Daily Cryptocurrency – Fintech – Blockchain – Finance News

What is DigiByte?

Dec 8, 2019 | Altcoins, Cognition

Standing out as a cryptocurrency requires a very different way of thinking. Focusing on transaction speed only works so long, yet creating a community can be a rather tall order. Few currencies stand out in this regard, including DigiByte.

DigiByte is a Different Breed

There are thousands of cryptocurrencies and digital assets on the market today. Very few of them offer anything innovative or a product worth getting excited over. DigiByte can be considered as one of the “original altcoins“, as it has over 5 years of development under its belt. That is a rarity among alternative cryptocurrencies in general.

The developers of this project also stick to their original vision. Instead of focusing on making DGB just a currency mimicking Bitcoin, they try to advance blockchain technology. This has been achieved through many different ventures in the past, and more ventures yet to come. 

A DigiByte can be considered to be a digital asset that is immutable and unique. This makes them the perfect “vehicle” to protect digital data, information, property, and even a currency. 

Peeking Under the Hood

Three different “pillars” make up the DigiByte ecosystem and its blockchain. Without this multi-pronged approach, the project would be little more than just another Bitcoin clone. It is crucial to offering something completely different to both regular users, as well as developers and enterprises.

The first blockchain layer is the DigiAssets and Applications layer. It allows for the creation of digital assets on the DigiByte blockchain, as well as the development and use of decentralized apps, or dApps. Similar to some other projects, DigiByte’s blockchain also provides smart contracts, allowing developers and corporations to unlock a wide variety of new use cases. 

Secondly, there is the Digital Asset and Public Ledger Layer. It is designed for the use and transfer of DigiBytes through an immutable public ledger that can be viewed by anyone at any time. This layer also secures the mining of DGB, as this currency utilizes five different mining algorithms for additional security. 

Last but not least, the Core Protocol and Global Network Layer cannot be overlooked. For the developers, this is the communications protocol utilized by DigiByte nodes around the globe. It also allows for people from across the planet to run any and all forms of software created for this project. 

Five (5!!) Different Mining Algorithms

It is rather uncanny to see a cryptocurrency utilize more than one mining algorithm. In the case of DigiByte, there are no less than five different algorithms at work around the clock. Each algorithm is equally weighted and has its own difficulty adjustment weighted against the other algorithms.

This process is known as MultiShield and makes for a far more secure ecosystem as a whole. MultiShield is the evolutionary version of DigiShield. Both concepts are in-house developed.

The five different algorithms include Qubit, Scrypt, SHA256, Odocrypt, and Skein. Of those five, four different ones support ASIC hardware mining, with the exception of Odocrypt. That is optimized for FPGA mining, a method that has become somewhat outdated in the cryptocurrency mining industry. It is still very viable today, however, as can be seen in this particular ecosystem.

Some Technical Statistics

The DigiByte Genesis block dates back to January 10,2014. Since that time, over 12 billion DGB – out of 21 billion DGB to ever be created – have been brought into circulation. The emission rate of this currency decreases by 1% monthly which is a smart approach altogether. 

It is also worth noting this project was the first major altcoin to integrate and activate Segregated Witness. That joyous occurrence dates back to April 2017, as DigiByte beat Litecoin and numerous other currencies to the punch in this department. 

There have been 5 different hard forks for this altcoin, as well as 4 soft forks. All in all, there has been plenty of development in the past five and  a half years, with seemingly more changes to come. 

Digi-ID Explained

While building a cryptocurrency and blockchain ecosystem is one aspect, providing new products and services is often far more complex. The DigiByte team has delivered a solution known as Digi-ID

This product is designed to revamp authentication processes, as well as competing with existing authentication system to log in to one’s online accounts. 

This entire system revolves around utilizing DigiByte’s blockchain to its full potential. It is also worth noting this functionality can be accessed through the mobile DigiByte app, even if one doesn’t own any DGB at the time. 

This particular service can easily rival existing authentication solutions. It removes the need of trusting a third party with one’s details, as no public information is exposed when utilizing Digi-ID. It is also a very convenient solution that doesn’t rely on SMS authentication or complex passwords. 

Images courtesy of their respective sources.

Fintoism is not providing financial or investment advice. All content published on this platform is for entertainment and educational purposes only.

You May Also Like….

<a href="https://fintoism.com/author/oglock/" target="_self">JP Buntinx</a>

JP Buntinx

JP Buntinx is passionate about cryptocurrencies, fintech, blockchain, and finance. He currently resides in Belgium.

Pin It on Pinterest

Share This