What is DigiByte?

By January 6, 2020DApps
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According to DigiByte, blockchains like Bitcoin and Ethereum are not secure or scalable enough. DigiByte claims to have a proven and tested solution that is faster and safer than the competition.

DigiByte is a complete blockchain network based on three different layers. The top layer is for smart contracts, decentralized applications, and customizable tokens. The middle layer is the public ledger where the DigitByte native coin can move throughout the network and serve as its base asset. The bottom layer is the core infrastructure of the system and includes the decentralized nodes, the client software, and the communication between each.

Who Invented DigiByte?

Jared Tate is the founder and creator of DigiByte and has been working on the project since 2013.

Did you know?

Both DigiByte and Bitcoin use Unspent Transaction Output (UTXO), which is a technical method for keeping track of blockchain transactions between accounts. However, DigiByte has over 9 million blocks as of July 2019 compared to Bitcoin’s less than 600,000 blocks. DigiByte is also 40 times faster than Bitcoin, making it the fastest and longest UTXO blockchain in the world.

A brief history of DigiByte

  • January 2014 – DigiByte is officially launched
  • April 2017 – Segwit is activated on DigitByte becoming the first major altcoin to do so
  • May 2019 – DigiAssets is launched

What’s so special about it?

Secure and battle-tested in the wild for over 5 years, DigiByte has proven that its security as a blockchain is for real. It’s most unique feature is the fact that the blockchain network uses five mining algorithms when most only use one. These five different mining algorithms are meant to prevent mining centralization and make the network more secure and decentralized.

In addition to having five mining algorithms, DigiByte also claims to have the “most advanced difficulty stability” of any current blockchain. The advanced difficulty adjustments are meant to protect the DigiByte blockchain from malicious attacks and further improve security.

DigiByte has had over 275,000 full nodes downloaded since April 2017 and 15,000 nodes active globally.

What else is different?

The newest innovation from DigiByte is DigiAssets, which is the top layer of the DigiByte blockchain that allows for smart contracts, decentralized applications, and programmable tokens. Because of DigiByte’s heightened security and scalability, the team believes that it offers the ideal base protocol for a platform like DigiAssets.

The first two DigiAssets were created by DigiByte founder, Jared Tate, in April 2019. The DigiTorch and DigiFlame are both meant to be passed on from different DigiByte community members as they build new projects on DigiAssets.

DigiByte has a fixed supply and distribution schedule. A total of 21 billion DigiByte will be created within 21 years. Since there was no ICO or Token Generation Event, new DigiByte have been and always will be created through mining. The first DigiByte was mined in 2014 and the last of the 21 billion coins will be mined in 2035.

How do you get hold of DigiByte?

DigiByte can be purchased and traded on major exchanges such as Huobi. To use DigiByte off an exchange, you will have to download a DigiByte wallet. You can also earn DigiBytes through mining.

What can you do with DigiByte?

Like Bitcoin, DigiByte can be used for payments or transferring value. However, DigiByte is also used as the fuel to run the DigiAsset smart contract network. In this context, DigiByte functions like gas in Ethereum to pay for transactions or as the carrier for other assets and code to be sent and received.

Besides continually developing technical upgrades and improvements to the core protocol, the DigiByte launched DigiStats in the fall of 2019 to provide interactive and historical blockchain statistics, increase mobile and payment processing options, and create more fiat and USDT stablecoin pairings on different exchanges.

In January 2020, as the network turns 6, the company is also planning on launching the DigiByte Foundation which is designed to help with fund-raising inside the community.

However, the biggest and most important upcoming plan for DigiByte will be growing DigiAssets. If all goes according to plan, an entire ecosystem of dapps and ICO will be an integral part of the network.

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