DigiByte Price & Charts
What Is DigiByte ?
Digibyte is one of those projects born from the advent of what we know as blockchain technology, a decentralised public ledger which allows for the trading of digital assets through private wallets and addresses on a peer-to-peer basis. Digibyte is also credited as the most extended blockchain in the world, having 5 million blocks. That means Digibyte is a platform which has encountered and surpassed many issues that other blockchains haven’t seen yet.
Additionally, Digibyte has been a first implementer of many new technologies including Segregated Witness (what we know as SegWit) and MultiAlgo. It is also one of the first blockchains to implement multiple mining algorithms.
And to better understand it, we’ve compiled this guide.
1. What Is It?
To put it in simple words, DigiByte is a blockchain platform released in 2014 that features one of the fastest transaction times in the industry and a community invested in helping it grow.
DigiByte operates through different levels, the first being several apps available on its blockchain which people can access and use; the second is where administration takes places, this includes mining and its public ledger; and the third is where communications take place and where nodes are placed.
DigiByte is also the name for the cryptocurrency used in the blockchain. It’s a token similar to Bitcoin and Ether, which you can use to trade for other crypto or fiat currencies and the acquisition of DigiByte products and apps.
2. Who’s behind it?
DigiByte was created by Jared Tate, who began working with Bitcoin in 2012 and built Digibyte parting from several improvements he decided to make for Bitcoin.
He also owns dozens of certifications in network security, development, IT, cryptography, and many more subjects.
Besides Digibyte Holdings LTD (also by Tate) helping establish and leverage the blockchain into real-world applications, the development of DigiByte is mostly done by the community.
Their website offers capacitation on the development of DigiByte (or individual apps over the platform), as well as a Telegram development channel.
3. Practical Uses.
DigiByte offers a plethora of community-created apps which are purchased with its own cryptocurrency, all available in its store.
Additionally, DGB is accepted in several global exchanges and can be traded for other cryptocurrencies or fiat currencies.
One of the places where DigiByte sets itself apart is how mining is handled.
With decentralisation as its central principle, DigiByte set out to make mining as reachable as possible for everyone, offering five different algorithms users can use for Proof of Work (PoW) mining.
Among the options are Sha256 and scrypt for ASIC miners, skein and groestl for GPU, and qubit for multiple types of hardware. These give you the opportunity to avoid spending money on expensive equipment and use what you already have.
Users can also choose the DigiHash mining pool, where they can combine their computing power with others’ and split rewards depending on their contribution.
5. Investing Notes.
There are multiple ways of acquiring DigiByte. Mining, in particular, is very profitable with this cryptocurrency given the many algorithms and the flexibility they allow.
Their low price makes them an excellent tool for practising cryptocurrency speculation and trading without risking too much money.
If you wish to stay updated, you can follow them through the following sites:
official website: https://www.digibyte.co
official twitter: @DigiByteCoin