What is DigiByte (DGB)?
Future of DGB Cryptocurrency and know how to buy DGB

#1 - What is DigiByte?

DigiByte is one of the older class of cryptocurrencies, witnessing some pretty rapid commercial adoption. It claims to be running the longest blockchain in the world, thanks to its faster block time.

DigiByte : The Basics

  1. DigiByte is a decentralized digital asset and an open source based blockchain platform. The Digibyte cryptocurrency is denoted by the symbol DGB. Its total supply is 273.6 million DG tokens.
  2. DGB genesis block was launched on 10th January 2014. It was launched without Initial Token Sale.
  3. It uses a multi-algorithm approach that creates different proof of work (PoW) mining methods & increases mining capacity & hence, the accessibility to DigiByte mining pools. This prevents centralization and secures the network against a 51% attack.

DigiByte Development

  1. Digibyte was developed by Jared Tate in 2014 who is also its lead developer. The DigiByte Blockchain is not controlled by any private company. The team regularly upgrades its system to add new features.
  2. The Digibyte team is developing a mining algorithm swap to make mining more decentralised. Its most awaited project is the “Core 4.1.3” protocol that will let users create and enter into the smart contracts on its blockchain. This could push the coin on a bull run.
  3. The team claims to be developing technology to apply DigiByte security to IoT devices & other communication services as well.

DigiByte Technology

  1. DigiByte has 5 advanced mining algorithms that help maintain mining decentralisation. These 5 Proof of Work algorithms split the Digibyte mining operations and mining power to facilitate secure transactions.
  2. The load on the 5 mining algorithms is rebalanced using MultiShied technology. This adjusts the difficulty of all the nodes to avoid the domination of one algorithm over another and manipulation of smaller blockchains.
  3. Segregated Witness technology provides scalability by making the ledger size more compact. It also enables cross-chain transactions and single confirmation transactions.
  4. DigiByte software has three layers:
  • Core Communications & Global Network links all the nodes on the network and allows basic data transfer between nodes and other layers.
  • A Public Ledger & Digital Assets store the data on DigiByte’s network and protects against data manipulation.
  • The Applications layer is Digibyte blockchain’s  top most layer. It is DGB’s user-facing part which enables transfers & API. Users can build and host both decentralised applications and centralised applications on the DigiByte chain.

Features

  1. DigiByte separates the transaction confirmations and information stored within the block using SegWit (Segregated Witness). This increases the transaction speed. It is amongst the the fastest public UTXO blockchains, with 15 second block timings.
  2. Decentralization is at the core of the DGB cryptocoin, as it has over 100,000 servers, computers, phones and nodes worldwide.
  3. The rigidity of general blockchain design limits its size and scope to increase speed, efficiency, and throughput, but secures the network. However, transaction limits on DGB can be increased to handle many more transactions per second than Bitcoin.
  4. DiguSign lets users embed & validate any document or contract and send it to  DigiByte’s decentralised blockchain. It has multiple use cases for governments, healthcare systems, etc.

 

#2 - How to Buy and Store DigiByte?

How to buy DigiByte / How to buy DGB

The DigiByte coin is available to trade on multiple exchanges like Bittrex, Poloniex, Kucoin,  Cryptopia, etc. But with the DGB cryptocurrency being available over many exchanges, it can get difficult to get the best price for your transactions. This is where CoinSwitch steps in.

  1. While cryptocurrency exchanges provide you with a platform to buy or sell the DigiByte cryptocurrency, CoinSwitch, the largest cryptocurrency conversion platform, comes in to help you make the right decision by providing the prices for DGB. This way you can choose the best deal for you!
  2. You can also buy, sell and trade over 300 cryptocurrencies for the DGB crypto. It offers interchangeability and unified experience for all cryptocurrencies with a wide offering from all major exchanges.

DigiByte Storage

Digibyte can be stored in various third party wallets like Trezor, Ledger Wallet, Coinomi, etc. Some of the official wallets are:

- Windows 64-bit

- Mac OS Wallet

- DigiByte Go wallet

- Android Beta

- Linux wallet 64-bit

- Linux wallet 64-bit

-  Windows 32-Bit

- Abra

 

#3 - What is the future of DigiByte ?

Also Read: Complete Analysis of DigiByte | Live DigiByte (DGB) Price Charts And Predictions

As of June 2018, its market capitalisation stands at $235.7 USD. The maximum supply of the DigiByte cryptocurrency (DGB) is about 21 billion DGB.  

With scalability and fast transaction speed, DigiByte is set for a strong and long run in the markets. Priced at around $0.009058 in November’ 17, it rose with rapid pace to touch over  $0.15 in January ’18 - giving its investors a whopping 1500% returns in 2 months.

Many analysts suggest it will eventually grow to $9.2 by 2021 as more digital wallets are accepting DGB.

Date

Open*

High

Low

Close**

Volume

Market Cap

Jun 01, 2018

0.033165

0.035106

0.032579

0.033681

2,986,150

342,554,000

May 01, 2018

0.040583

0.043958

0.038540

0.043434

6,998,160

413,490,000

Feb 01, 2018

0.053217

0.053255

0.039817

0.043910

10,311,400

520,339,000

Jan 01, 2018

0.070779

0.071015

0.064677

0.070634

25,680,600

681,700,000

 

#4 - How is DigiByte different from other cryptocurrencies?

As discussed earlier, DigiByte has multiple standout features making it unique from most other cryptocurrencies.

  1. DigiByte is much faster than other cryptocurrencies, with an average transaction time of just 15 seconds as compared to 10 minutes of Bitcoin.
  2. The size of the transactions on DigiByte blockchain is limited to increase the throughput, which makes it more efficient than other blockchains. This also secures the network against a 51% attack - a characteristic lacking in many other blockchains.
  3. The implementation of DigiShield & MultiShield provide more stability than its peers to the blockchain with difficulty adjustments & also prevents malicious attacks that can inflate the coin’s value.
  4. It is the world’s longest blockchain, with a transparent global ledger which gives its users higher scalability across industries.

 

#5 - Should you invest in DigiByte / invest in DGB ?

  1. DigiByte wants to offer its technology for global payments systems in order to be accessible to  merchants, consumers, & mainstream societies the world over. This can grow its community and make it a market leader in global remittances.
  2. DigiByte can also gain traction from the gaming community as DigiByte Gaming, one of its offshoots lets gamers exchange DGB for the time they spend playing certain games.
  3. It can be a juicy investment for crypto enthusiasts as it has good long-term potential & is undervalued, but may continue to face stiff competition from other cryptocurrencies such as Bitcoin itself
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