DigiByte is a considered to be a cryptocurrency but it is still out of popularity. People are not that familiar with this one but DigiByte’s fans argue that it is the latest one of crypto-technology hosting a network faster than other major currencies. The project reportedly has a dedicated community and nearly 10,000 nodes across the globe. But it is yet obscure that how the network actually functions and is planned work in future. We will talk about some issues about DigiByte in this article:
Memoir of DigiByte
The development of DigiByte was done by a person namely Jared Tate in 2013 and later the launch was held in January 2014. The launch was done without an initial token sale and with little fanfare. The funding of the project came through donations to the DigiByte foundation. It is assumed that members involving the project hold a significant number of DGB and if the price of DGB increases, their wealth will also increase.
History of Trading
Before 2017, the price of DigiByte remained constant but the price of DigiByte has seen volatility in recent days. DigiByte saw a spike in 2017 because of the announcement it made on Twitter introducing a new wallet and a few added features. The price of DigiByte again spiked in December 2017-January 2018. In the period of Q3 in 2018, the price rose for a month or two and the rest of the year there was no noticeable fluctuation. In the same year, the company announced wallet availability for ios and Android.
DigiByte is a UTXO-based cryptocurrency. A coin is deemed to be unspent when it is entered and when the coin is spent to someone, it is deemed to be a spent coin. The system is devoid of double spend problem.
Blocks, Mining and Hashing Algorithms
At the time of DigiByte’s genesis block launch, it used a single proof of work algorithm. After that it ran a hard fork with the intension to introduce five proof of work algorithms. Each of those algorithms mines one block every 1.5 seconds. DigiByte implemented Segregated Witness technology for the first time keeping its blockchain small and scalable. The project has the longest blockchain currently in with four years of existence.
The software infrastructure consists of three layers functioning on top of another. These three layers are core communication & global network, which connects all the nodes on the network together, public ledger & digital assets, network’s data is stored here, and applications, it involves the interface, transfer, API and any other everyday applications.
Higher Throughput and fast block time
DigiByte’s block time is 15 seconds meaning transactions get processed and confirmed much faster on its network. Segregated Witness technology of DigiByte separates transaction confirmations from the transaction information in the block and allows for innovations like cross-chain transactions and single confirmation transactions.
DigiByte also limits transaction size and scope making their blockchain more efficient and increases security of the network. The combination of fast block time and small transaction size allow a throughput of around 280 transactions per second.
When digital currencies are made sure to be fully under decentralization, it is secure. DigiByte is claimed to be secure than other currencies. DigiByte has been successful at decentralizing its mining. But the problem is in the coordination. Contribution to the code base and proselytization of the platform has been done so well that it appears to be complete for a purpose. With their five algorithms, they have split miners and mining power into five equal and smaller groups.
DigiByte adjusts the difficulty so well in a way that one algorithm doesn’t become dominant. Rebalancing of this load is done by DigiByte with a rebalancing technology called MultiShield.
Development for being more advanced
DigiByte has gathered much fame because of its widely accepted DigiShield, first implementation of SegWit, longest blockchain in existence, having more than 5 million blocks in their blockchain and claimed to be the cutting-edge of cryptocurrency.
But the objections remain until it gets wider adoption. Reliable and open-source tools are needed for implementing DigiByte apps and services. But DigiByte’s website claims the platform will support AI and IoT applications on its blockchain.
Future of DigiByte and where to buy DGB
DigiByte is presently gaining fascination in the gaming community. Though wide adoption has become challenge to the project, Tate has promised to concentrate on public outrage and DGB Foundation. The project’s fate hangs in the balance. Purchasing of DGB can be done through exchanges such as Bittrex, Huobi but not through Binance. Various algorithms support like ASIC and GPU mining are there for mining. You can store your DGB coin in the usual offline storage wallets which can be downloaded from the DigiByte website.