Digibytes are digital assets that are impossible to counterfeit, hack or destroy which are sent across the Digibyte blockchain. This blockchain is an immutable public ledger of all transactions made stored on thousands of computers all over the world making it a totally decentralised network.
TITLE/TICKER : DigiByte / $DGB
COMPANY : The DigiByte Foundation
FOUNDER : Jared Tate
COUNTRY : Santa Monica, California, United States
PLATFORM : Digibyte
WHITEPAPER : N/A
PURPOSE : Digital asset network
POINT OF DIFFERENCE : Decentralised, 5 algorithm mining
MAJOR PARTNERS/INVESTORS : None officially released
FUND RAISING DETAILS/TOKEN DISTRIBUTION : Unconfirmed
TRANSACTIONS PER SECOND CURRENT: 560
TRANSACTIONS PER SECOND GOAL: 2000
PRICE ACTION :
What are the advantages of Digibyte?
Digibyte is working towards a decentralised ecosystem of peer to peer (P2P) transactions and value transfer with no centralisation or middlemen. The Digibyte blockchain takes a matter of seconds to send to receive with ultra-fast confirmation times. Digibyte also prides itself on security, storing and securing your data in a way not before possible, at a fraction of a price, with no hidden fees. Let’s take a quick look at some notable features of Digibyte;
Security – UTXO based, Multi-Algorithm blockchain
Speed – 15sec block times, first major altcoin to successfully activate Segwit in April 2017
Market Leading Thinking – AI/Blockchain, IoT devices and more
How does Digibyte work?
The Digibyte blockchain is made up of 3 layers;
- Applications Layer
- Digital Asset/Public Ledger Layer
- Core communications Protocol/Global Network Layer
This is the top layer which users will interact with.
- dAPPS – Decentralised apps
- Digi-Apps – Centralised Apps
- Smart contracts – Secure transactions
Digtal Asset/Public Ledger Layer
This is the middle layer which is where the main security protocols reside;
- Digibytes – A secure representation of larger data or a unit of value used to protect the assets.
- Public Ledger – An immutable ledger in which all transactions are recorded.
- Mining – Used to create new Digibytes and secure the network
Core communications Protocol/Global Network Layer
This is the bottom layer which contains the operating procedures and Communication agents.
- Core Communications Protocol – Local Digibyte network communication
- Global Network – International communication
- Decentralised Nodes – Any smart phone, computer or server that is connected to the network becomes a node
$DGB coins are created through the mining process. Currently it’s possible with GPU or even CPU setups. IF you want to mine DGB we recommend downloading wallet setup guides and following the instructions of the Official Digibyte Website.
- The first Digibyte was mined on the 11th of January 2014.
- At the time of writing – 1st of september 2018, there are almost 7.5 million in circulation.
- 4x Hardforks: DigiShield, MultiAlgo, MultiShield, DigiSpeed
- 3x Softforks: SegWit, CSV, NVersionBips
The Digibyte Digital Asset
Each Digibyte created is a “digital byte” of usable, adaptive, secure and transferable data. This means it can be used to safely and instantly transfer an ever-increasing range of sensitive digital assets/services including but not limited to;
- Personal Data
- Video/Photo files
- IoT data
How is Digibyte secure?
As well as bring decentralised, Digibyte makes use of 5 different mining algorithms; Sha256, Scrypt, Groestl, Skein & Qubit instead of just one to protect the network from mining control manipulation. They also created DigiShield & MultiShield “the most advanced difficulty stability of any blockchain in the world today.” – Digibyte Whitepaper.
Digibytes are created through multiple-algorithims via CPU or GPU mining. A maximum of 21 billion tokens will be created estimated to occur at around 2035
Digibyte have a block reduction rate of 1% Monthly and a Max Total Supply of 21 Billion DigiBytes which they estimate to be around 2035.
There is a reasonably high percentage of tokens held by the top 10 but it does filter down and through the top 100 and 1000. Still, these numbers are quite high but as the project gains popularity no doubt we will see a further distribution down the chain of wallet holders.
Digibyte is not showing a lot of transparency when it comes to the team as the only officially listed member on the official website is Founder/creator Jared Tate. There are a few other members that claim to work for Digibyte but they are not confirmed aside from Linked-in titles.
Where can you purchase Digibyte $DGB tokens?
How to protect your Digibyte $DGB tokens?
Outlook for Digibyte?
Digibyte is an interesting undercover project with a blockchain that has been active and functioning for 4 years, a strong community and a fast-moving market advantage. Their open source design brings a whole world of possibilities to the development of the blockchain and it will be great to see them forward the movement in the decentralisation of worldwide digital asset management.
Digibyte youtube channel – Digibyte intro video
Digibyte Website – Digibyte Digital Asset image, token supply chart, how is this secured quote.
Rich lists -Wealth Distribution chart
Disclaimer : The Author did not hold Digibyte ($DGB) at the time of writing this article. All content is research, opinions and personal view points from our Analysts. This is not financial advice and should not be treated as such. If you have any queries or edit requests please contact [email protected]