduce the idea of smart contracts, Digibyte was quick to adapt to the idea. The first two DigiAssets were created in April 2019 by Jared Tate himself. Meaning that Digibyte was ahead of the curve at that time given the fact that the DeFi hype started a year later in summer 2020.

How to buy Digibyte?

You can buy, sell and store DGB safely and conveniently on LiteBit. If you prefer a speedy transaction we recommend buying DGB using VISA, but we are also supporting all other payment options that are available on LiteBit. We are proud that DGB is a part of the products that we are offering for a long time and will continue offering one of the most iconic altcoins to our customers in the future.

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