DigiByte is aiming to build a secure and decentralised digital future. The DigiByte blockchain is one of the oldest and fastest blockchains in the world and already has 7 million blocks in circulation.
The blockchain and DigiByte cryptocurrency (DGB) were both launched in 2014 by programmer and entrepreneur Jared Tate. The primary goal of DigiByte was to develop a faster and more secure version of Bitcoin, whilst aiming to reach a larger decentralised community.
With a focus on decentralisation and security, DigiByte is a fast blockchain capable of solving issues surrounding peer-to-peer commerce, secure decentralised applications, and the avoidance of cybersecurity threats.
Unlike other cryptocurrencies, there are no fees for using DigiByte and all transactions are almost instant. Any user who sends DGB to a verified address will not have to pay any transaction or registering fee.
Even though it has already proven itself to be an extremely useful blockchain, developers are still working hard to constantly improve and upgrade its features. With this, DigiByte remains unique by using modern and advanced technology to enable the blockchain to have secure data, documents, and contracts.
Benefits of DigiByte
With security being the primary issue for most in the blockchain industry, investors need to know they can trust the platform or coin they are using. DigiByte has stepped up the security game by using Digishield to create a secure system for all users.
The software works by making mining even more decentralised. This means mining will be protected against all multi-mining pools and the over-inflation of new coins. This allows miners to mine many coins easily and quickly in a safe manner.
DigiByte’s security is also enhanced by the installation of MultiAlgo. By activating this software, DigiByte is able to prevent 51% attacks. It is significantly more secure than any single-algorithm coin. This is because it requires someone to control 93% of the hash rate on one algorithm and 51% on the remaining four algorithms.
DigiByte is also one of the fastest blockchains having halved its block time from 30 seconds to 15 seconds. This allows for more transactions per second and means blocks are added more frequently. In December 2015, the blockchain had the capacity to handle 400x the transactions per second compared to Bitcoin. Since then, the capacity has doubled to 800x.
If someone was to send one Bitcoin right now, the average time taken for the network to process the transaction is around two hours. This is because the Bitcoin network is unable to process the large number of Bitcoin transactions efficiently. However, DigiByte handles 24 million transactions per day and can reduce transaction times to seconds rather than hours.
Even though DigiByte has been around for years, unlike Bitcoin and Ethereum, many people have never heard of it. This may be because it was launched with little fanfare and without an ICO. This lack of buzz means the blockchain is not very popular with beginners, with most heading straight for Bitcoin.
There is also an argument that many investors cannot see the advantages over more popular competitors. Despite it being a very fast and secure blockchain, many competitors are now making it their mission to become just as fast, meaning the blockchain no longer stands out as much.
The final disadvantage we are going to talk about is the DigiByte wallet. All DGB funds are stored in the official DigiByte wallet. However, this is only available on the company’s website and needs to run on a full-time node. This means the wallet is not suitable for first-time users or beginners in the crypto space.
Future of DigiByte
DigiByte has been around for many years and has been listed on a plethora of exchanges, being bought, sold, and traded in many developed countries around the world. It has already innovated and had several unique projects which have shaped the blockchain community. The future goal of the blockchain is to provide consumers with a more secure payment system. By doing this, the company will connect more traditional institutions with the tech-savvy world of blockchain and cryptocurrency.
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