Learn Cryptocurrency
12 Jan 2022

Digibyte (DGB) Explained: Complete Beginner’s Guide

Devansh Sinhal

Digibyte (DGB) is just like any other cryptocurrency based on the blockchain. It is decentralised, private, open-source, and works on the Proof-of-Work algorithm. However, what makes Digibyte (DGB) worthy of its very own blog post is the way in which it achieves its goals.

In this blog, we will cover the history and future of Digibyte, how it came to be and why it’s the longest blockchain in the world (with more than 6 million blocks and counting).

Key Takeaways

  • Digibyte was first created as an advanced version of Bitcoin, just like Litecoin.
  • The current market cap of Digibyte is ranked at #142 in the top cryptocurrency list, valued at $511 million approximately.
  • Digibyte outpaces BTC in several aspects, including scalability, block mining times, and liquidity in the crypto market.
  • Investors can buy Digibyte on CoinSwitch Kuber, India’s most prominent cryptocurrency platform.

What is DigiByte?

DigiByte’s native currency is called DGB. DGB assets are immutable and cannot be destroyed. Because they cannot be destroyed, using DGB for secure assets like currencies, digital data, and the sort is one of the strongest applications of this network. Just like any other blockchain, information once added to DigiByte’s servers stays there forever.

DigiByte cryptocurrency was first created in 2014 as an advanced version of Bitcoin, just like Litecoin. The coin has been around for more than four years and has mined more than 6 million blocks – the longest among all cryptocurrencies. In comparison, Litecoin has only clocked 2.1 million.

What makes Digibyte unique is the way in which transactions are processed on the network. The blockchain uses five different algorithms, each adjusted to its difficulty level. A block is mined every 15 seconds!

The current market cap of Digibyte is ranked at #142 in the top cryptocurrency list, valued at $511 million approximately. 

History of Digibyte

Digibyte was created by Jared Tale, who rightfully earned the cool nickname “DigiMan,” to honour his contributions to the project. 

(Do you have a better nickname for Tale? Raid the comments section and let us know!)

Tale oversaw the transition of Digibyte from its infancy to the current setup before he announced that he was leaving the project in May 2020. Since then, he seems to have joined the project again and appears to be closely involved with DigiByte’s growth.

Over the years, Digibyte has accumulated several accolades to its name. In the early years of its development, it became the first significant Altcoin to activate these upgrades to its servers successfully:

  • DigiShield (February 2014) 
  • MultiAlgo mining (September 2014)
  • SegWit (April 2017) 
  • Odocrypt (July 2019)

Operations conducted on Digibyte depend not only on its developers but also on the Digibyte Foundation. The Digibyte Foundation, a volunteer organisation, is tasked with overseeing the overall preservation and growth of the project. Another group called Digibyte Awareness Team was made responsible for the network’s marketing and promotion.

Digibyte vs Bitcoin

why digibyte is better than bitcoin

Bitcoin is usually the standard by which cryptocurrencies are judged on all their attributes. Those can include scalability, transaction speeds, efficiency, traffic control, and gas fees. Digibyte, which was first created as a more advanced alternative to Bitcoin, is held by the same standards.

It is now time to examine critical aspects of Digibyte and compare them to the mama ship.

First off, transaction times. On the one hand, Bitcoin takes 10 minutes to mine one block of transactions. Digibyte, on the other, takes only 15 seconds. That’s the reason why it’s faster, more efficient, and better equipped to handle large amounts of traffic at any given time.

Scalability comes second. Scalability is vital because blockchain is a rapidly emerging technology, and more people are adopting it gradually. It will have to cater to a growing population, more transactions, and higher currency volumes with time. Bitcoin, sadly, does not seem to be equipped to do that without incurring huge costs.

Bitcoin can efficiently scale up to 7 transactions per second only, which is peanuts compared to 560 transactions on Digibyte! This means that Digibyte can process up to 8 times more transactions on its network than Bitcoin in real-time. That’s quite an achievement.

