In this Digibyte review, I will be sharing important things I have discovered about the blockchain that you need to know.
You will get the background information, and the features to help you understand how this blockchain functions.
I will share the pros and cons, compare them with other blockchain networks such as bitcoin to help you decide if you want to patronize them.
Digibyte blockchain development started in October 2013. On January 10, 2014, the Genesis block was successfully mined and the blockchain was officially launched. But before we go on, I would like you to know the pros and cons of this Digibyte.
Pros And Cons
| Pros | Cons |
| Provides a faster network | Reduces blockchain rewards |
| Supported by so many wallets | By the end of 2035, all DGB would have been mined and miners will depend only on transaction fees |
| Easy to mine | It’s a Proof of Work (POW) coin, cannot be staked, and is less popular among investors. |
What is Digibyte?
It is a decentralized international blockchain available to the public. It was designed to compete with other platforms prioritizing cybersecurity and scalability. Created in 2014 by its lead developer, Jared Tate, as a cryptocurrency and blockchain platform, it focuses on providing fast and secured transactions to its users. As an asset creation platform, it enables the issuance of digital assets, tokens, identity, and more. It is built on three layers with software that can compete with major cryptocurrencies.
The native cryptocurrency which utilizes the blockchain is known as DGB. It focuses on increased transactions, as a highly scalable peer-to-peer digital currency that enables industry-leading transaction speed at a lower cost. The cryptocurrency uses five Proof of Work (PoW) algorithms for its security, it’s immutable and can’t be easily destroyed.
Digibyte Foundation
Digibyte foundation is a non-profit managed by volunteers. Unlike other projects that are managed in a centralized fashion, Digibyte promotes the fundamentals of decentralization. There are no financial incentives for those working on its projects and no sign of fraud or any corruption.
The decentralized nature of the Digibyte community brings all hands on deck leading to a self-improving system. It can easily be noticed by the entire community whenever someone has a bad intention and they will exclude such individual from future participation in the project.
How Does Digibyte Blockchain Work?
Digibyte blockchain is innovative using three-layer software to provide network infrastructure, security, and communication to function above the normal industry speed. These layers are classified into top layer, middle and bottom layer.
- Top Layer- Creation of Applications and Digital Assets. This layer is like an app store with easy-to-understand real-world uses. It enables the creation of digital assets with the DigiAsset protocol on top of the Digibyte blockchain. Decentralized applications (Dapps) can be built on top of the blockchain, smart contracts can be easily encoded based on the blockchain rigidity and security.
- Middle Layer – Public Ledger It provides security and administration. This digital byte of data represents a larger unit of data that holds value to prevent counterfeiting, duplication, or hacking. It’s an immutable ledger where all transactions of Digibyte are recorded. New DGBs are created through mining.
- Bottom Layer – Core Protocol and Global Network Communication. It provides communication and operating procedures for nodes on the global network to communicate favorably. Thousands of people across the globe are running its software through nodes to pass transaction information. These nodes are computers, servers, tablets, or mobile phones which are connected to the Digibyte network.
What Makes Digibyte Unique?
It has a lot of unique features that make it different from other blockchain networks. After so many years of development, it has become the safest, fastest, and most decentralized Unspent Transaction Output (UTXO) blockchain model.
Purely Decentralized
Digibyte is an open-source and one of the most decentralized blockchains in space. There is no CEO or company controlling the blockchain, and it was not funded through ICO. The network operates without excessive internal or external control, is volunteer-based, and is driven by the global community. This means that its team does not own any significant amount of DGB to influence the price.
Better Security Focus
The blockchain network has a long history of security-focused innovation. It uses DigiThree to deliver secure and private next-level solutions for both individuals and enterprises to have better transactions. It uses five cryptographic algorithms to prevent malicious mining centralization and hash power fluctuation. One of these is Odocrypt which changes itself every 10 days for Application-specific Integrated Circuit {ASIC} resistance. Digibyte ran the ‘Reservealgo’ Odocrypt upgrade with the 70 percent requirements. This means that for a one-week period 70+ of all blocks must be mined.
Faster Transactions
It is built for speed, its block occurs every 15 seconds in which transactions are confirmed. It’s 10 times faster than Litcoin (LTC) and 40 times Bitcoin’s speed. It uses SegWitt, which frees up space enabling up to 1,066 on-chain transaction activities per second at a lower fee.
Multiple Blockchain
Digibyte is innovative, a PoW solution for crypto transactions that uses multiple blockchains. These include DigiShield guard, MultiAlgo mining, SegWit implementation, Odocrypt algorithm, Dandelion++ privacy protocol, DigiAssets, and Digi-ID. On September 14, it activated MultiAlgo hard fork at block height 145,000, allowing multi-algorithm DGB.
