Everyone is discussing DigiByte in the crypto world. If you’re unaware of what is DigiByte, the founders of DigiByte and how does it work, this article is just for you. Now, let’s jump into the topic.
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What is DigiByte (DGB)?
DigiByte (DGB) is the popular software specially designed to compete over top digital currencies such as Bitcoin, Litecoin and other cryptos by ensuring scalability and cybersecurity. DigiByte boasts extra features allowing investors to issue digital assets, use digital identities, and launch apps. On the other hand, the DigiByte protocol is established to leverage several mining algorithms and supports a “Monetary Policy” with the maximum supply – 21 billion DigiByte coins.
In short, DigiByte (DGB) claims to have a tested solution that is secure and faster than Bitcoin (BTC), Ethereum (ETH) and other blockchains. DigiByte blockchain network is commonly based on 3 layers.
- Smart contracts, DApps (decentralized applications) and customizable digital coins will be one the top layers of blockchain.
- The public ledger will be on middle-layer, DigiByte native token can be moved across the network and work as its base digital asset.
- Digibyte bottom layer is the core foundation, it includes client software, communication and decentralized nodes.
Who created DigiByte (DGB)?
DigiByte (DGB) was created by Jared Tate in January 2014. During the initial launch, DigiByte (DGB) issued 0.5% of their total supply chain in the giveaway. Among them, 50% of DigiByte tokens are taken by the early users and the remaining 50% of coins are used to support its development during the initial 18 months.
DigiByte (DGB) was primarily supported by 3 separate groups
Open-source developers: These people have volunteered and contributed to the development of the DigiByte ecosystem through writing lines of code, developing applications and peer-reviews.
DigiByte (DGB) foundation: It’s an NPO (non-profit organization) supporting DigiByte research and development. Also, promoting the DigiByte (DGB) project.
Awareness team: A public-driven outreach agency that handles paid marketing, press release (PR) and social media.
What makes DigiByte (DGB) unique?
So far we’ve discussed what is DigiByte and who created DigiByte, now let’s discuss what makes DigiByte unique.
DigiByte is the modified version of Bitcoin. The ultimate aim of DigiByte is to increase speed, security, safety and capacity opportunities.
The initial manifestation was as an open-source blockchain, also connected cryptocurrency, DGB (DigiByte). DigiByte network has 5 efficient algorithms which ensure powerful security. On the other hand, DigiByte prevents ASIC miners from consuming more power.
Another unique thing about DigiByte is it’s a native coin. DGB is the native token of DigiByte. DigiAssests is another attractive feature, DGB appeals to the developers who are looking to build or launch digital assets or DApps (decentralized applications) and encode required corresponding smart contracts.
DigiByte is an open-source platform. Every governance structure is run voluntarily. It means, the public can easily access the DigiByte network without any restrictions. On the DGB network, the transaction charged is paid to the respective miners who are performing validations on the blockchain.
How many DigiByte (DGB) coins are there in circulation?
Similar to other cryptocurrencies, DigiByte is a proof-of-work digital currency. Thereby, miners validate the blocks and earn DGB tokens through block rewards.
In Jan 2014, 105 million DGB coins were pre-mined. It means. 0.5% of DGB total supply. 50% of pre-mined was exclusively reserved for DigiByte (DGB) development purposes. DigiByter has a pretty hard supply capitalization of 21 billion crypto coins. The block rewards are reducing gradually, every month 1% of a block reward is getting reduced.
How does DigiByte (DGB) work?
DigiByte (DGB) enables several features similar to digital currencies, allowing investors to send or receive DigiByte tokens around the world in stable and permissionless value sales or transactions.
On the other hand, the DigiByte network allows the developers or users to build DApps for their customers using its personalized suite of smart contracts. Use DigiByte software and design decentralized apps with ease.
To reach the DigiByte vision, the blockchain has been divided into several layers i.e
Application layer: This could be the top layer for the users. Investors around the world can easily access DigiByte’s decentralized applications. Also, interact with its native token, DGB.
Consensus layer: On this layer, every transaction will get recorded. This enables miners to handle and maintain the release of the upcoming DigiByte cryptocurrency.
Network layer: The network layer on DigiByte is the foundational layer of the DGB blockchain. The layer will define the connection and also operating methods for every device that is running the DGB software.
What can you do with DigiByte (DGB)?
This is simple! Similar to Bitcoin and Ethereum, DigiByte cryptocurrency can be used for making payments and transferring value. The interesting thing about DGB is pro-investors use DigiByte as the fuel to run and maintain the “DigiAssets smart contract network”. Keeping it simple, DigiByte (DGB) functions similar to gas in Ethereum token to process transactions or work as the carrier for remaining digital assets.
Why does DigiByte (DGB) have value?
The DigiByte token helps maintain as well as operate the DGB network. Let’s consider, DigiByte is probably used by the DGB network to power the decentralized application designed on top of the DGB blockchain. Just by investing in DigiByte tokens, investors can connect with these decentralized applications for free.
Furthermore, new DigiByte crypto coins are minted every block and are further used to reward their participants who’ve added blocks of payments to the blockchain and burn their energy. Similar to top cryptocurrencies, DigiByte is a rare digital asset.
Wrapping up
DigiByte (DGB) is one of the leading open-source blockchain and digital asset creation destinations. DigiByte was invented by Jared Tate in 2014. As per DigiByte (DGB), blockchains such as Bitcoin and other cryptocurrencies are not scalable or secured enough. DigiByte (DGB) has introduced a proven solution that ensures better speed and security. The blockchain network is completely based on 3 layers such as “smart contracts, public ledger and decentralized applications. The native coin of DigiByte is DGB. DigiByte uses 5 algorithms to offer better security for its users. Simply put, DigiByte aims to improve the BTC blockchain transaction speed, security and more.
