Digibyte (DGB) was founded on the 10th of January, 2014, by Jared Tate. What he aimed at achieving when he came up with the idea was providing a platform that could offer a virtual token, which was both secure and superfast. Interestingly, Digibyte turned out to be the most secure blockchain in the cryptospace.
Tate had plans to reach a wider audience when he set out to design this blockchain. The Digibyte blockchain was so innovatively and cybersecurity-consciously developed that as of today, many other blockchains have adopted its technology. The Digibyte platform has even begun attempts to teach an upgrade to cyber security protocols online for free.
The fact that Jared Tate has received and accepted invitations from prestigious universities, Harvard, being one of them, to speak on the technology, testifies to how much people have begun to subscribe to the idea of the Digibyte blockchain technology.
Digibyte at Inception
Digibyte was conceived as a proof of work coin (PoW). A proof of work coin is the kind of coin that is backed up by a system that deters denial of service attacks and other service abuses, such as spam, on a network as a sort of economic measure. It is able to achieve this by asking the service requester to do some work usually referred to as processing time in computer parlance.
Digibyte’s Rise to Fame
This altcoin didn’t just become popular among traders in the cryptomarket. Certain recent developments contributed to its rise to limelight. Digibyte recently got added to the popular global digital wallet app called Abra. Abra is an application that allows users to trade up to 20 different digital currencies and 50 fiat currencies.
The interesting thing is that, this digital wallet platform, Abra, is also associated with some of the major currencies like Stellar (XLM) and Bitcoin Gold. So, by virtue of association with the popular exchange, Digibyte experienced an upsurge in fame. The cryptocoin also got listed on Coingate, an exchange platform that allows for cryptocurrency payment integration on various websites.
Interestingly Efficient and Dependable
Assuredly, DigiByte takes prides in under promising and over delivering, it is one of the few blockchains that can deliver a working product today. The digital currency produced stunning gains for early investors, who were smart enough to cash in on it even when it had not made so much of a name. Seeing that it has experienced tremendous growth since its inception, it can be adjudged a dynamic coin rather than a stagnant one.
Superb Mining Algorithm
Bitcoin, the grandcoin of the cryptospace, has only one mining algorithm; whereas, Digibyte has five; making the 47th altcoin, according to coinranking.com, 40 times faster than Bitcoin. The altcoin’s transaction fee is also notably low –less than one hundredth of a cent.
With over 200,000 nodes, Digibyte happens to be one of the most decentralized blockchains in the world. This altcoin has been noticed for steady growth since it was founded. Even when the general crypto market experienced a price slump and tilted downhill, Digibyte, with steady resilience, found back its footing.
Moreover, when it comes to new innovations, Digibyte is never found wanting. With the new cutting edge core wallet, new Android and iOS mobile wallets, TCPR initiative, exchanges adding DGB, and all the other applications being built using DigiByte tech, the growth of Digibyte is beyond the sky. And all these within the last four months!
The growth rate of Digibyte is as laudable as its lightning speed of delivery. Usually, within 1-3 second(s), transaction notifications are got; and Digibyte tokens are confirmed after only 1.5 minutes. Whereas, some coins, such as Bitcoin, take an entire hour. When it comes to transaction per second, this blockchain can handle more that 280 of them. Meanwhile, Bitcoin can only handle 7. It is also very possible to share money with fellow Digibyte investors over the internet and the process requires no cumbersome registration procedure or any hidden fees.
Cashing in one Speed, Security and Stability
You’ll first need to download a Digibyte wallet from the official website of the Digibyte blockchain. It is advisable to download desktop wallets with full nodes, as these are the most secure and stable. Next, you move on to purchase your fist Digibytes from an exchange. Two exchanges that offer this service is Poloniex.com or Bittrex.com.
Usually, hard currency cannot be used to purchase Digibytes. There’s first a need for you to buy Bitcoin then trade Bitcoin for Digibyte on the exchange platforms from which you downloaded the Digibyte wallet. And that’s just about it! You can then begin to accept Digibytes as payment for any goods or services you sell. All you need to do is send the person, paying you, your Digibyte address. To earn more Digibytes, you begin to contribute your computing power to a process that is known as mining. Mining is how new Digibytes enter circulation.