Name: DigiByte - Secure, Faster & Forward Thinking Blockchain Technology
Price Info - https://coinmarketcap.com/currencies/digibyte
DigiByte first launched on January 10th, 2014, hence, recently marking their 4th anniversary. Jared Tate developed DigiByte in 2013 and launched the genesis block in January 2014. At the time, DigiByte was one of only a handful of public blockchain projects. It launched without an initial token sale and with little fanfare.
Their aim at inception was the same as many other cryptocurrencies: they wanted to create a coin that was faster, cheaper, and more scalable than Bitcoin. DGB is very secure; having over 100,000 servers, computers, phones, and nodes spread worldwide; 5 mining algorithms; and they have difficulty adjustments to protect the blockchain against malicious attacks.
DigiByte has established a reputation for being on the cutting edge of crypto-development. Its DigiShield technology gained wide acceptance as a solution for difficulty adjustment. It was also the first blockchain to implement SegWit. MultiAlgo mining has yet to catch on. However, that’s another area DigiByte has pioneered in the blockchain industry.
Since DigiByte has the longest blockchain in existence, they’ve also faced scalability issues that other chains have yet to encounter. DigiByte’s blockchain is over 5 million blocks long. However, being on the cutting edge of development also leaves room for error. Until user adoption grows to the levels of the top cryptocurrencies, it’s difficult to say if DigiByte’s technology is robust as it claims.
DigiByte’s website also claims the platform will support AI and IoT applications built on its blockchain.
DigiByte’s faster block time means transactions get processed and confirmed much faster on its network. DigiByte’s block time is 15 seconds, placing it around 40x faster than Bitcoin. Of course, faster block time comes with scalability issues as each node on the network must maintain the entire history of the blockchain in order to confirm new transactions. DigiByte’s blockchain is already the longest in the world.
To counter these challenges, DigiByte was the first cryptocurrency to implement segregated witness. SegWit separates transaction confirmations from the transaction information in the block. This makes the ledger more compact. In addition, SegWit allows for innovations like cross-chain transactions and single confirmation transactions. These options are potential avenues for development on DigiByte’s blockchain.
DigiByte also limits transaction size and scope. There’s little documentation explaining how this works exactly, but DigiByte claims such limitations on transactions make their blockchain more efficient. In addition, limiting transaction scope theoretically protects the security of the network.
Fast block times and small transaction size allow DigiByte to have a throughput of around 280 transactions per second. That’s fast compared with Bitcoin’s current eight transactions per second. However, it pales in comparison to payment processors like Visa, who can handle 2,000 transactions per second. DigiByte plans to reach the 2,000 transactions per second mark set by Visa and possibly surpass it. So far, however, those plans are still vague, without a clear roadmap.
In Jan 2018, it was excitedly announced that Apple approved the DigiByte iOS wallet for beta testing. DGB also hosted a live AMA (ask me anything) with Josiah from the Digibyte Foundation on Reddit.
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