What is DigiByte (DGB)?Aug 13, 2018 at 23:55
DigiByte is a cryptocurrency which promises security, decentralization and transaction speed. Though it was founded in 2014 and can already be considered as among the earliest forms of cryptocurrency, it is still striving to get enough users.
Launched by entrepreneur and programmer Jared Tate, DGB’s goal is to be a faster and more secure cryptocurrency with a more decentralized community than Bitcoin.
DigiByte’s block time is 15 seconds, allowing transactions to be processed and confirmed faster on its network or roughly around 40 times faster than Bitcoin. However, with a faster block time, the said cryptocurrency has scalability issues as each node on the network must maintain the entire history of the blockchain in order to process new transactions.
To date, DGB’s blockchain is already considered as the longest in the world.
Likewise, DigiByte limits transaction size and scope to make their blockchain more efficient and more secured with a throughput of around 280 transactions per second against Bitcoin’s eight transactions per second. The team behind DGB already expressed plans to outpace Visa which can easily handle up to 2,000 transactions per second.
Freedom in its platform is also the cryptocurrency’s biggest draw but critics also point to it as the main reason why DGB has not grown that much. The team behind it left much of the promotion and development of DigiByte up to the community which lacked proper coordination.
The team behind DigiByte has plans to support smart contracts development, artificial intelligence, and the internet of things applications, on top of its blockchain. It is also currently gaining support from the video gaming community, offering DGB to gamers in exchange for time spent playing certain games.
Where to buy?
DGB can be purchased on major crypto exchanges like Coinswitch, Indacoin, Changelly, YoBit, Bittrex, Cryptopia, CryptoBridge and ShapeShift by exchanging them for other cryptocurrencies like ETH or BTC and fiat currencies.
Is it mineable?
DigiByte is mineable and will have a total supply of 21,000,000,000 DGB. At present, there is already 10,653,504,390 DGB out in the market.