Lastly, one other distinguishing factor between Digibyte and Bitcoin is currently the number of tokens in circulation. Today, 15 billion (that’s right, with a B) DGB tokens are circulating in the market compared to a scanty 19 million BTC. 

However, we advise you (in good faith) to take this information just a pinch of salt. While Digibyte might seem like the obvious choice over Bitcoin, BTC has insane advantages over DGB in development, established infrastructure, liquidity, and adoption rates.

The Future of Digibyte

Digibyte is an emerging cryptocurrency that has a lot of potentially game-changing features. Its low transaction times, security, speed, and capacity appeal to many developers. The fact that it has five separate algorithms which help maintain core security makes sure ASIC miners don’t become too powerful.

DigiAssets, an inherent application of the network, appeals to developers to create and launch their own digital assets, dApps, and corresponding smart contracts. These drive more traffic to the network and increase trading volumes for the native DGB.

Digibyte has 330,00 full node downloads and more than 10,000 active nodes worldwide, continuously verifying transactions. Experts have also called it the world’s longest, fastest, and one of the most secure UTXO (Unspent transaction output) PoW-based blockchain in existence.

Here’s How You Can Invest in Digibyte in India

If you want to invest in DigiByte (DGB) in India, the best platform you can use is CoinSwitch Kuber. CoinSwitch Kuber is India’s most powerful crypto platform, with more than 14 million users using the app actively! The exchange supports Cardano, Ethereum, Bitcoin, and hundreds of other coins and tokens that you can buy, trade, or sell.

If you’re a believer in the DigiByte narrative and want to bet on its long-term growth, here are some steps you can take to set up your CoinSwitch account and get started.

  • Step 1: Open CoinSwitch – The first step is to, of course, download the CoinSwitch Kuber app on your Android or iOS mobile phone. You could also visit our website and enter your phone number, potent, and we’ll SMS you a link to the app!
  • Step 2: Register and open an account – Once the app has been successfully installed, you will be asked to enter your mobile number for OTP verification. Once the OTP has been received and entered by you, you will be asked to set a PIN on the app for added security.
  • Step 3: Complete your KYC – To complete this step, head on to the ‘Profile’ section of the app in the bottom right corner and click on ‘User Verification.’ Enter your name, PAN number, date of birth, and email address for primary verification of your identity. Once this is done, you will be asked to upload your PAN card’s picture along with a picture of a government-issued ID card to complete the verification. On CoinSwitch, the KYC process is completed within 2 minutes!
  • Step 4: Add your bank account details – To transfer funds from your bank account to the CoinSwitch app, you need to provide the app with the relevant information. These include your account number and IFSC code only. The app sends Rs. 1 to your account to verify if the details are correct and if they are, the account is linked to your profile.

You’re now free to use the CoinSwitch wallet to buy, sell, or store DigiByte (DGB) coins. Investing in the coin is also very easy. Buy DigiByte.

All you need to do is:

  • Click on the currency you want to buy (in this case, DGB)
  • Enter the amount, and click Buy. 

That’s it! The corresponding amount of cryptocurrencies gets credited to your CoinSwitch crypto wallet, which can then be monitored under the Portfolio section of the app.

Convert DigiByte to INR directly here!

Conclusion

Digibyte is available in CoinSwitch Kuber for all investors who want to be part of its development and subsequent growth. While the currency does have its obvious advantages, we encourage investors to do their research and due diligence before buying.

Frequently Asked Questions

Why would you use Digibyte?

Digibyte as a network is an asset for organisations and entities looking to secure currencies and other digital assets in an immutable form supported by the blockchain.

Is it good to invest in Digibyte?

DigiByte is a volatile asset that’s subject to market fluctuations. Investors should do their due diligence before deciding whether investing in Digibyte suits their investment style and risk appetite.

How does Digibyte work?

Digibyte works on a PoW consensus mechanism validated by more than 10,000 nodes.

Is Digibyte safe?

DigiByte is an established blockchain network with more than 6 million blocks mined. Blockchain technology is immutable and super secure, but it is upto you to decide which network feels right for you.

Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.

writer

Devansh Sinhal

Content Writer

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