Digibyte: What is it?

DigiByte(DGB) is a publicly accessible, decentralized international blockchain. DigiByte Blockchain uses a native cryptocurrency called DGB. A DigiByte is an immutable digital asset, which means it cannot be destroyed. As a result, it is the ideal way to store and protect objects of value like digital data, money, and so forth. DigiByte Blockchain ensures that all transactions occur on the blockchain forever.

In addition to publishing assets, launching applications, and using digital identities, the platform also boasts some additional features. Additionally, the protocol uses multiple mining algorithms and enacts a monetary policy that aims to generate at least 21 billion DGB coins.

Having said that, users will probably find DigiByte emulates aspects of its competitors. In DigiByte’s cryptocurrency, DGB, for example, fees are paid to network operators, and the currency enables payments and smart contract functionality. 

Who is DigiByte’s creator?

Jared Tate, the founder, and creator of DigiByte launched the platform in January 2014.

In addition to releasing 0.5% of the total supply during launch, DigiByte also offered a giveaway. In the first 18 months of the project’s development, half of each DGB coin was allocated to early users, and the other half went to support the first 18 months. 

Support for DigiByte comes from three different groups: 

• Developers of open-source – people who contribute to the ecosystem by peer-reviewing code or writing apps. 
• Digibyte Foundation – a nonprofit organization devoted to research, education, development, and marketing of the project.
• Team Awareness – a marketing and press release vehicle that promotes community awareness through social media.

3 Layers of Digibyte:

Applications

The top layer is similar to an app store with obvious real-world applications. By using the DigiAssets protocol on DigiByte’s blockchain, digital assets of every type can be created. The DigiByte blockchain could support decentralized applications (dApps). In addition, smart contracts built on DigiByte’s blockchain can be easily encoded because it is rigid and secure.

Digital asset

In the middle layer, administration and security are provided. A Digital Byte is a small and discrete unit of data that contains a value and cannot be copied, duplicated, or counterfeited. Digibytes keeps all transactions on a publicly accessible ledger that is immutable. For security, DigiByte uses five algorithms that prove that work was done. New DigiBytes come from mining only.

Core protocol

The bottom layer consists of operating procedures and communication. DigiByte global network nodes communicate at the lowest possible level. DigiByte products are used by millions of people worldwide. Using DigiByte, computers, tablets, and smartphones serve as nodes for relaying transactions.

How does Digibyte gain its value?

DigiByte’s blockchain is powered by the DGB cryptocurrency.

DGB, for example, is used to power the apps on the network’s blockchain, and users have access to these applications by owning DGB.

DigitalByte tokens are minted each time a new block of transactions is added to the blockchain, and users are rewarded for adding blocks to the blockchain.

Bitcoin and DGB are both scarce assets. As the DGB supply increases, every month the number of tokens released in each block declines by 1%. 

Mining DigiByte

Cryptocurrencies that use Proof-of-Work (POW) only support a few mining algorithms: Sha256, Scrypt, Skein, Qubit, and Odocrypt. Each miner receives 20% of the rewards for mining something, with 80% distributed to all miners. 

As a result, DigiByte can be mined on CPU or GPU hardware, or it can be mined using specialized ASIC hardware, like Bitcoin.

  It is simple to get started mining after you have chosen an algorithm; you simply need to choose a DigiByte mining pool and download the appropriate mining software. CCMiner is available for Nvidia cards, Claymore for AMD GPUs, and AwesomeMiner for CPU mining. 

After installing the software, you’ll need to set your DigiByte address and configure your pool. 

DigiByte: How to buy

The process of mining DigiByte is time-consuming and expensive, and you will need expensive hardware to make it successful. So buying it outright may be a better option. 

Your payment method, and the amount of DGB you wish to purchase, will determine how you go about this. The cheapest way is to buy using another currency, with the smallest obstacles, while completing KYC verification with a debit or credit card is almost certainly more expensive.

Crypto exchange platforms including Binance, Kucoin, Bittrex, and OKEx list DigiByte on their platforms, according to CoinGecko. You can trade it through these platforms against cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDt). 

With credit or debit cards, purchasing DGB is more difficult. Changelly and Coindirect are two brokers that currently support fiat purchases of DGB. Through its partnership with Change Angel, DigiByte Foundation also lets consumers purchase DGB with credit or debit cards.

How is DigiByte more secure?

Decentralization globally – Over 100,000 DigiByte computers, servers, phones, and nodes maintain the DigiByte blockchain network.

Five Mining Algorithms – Compared to single algorithm blockchains, DigiByte’s mining algorithms are secure and advanced, preventing mining from being centralized.

Enhanced Difficulty Stability –In addition to protecting a blockchain from attacks, difficulty adjustments also provide additional security. Due to DigiShield and MultiShield, DigiByte’s difficulty stability is by far the highest of any blockchain on the market.