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We live in a digital world nowadays where Digital assets are more popular due to the flexibility and security provided by them to the real time users. Digibyte is also one among them and it is the second major cryptocurrency blockchain.
What is Digibyte exactly?
It is an open source cryptocurrency that focuses on making transactions fast and smooth. It is the better method for payments digitally.
The largest scale usage of Digibyte till today is done by the Netherlands, where the number of shopkeepers using Digibyte as a payment to manufacturers in Hong Kong in 2015 was quite considerable.
It hosts a network that is faster, quicker and more secure than other major cryptocurrencies. Digibytes are digital assets that can’t be hacked and destroyed. It allows for protecting the objects like currency, property, data and important information.
It is used to send over Digibyte Blockchain and all the transactions are recorded on an immutable public ledger that is decentralized, on thousands of computers across the globe.
It has been growing for the past four years but it is still not much familiar to people. It has a dedicated community and nearly 1,00,000 nodes. To make use of it, a Digital Wallet is used which needs to be installed in the respective OS to support transactions without the intervention of a third party Vendor.
History of Digibyte:
The entrepreneur and developer named, Jared Tate was dissatisfied with the security and speed of Bitcoin so he planned to launch something better. Thus, he created the Digibyte in 2013 and launched the block in January 2014.
After the launch, Tate was involved in the full-time development for Digibyte and from that time, all the funding for the project has come from donations to the it’s Foundation.
The main goal is to create a fast and secure cryptocurrency that could reach a wider and more decentralized community than Bitcoin.
How Digibyte Works:
Bitcoin is one of the most popular cryptocurrencies but Digibyte undoubtedly has a great potential to show. It has a block time of 15 seconds whereas bitcoins take 10 minute block time.
DGB is a UTXO based cryptocurrency where new transactions don’t come from the Wallet Balance. Each user coin has an identifier and when the user sends a coin to someone else, then only it is considered as the spent coin which prevents the ‘double spending’ issue.
Every DigiByte block is mined around in 15-18 seconds. Each of the five mining algorithms mines one block in approximately 1.5 minutes. Inside each block, transaction sizes are constrained. It was likewise the first to execute Segregated Witness innovation, helping keep its blockchain small and scalable. Digibyte, with the quickest block time, is one of the longest blockchains as of now in presence. Longer even than Bitcoin’s.
It started with a single Proof-of-work algorithm and reached to five proof-of-work algorithms after its first hard fork resulting in a more decentralized and secure system.
Features of it:
Flexibility
– It allows to quickly add new features as it upgrades the system quickly after any market changes.
Marketability
– It is an easy brand to market to consumers and also much cheaper to acquire.
Security
– It is a digital currency so it is difficult to hack and destroy it. Thus, it provides security for payment and transactions. It uses 5 mining algorithms to prevent centralization and protect against attacks.
Decentralized
– It is more decentralized as it connects around 43000+ nodes. It does not require any intermediate in between to perform the transaction.
Scalability
– It allows up to 280 transactions per second whereas in Bitcoin, 4 transactions per second are allowed. It will support around 2000 transactions per second by 2020.
Future of Digibyte
From a future perspective, It is one of the best coins and is a good long term investment option. It is continuously growing in the midst of 2017. So, it is useful for real life purposes such as buying something in the shop.
It is gaining popularity in the Gaming community, as it is offering DGB to gamers in exchange for the time spent playing certain games. Also, they didn’t spring up overnight. They have been from over the past 4 years and this technology has been tried, tested and proven.
The Digibyte Blockchain is a transparent global ledger used in many industries and applications. It is a good coin for the long term holder and very cheaper to acquire. It is continuously growing worldwide as a decentralized payment network and digital currency.
Let us know your take on it’s future in the comments below!!
Disclaimer: At CoinTopper, we like to cover interesting products and share them with our community. This article is for educational purposes only and is not sponsored or endorsed by the project team.