With the recent increase in altcoins, i’m sure your first perception about this coin is that it is just another altcoin. Well, there is more to it than being an altcoin. Digibyte (DGB) claims to be the fastest and the longest as well as secure blockchain in the world. It was originally created as a superior altcoin to Bitcoin which is a faster and more secure alternative in the crypto world.
In this article, we are going to learn about the Digibyte’s history, founders and features to give you a better understanding of the crypto coin.
History of Digibyte
Just like most of the altcoins, Digibyte started off with the dissatisfaction of the speed and security of Bitcoin cryptocurrency. A developer known as Jared Tate sorted to make a better creation as compared to the Bitcoin. Therefore, Tate acquired a team of experts and they started to make a better cryptocurrency in 2013. By the January 2014, they had made their first release and their first block was mined.
The team made their first breakthrough with a hard fork (DigiShield) which secured the network even more from challenges like multi-pools that affect most cryptocurrencies when their coins are being mined too easily. This technology was soon adopted by other cryptos like Dogecoin.
The second time this currency made a big win was when Microsoft announced the coin to be added in Azure and it was later nominated a cryptocurrency for Bizspark which is a platform for software entrepreneurs. The crypto then hit headlines in 2017 when it made a 120% price surge in less that twelve hours.
The success of this cryptocurrency rests on the determination of Tate. The team that backs him up is made up of a number of contributors from around the world but you won’t find them listed anywhere not even on their white paper. Funny enough, the crypto foundation has no white paper since they claim they want to be doers rather than white paper fanatics.
As much as the completely open source project of this cryptocurrency might be a good idea, it is quite hard to attract investors and developers to such a platform because they lack any documentation of their release. However, the founder and his team seem not to back down to their ideology. Only time will tell the way forward for this foundation.
Features of Digibyte Cryptocurrency
Lets take a look into some promising features of DGB:
Mining, Blocks and Hashing Algorithms
The cryptocurrency was officially launched in January, 2014. During this release, the crypto developers used only one type of Proof of Work algorithm. After a few years, the platform went through a hard fork which lead to the introduction of 5 other Proof of Work algorithms. This was a good phase for the platform since splitting the algorithms boosted decentralization and overall security of the platform,
In this platform, a new block is being mined in every 18 seconds at most and every mining algorithm is able to mine at a new blockchain in every one and a half minute. Unfortunately, in every blockchain, the number of transactions are limited. Digibyte was one of the first cryptocurrencies to introduce segregated witness technology which in turn helps to keep each block chain scalable and small. The high performance block time combine it with the 4 and above years of experience means that Digibyte is a cryptocurrency with one of the longest blockchain system in existence. This is impressively longer than some of the big leagues for example Bitcoin.
Well-laid out Structure
This platform is made up of about three layers that function in unison with each other. They include;
Global network and Core communications – this is the establishment for all the other layers in the system. It supports some of the very basic transactions or data transfer processes that happen in between nodes. This is the layer that will connect all the nodes in the platform
Digital assets and public ledgers – this is the layer that is responsible for all the storage in the network. It stores all data in the platform. Additionally, this layer is fitted with high end security measures that prevent any manipulation of the data stored. It is also able to manage the miners and incentives hence providing uttermost security to the platform
Applications – this is the layer that faces the users in the blockchain. It offers transfers, interface, API among other features.
High Performance Block Time as well as Higher Throughput
This platform offers a high end performance on its block time hence is faster compared to other cryptocurrencies. This means that transactions and confirmed and processed faster in this platform. The block time is about 15 seconds which can be estimated to be forty times faster than that of Bitcoin.
Speed comes with scalability issues since every node in the platform has to keep records of the entire history so that they can confirm new transactions. The blockchain in this system is already the longest in the crypto world.
To help solve the scalability issue, the team of this cryptocurrency implemented the Segwit protocol which separates transactions in the blockchain from transactions being confirmed. This will in turn make the ledgers to be more compact. In addition, this new protocol allows for other innovative protocols for instance single confirmations and cross-chain transactions.
The founder of this cryptocurrency made security one of his primary focus when creating this cryptocurrency. They have grown their team every day to ensure the platform is as decentralized as possible. The biggest problem with this routine is coordination. The crypto has however been successful at decentralizing its mining operations.
The secure & fast blockchain of Digibyte seems to have a huge potential and its evolving to prove that. The overall crypto market is still very young but with multinational tech companies getting into blockchain technology, the future outlook appears bright!