How to Use Digibyte
Using the Digibyte platform is very easy, you can send and receive DGB using your phone, computer, or any other device. Follow these simple steps to get started.
Sending and Receiving Digibytes
- Go to Digibyte websiteÂ
- Click Download
- Install Digibyte support wallet then click scan
- Scan the QR code and send Digibyte
- Wait for 15 seconds for your transaction to be confirmed
How to Log In on Digibyte
- When you get to the Digibyte website, your device will generate a unique Digi-ID QR code
- Scan the QR code from Digibyte mobile or Digi-ID supported app
- To authenticate the request, enter your app PIN code or scan your fingerprint/face
- The request will be sent back for confirmation and you will be successfully logged in
Benefits of Using Digibyte
- Easy to use, much more like sending an SMS
- Digibyte is not an ICO
- Transactions are much faster
- Built on an uncrackable technology, always secured
- Mineable with five algorithms
- Manageable unit, its block reduces by 1 percent every month instead of halving every 4 years
Comparison With Bitcoin
| Features | Digibyte | Bitcoin | |
| 1 | Speed | Blocks occur every 15 seconds and the transaction speed is 40 times faster than Bitcoin | The bitcoin blockchain is limited in size and frequency.
The on-chain transaction processing capacity of the network is limited by the average block creation time of 10 minutes and the original block size limit of megabytes. |
| 2 | Energy Consumption | It uses Proof-of-Work (PoW) and five mining algorithms to balance up electricity consumption which is less than 1 percent of Bitcoin’s energy consumption. More than 75 percent of DGB miners use renewable energy | According to reports, each Bitcoin transaction consumes 1,173 kilowatts hours of electricity which is the volume of energy that could power the typical American home for six weeks |
| 3 | Mining Algorithm | It uses five mining algorithms called Sha256, Scrypt, Skein, Qubit, and Odocrypt.
It was created 1000x more coins than Bitcoin to allow greater distribution of DGB and ease of use as a transactional currency |
Bitcoin uses the Sha256 hash algorithm. This algorithm generates verifiable random numbers that require a predictable amount of computer processing power |
Digibyte Network Stats VS. Bitcoin
| Blockchains | Digibyte      VS. | Bitcoin | Comparison | |
| 1 | Mining Algorithms | 5 Algorithms | 1 Algorithm | Digibyte is more secure |
| 2 | Speed | 15 seconds block times | 10 minutes block times | Digibyte is much faster |
| 3 | Scalability | 1066* transactions per second | 26* transactions per second | Digibyte is more scalable |
| 4 | Difficulty Adjustment | Real-time | 2 weeks delay | Digibyte is more Adaptive |
| 5 | Total Number of Units | 21 billion coins | 21 million coins | Digibyte is more manageable |
Conclusion
All my research proofs Digibyte is a very interesting blockchain project. But the lack of understanding for this project outside its community has made it less popular among investors even though it has so much to offer the crypto development space. Its team has voluntarily generated more progress than any other blockchain project attempting to create a cryptocurrency that boosts transactions better than Bitcoin.
Frequently Asked Questions (FAQ)
1. Who Created Digibyte?
Answer: It was created by its lead developer, Jared Tate, in 2014, as a cryptocurrency and blockchain platform
2. Does Digibyte Have a Future?
Answer: At press time, Digibyte price is at $0.02517 according to coinmarket.com price. It is forecasted to reach $0.030 by the beginning of December 2022. It was also suggested the coin will be almost $0.055 in one year’s time and $0.16 in five years’ time.
3. Is Digibyte a Good Investment?
            Answer: It has so many advantages that make it a good investment for cryptoÂ
            enthusiasts. Its cryptocurrency is used to make payments and fuel smart contracts on    Â
            the network. Mining Digibyte coin is easier than mining BTC and can be done throughÂ
             regular devices.
4. Is Digibyte Better Than Bitcoin
Answer: It has a faster transaction speed per second, is more secure, and is one of the most decentralized blockchains
5. Will Digibyte Overtake Bitcoin?
            Answer: Digibyte is at the forefront in the crypto development space. It can handle 560Â
            transactions per second and its block time are 15 seconds. It’s forty times faster thanÂ
            Bitcoin can process 7 transactions per second and Ethereum 15 transactions perÂ
            second.
6. Why is Digibyte so Undervalued?
            Answer: It’s a Proof of Work (PoW) coin, it cannot be staked. It may be lessÂ
            popular among investors since there are no other opportunities for generating a returnÂ
            on the asset rather than just holding it.
