Despite what has happened to the cryptocurrency market in 2018, people are still looking for the next ‘big currency. The next currency that will suddenly break out and surge in value. Apart from just profits, cryptocurrencies are useful assets as well. Therefore, the perfect cryptocurrency would have lots of potential while also being useful at the same time. One such currency is DigiByte.
What exactly is DigiByte?
Founded in 2014, DigiByte is a cryptocurrency that focuses on making transactions fast and smooth. It’s regarded as a “sleeping giant” by many of its supporters. There may be merit to that claim as DigiByte has the credentials to be a top cryptocurrency.
The digital currency is easily scalable, it’s fast and it has a secure network as well. Although DigiByte may not be as well known, it still has over 100,000 nodes across the world. DigiByte hasn’t done as well as its other counterparts because the people behind DigiByte don’t give the exact details about how the network runs.
Many investors would like to fully know what they’re investing in, therefore, when a firm decides not to give its users the full picture, many people will not invest. Despite it not doing so well, the currency still has a lot of potential and is a worthy investment. Here’s why:
It’s easier to mine
DigiByte is one of the easiest currencies to mine. So, if you don’t own a high-tech PC, then you’ll still be able to mine DigiByte. It has multiple algorithms which you can use to mine. The algorithms one can use are Scrypt, SHA256, Quibit, Skein, Groestl. 3 of these algorithms are ASIC resistant which not only allows for greater decentralization but also lets people without high-end PCs to mine the coin.
Multiple algorithms also help increase overall network security and they also make mining a more friendly process for the user. The miner won’t need to learn how to mine using one specific algorithm. Instead, they can just mine using the algorithm they prefer to get the most out of the mining process. Each block can be mined fast too. It takes approximately 15-18 seconds to mine one DigiByte block.
The coin also doesn’t have a ‘balance’ Each coin comes with an identifier. For example, if you have a coin in your wallet, it is considered as ‘unspent’, when that coin is used in a transaction, it becomes spent. This helps avoid the many problems of cryptocurrency and also solves many security issues that come with Blockchain.
The currency has several advantages over other cryptocurrencies
One of the key points that DigiByte markets itself around is its fast transaction time. DigiByte can complete transactions in seconds compared to the time Bitcoin takes. That instantly puts it at a much better position than Bitcoin. Moreover, DigiByte avoids scalability issues using “segregated witness“.
The SegWit feature removes transaction confirmations from transaction information in the block. SegWit allows for innovative ways to handle transactions. It also offers new ways to develop the DigiByte blockchain that would only further improve the existing infrastructure.
DigiByte also limits transaction size and scope. Limiting transaction size not only helps it remain as fast as it claims to be, but it also helps it remain secure as well. The fast transaction time allows DigiByte to have a very high throughput of 280 transactions per second. Bitcoin can only do 8 transactions per second! That’s a much better rate than what the world’s largest cryptocurrency has to offer. DigiByte will also try to hit the standard set by Visa of over 2000 transactions per second. That would surely let DigiByte get the attention it deserves.
Security is a big problem in the crypto world. There have been increasing reports of cyber attacks all around the world. It just takes a few seconds for your entire crypto balance to get wiped out. Only recently, around $400 million was stolen from a Japanese exchange which saw many users lose their hard-earned crypto tokens.
Therefore, a cryptocurrency is strong only when it’s more secure. DigiByte claims to have that level of security. DigiByte focuses on staying decentralized. The mining is decentralized as well through the use of good incentives and five different algorithms. The different algorithm splits the miners up which allows for a faster mining time.
DigiByte also makes sure that each algorithm is equal so that people don’t switch to one algorithm because it’s easier’. This rebalancing is also one of the key things that set DigiByte apart from many currencies. It doesn’t allow people with higher powered GPUs to abuse one algorithm. This has set the trend in the crypto market and the rebalancing technique has since been adopted by other currencies as well.
Innovative ideas and cutting-edge technology
DigiByte has come up with innovative ideas to make its currency function. The rebalancing feature was revolutionary which made sure that miners divided into smaller groups thereby making the mining process faster. This is even more crucial in the currency’s case as it has enough coins to be mined for the next 21 years. Therefore, maintaining a short mining time frame would invite more people as other currencies get harder to mine.
Along with rebalancing, allowing users to choose between algorithms is genius because not only does it help in keeping the currency decentralized, but it helps with mining speed as well as maintaining user-friendliness. DigiByte also uses the latest technology and it looks to support smart contracts on its blockchain as well in the near future. The official website for DigiByte also confirmed that there will be Artificial Intelligence applications on DGB’s blockchain in the future too.
Moreover, DigiByte is rapidly getting listed in more and more exchanges. Therefore, DigiByte will become more and more accessible as time goes by. DigiByte has a thing currently going on called the “Exchange Series” where it’s announcing exchanges that list DGB for trade. The most recent announcement included DGB being listed on CoinHouse.
— DigiByte (@DigiByteCoin) February 1, 2018
The currency’s only $0.04 right now. The currency has all the tools to become a top player one day. Thus, it’s best to invest now while it’s cheap otherwise it’ll be another missed opportunity. The developers are committed and the currency has a lot to offer. The high supply of DGB coins will also ensure user-friendly transactions. For example, instead of paying 0.0001 BTC for something one could just pay 10 DGB, that’s much simpler.
As always, time will tell how the currency performs and one must always do their own research before buying cryptocurrency. However, DigiByte is a strong contender to become a future leader in the crypto market.