DigiByte

DigiByte is a cryptocurrency that sets itself as ASIC resistance and high performing peer-to-peer digital cash system. 

What is Digibyte?

  • Launched in 2014 from the hard fork of Bitcoin blockchain, DigiByte brings a design of high performing blockchain that can confirm transactions within 15 seconds and achieve ASIC resistance by adopting five cryptographic algorithms models that can change themselves randomly every certain period.
  • Similar to Bitcoin, DigiByte also uses Proof of Work consensus mechanism that has around 330k nodes since their first launch. There was a small amount of pre-mined coin as much as 0.5% from the total supply for initial development purposes. After that, the project is being developed fully by volunteers of blockchain engineers and contributors, especially those who have mined the DGB coin since the beginning.
  • DigiByte is a fully decentralized and community driven project. There is no CEO, or official development team behind the project. There is no mechanism of payment coded on the blockchain nor capital raising to reward developers and project contributors. That is also a factor that makes DigiByte one of a highly respected project in the blockchain community.
  • Since the launch, DigiByte has expanded its network with several upgrades and additional features such as; 
    • Digi-ID is a decentralized digital identity that DGB owners could use to sign-in to websites or any services on the internet.
    • Dandelion++ privacy protocol that supports stealth transactions onto the network.
    • DigiAssets that allow a decentralized issuance of assets and smart contracts.
    • A superior hashing algorithm to prevent the use of an ASIC miner called Odocrypt.  

Key Metrics

TickerDGB
Token NameDigiByte
Token Type/ProtocolDGB
Total Token Supply21,000,000,000
Current Circulating Supply See coinmarketcap
Market CapitalisationSee coinmarketcap
Token Creation DateJan 2014
Can it be mined?Yes

Who is behind DigiByte:

DigiByte was founded by one Bitcoin contributor since 2012 named Jared Tate. He retired from his position in early 2020. 

Now DigiByte is developed by global development communities with Murat, Noah Seidman, and Nigel Boreman remaining as contributors on their GitHub, as of the time of writing.

What is the purpose of DigiByte? 

DigiByte was created to improve Bitcoin in terms of network security, performance, and decentralization (ASIC resistance). Hence, transaction with DGB is faster, cheaper, and could utilize more features. The DigiByte blockchain was also designed to be more flexible with additional features compared to Bitcoin blockchain.

Insights

The DigiByte originated from bitcoin core blockchain technology that has been proven robust. There is a minimum undiscovered security or network risk compared to other more complex blockchain source code.  

  • DigiByte is one of a fully decentralized cryptocurrency with no significant amount of pre-mined coin and has been proven to be ASIC resistant for the last 7 years.
  • DigiByte has a wide open room for development and improvement of the network such as additional features or implementation of new technology within their blockchain. 
  • The launch of DigiAssets might increase the demand for DGB both from developers or the community members of blockchain projects that created token and smart contracts on top of DigiByte blockchain.

Risks

  • DigiByte development relies on donations and contributions from volunteer programmers. There is no sort of developer reward mechanism such as a certain percentage of block rewards going to project development, ICO, or any form of payment for the project contributors. There might be a risk that the project is underdeveloped due to no engineers willing to contribute to this project anymore. It is a fully community driven project.
  • The risk of potential unmitigated exploit or network attack. There is no one monitoring the network everyday on DigiByte, hence there might be a possibility of undetected or late mitigation of security exploit, hash manipulation, double spending, a 51% attack, etc. considering the nature of proof of work and DigiByte stealth addressing feature using Dandelion++ that might be a hole where attackers could run away with the stolen fund. 

News and Updates

  • DGB has just been supported to be used as payment on Travala.com and Nowpayments.io.
  • There’s an active project called lifehash.com that is developing an insurance solution using DigiByte blockchain. 
  • Quickswap decentralized exchange recently launched $renDGB pool that lets DGB holders earn attractive rewards by providing liquidity on the exchange.

Community & Whitepaper Links:

Disclaimer: 
All investment is speculative and involves substantial risk and uncertainty. Investors should understand the nature of digital assets including the terms of return and the risk of assets. We encourage investors to fully understand the assets and the risk associated with them prior to making any investment.  

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