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What is Digibyte (DGB)

25 January 2018 | 0 comments | Posted by Che Kohler in Money Talks

What is Digibyte coin?

The Bitcoin and Blockcahins revolutionary concept source code have been the catalyst for a range of cryptocurrency projects. The technology was by no means full proof upon release and developers have taken upon themselves to create what they feel is variants.

Once such variant is Digitbyte, but since its release, its grown into something more than just a Bitcoin alternative with a range of new technologies and protocols added into its versatile source code.

What is Digibyte (DGB)?

In 2013, DigiByte was developed by the programmer Jared Tate. At the beginning of 2014, the first Digibyte block was mined. Tate’s vision was to develop a fast and secure cryptocurrency. Through this decentralisation strategy, he wanted to reach even more users than Bitcoin Coins. DGB is an open source cryptocurrency running on its own decentralised Blockchain.

The DigiByte coin was released in January 2014 and is based on Bitcoin source code. Tate, however, has made adjustments in the code allow for improved functionality, including 15-second block time and improved security.

A brief introduction to Digibyte

Why you should pay attention to Digibyte?

DigiShield

Activated in February 2014 this hard fork allowed for the DigiByte blockchain to protect against multi-pools that mine large numbers of DigiByte at a low difficulty. It achieves this by recalculating block difficulty between each block, allowing for a faster correction when a multi-pool begins or ceases contributing to DigiByte, rather than recalculating once every fortnight as is the case with Bitcoin.

Since then DigiShield has been added into over 25 other cryptocurrency blockchains such as Dogecoin, Startcoin, Zcash, AuroraCoin, BitcoinGold, BitTokens, CasinoCoin, CreativeCoin, Granite, Huncoin, Monacoin, Mooncoin, Nautiluscoin, Quatloo, SakuraCoin, Scorecoin, SmartCoin, StartCoin, SuperiorCoin, And Ubiq, with the help of the DigiByte team.

MultiAlgo

Activated in September 2014 from Myriadcoin source code, this hard fork allowed for multi-algorithm mining. Its purpose was to create a number of different proof of work (PoW) mining methods to accommodate the different types of mining capabilities that exist, such as dedicated ASIC mining, GPU and CPU mining.

This allows for a larger number of people to access DigiByte mining pools and therefore it creates a more decentralised blockchain with the coins reaching groups who were unable to mine the coin on its original single-algorithm (Script) fork.

MultiShield

Activated in December 2014, this hard fork worked to activate DigiShield across the new MultiAlgo platform and accomplish the same goals on all five mining pools.

DigiSpeed Activated in December 2015 this was a hard fork that focused on making the DigiByte coin transaction speeds faster. Block time was reduced by 50% to 15 seconds and new block propagation code was added with the help of Microsoft.

IOT Devices

The future of DigiByte includes the focus of applying DigiByte security to IOT devices and services that require robust communications.

Artificial Intelligence

By combining advancements in DigiByte Blockchain technology with artificial intelligence, we are exploring new innovations in automation and data analysis.

DiguSign

Smart contracts can now be sent to the DigiByte blockchain, this will revolutionize how we copyright and patent things.

DigiByte market

There's now a Digibyte store which accepts only DGB

What is Digibyte used for?

1. Tipping users on social media

If you’re a user of popular social media platforms Twitter and Reddit, you can set up a tip bot and tip other users for posting informative, educational, funny, entertaining or simply amusing posts.

2. Products and services

Many merchants providing their products and services online are already accepting bitcoin and they often also take DGB. If not you can use services like shapeshift to convert your Doge into BTC or ETH which are more widely accepted.

Can you mine Digibyte?

Digibyte is a Proof of Work cryptocurrency based on a multi-algorithm system that allows users to mine it through five different algorithms. Users are able to mine solo or in mining pools.

Can you earn Digibyte?

Trading

DGB users can earn digital currency via exchanges. Users can earn tokens through trading on different fiat and cryptocurrencies and take advantage of market fluctuations.

Donations

As a popular tipping currency like Doge, users can earn Digitbyte regularly by contributing to forums and social media platforms.

DigibyteGaming

Get paid in DigiBytes for playing League Of Legends. If you're not a LOL fan don't worry more games should be added to the list very soon.

Where can you buy Digibyte?

Digibyte is listed on a range of international cryptocurrency exchanges and is actively traded on websites like:

  • alcurEX
  • BarterDEX
  • Bit-Z
  • Bittrex
  • Bittylicious
  • Coindirect
  • CoinExchange
  • Coinhouse
  • CryptoBridge
  • Cryptopia
  • HitBTC
  • Kucoin
  • LiteBit.eu
  • Livecoin
  • OKEx
  • Poloniex
  • Trade Satoshi
  • Upbit
  • YoBit

Should you invest in Digibyte?

Digitbyte has quite a few things going for it, trading on multiple exchanges, a range of use cases, being used in 84 countries and its own proprietary technology platforms build on top of its ecosystem. Will it ever become the premium cryptocurrency and expand past its current cult following remains to be seen. For more on Digibyte check out their official website

Contact us

If you want to know more about cryptocurrency don’t be shy we’re happy to assist. Simply contact us

Disclaimer: This article should not be taken as, and is not intended to provide any investment advice and is for educational purposes only. As of the time posting the writers may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency as all investments contain risk.

Tags: Cryptocurrency, blockchain

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