What Is DGB?
Back when Bitcoin came out in 2010, everyone was blown away by the grade of modernization. Brought by the platform to the way we use money. And it even began changing the way we see money and value. Shaking the very core concepts that made our understanding of economics. Little did people know, though. That the revolutionary technology would be only the beginning of an enormous wave of new electronic currencies.
Nevertheless, with the crypto ecosystem multiplying as we speak, innovative. But small projects often fly under the radar, and understandably so. Seeing how they surpass the 700 currencies today.
Even though this is to be expected in such a vast market. It doesn’t stop being bad for the fact that there are many projects worth noting. As well as the fact that anyone interested in investing on the best cryptocurrency. Would need to spend hours a day just browsing through websites and white papers.
This guide is an effort to save you all that hassle by presenting you. With the basics of one of the most promising altcoins today: DigiByte.
So, stay with us as we tell you all you need to know about it.
What Is It?
An open source cryptocurrency created in 2013 and released the year after. It is based on Bitcoin, but the date between releases has allowed the developers of DigiByte. To improve upon the concept, including faster operations and improved security.
It was created by Jared Tate, who looked to build a platform that would generate a community. That could be more decentralised than Bitcoin. Resulting in the implementation of several mining algorithms to keep this job accessible to anyone.
It is also the second major blockchain to integrate Segregated Witness (or SegWit).
- DigiShield: Recalculates block difficulty between blocks to adjust it whenever a multi-pool changes its contribution.
- MultiAlgo: The implementation of several mining algorithms for PoW mining to include both ASIC, CPU, GPU. And other forms of mining to help people gain better access to this activity and make it a more decentralised blockchain. That was a significant improvement over Bitcoin who’s experiencing issues regarding larger mining pools. And companies occupying most of the mining rewards.
- DigiSpeed: DigiByte’s time for transactions is one of the fastest available. On significant blockchains with a block time of 15 seconds.
Capabilities and Supply
The DigiByte blockchain doubles the number of transactions per second every two years by increasing block size. Opening with 560 operations per second and expected to reach 280,000 transactions per second by 2035. When it stops generating new coins.
The maximum supply of DGB is set to be 21 billion coins, deliberately set to a 1:1000 ratio with Bitcoin’s supply.
DigiByte is supported by several of the most significant crypto exchanges such as Poloniex, Shapeshift and Bittrex. It can be mined through several pools depending on the algorithm; some include Multipool (SHA-256 and Scrypt) and Digihash.co (Qubit, Skein and Gorestl).
At last, once you have your coins, you may store them in the DigiByte Core wallet. Or choose more versatile wallets like Jaxx or the hardware wallet Ledger Nano S