What is a Digibyte?
The Digibyte is a digital asset, a type of crypto currency that prevents the duplication, theft and corruption of the digitized data (such as personal information, currencies and real estate assets etc.)
The Digibyte, which is an open source digital currency, developed by Jared Tate was formed in 2013. The DGB, which constituted the initial block, managed to gather attention in 2014 with its swift and reliable system. In order to transfer money from point A to point B in the fastest possible way just like Western Union and Paypal, this currency is preferred most.
This system also promises the ability to digitalize and encrypt important documents to render them impossible to be duplicated or stolen, and to transfer them as well. No commissions are charged for the encryption and transfer procedures. This is the first large scale altcoin, activated in April 2017 by Segwit (Soft Fork). The Genesis block of the Digibyte was produced in January 10th, 2014.
What and why is it used for?
Digibyte (DGB) has an important vision. Thanks to our age, people cannot live without internet. In order to shop, logging into a shopping site is more than enough. In such circumstances, the transactions need to be fast, reliable without extra charges. That is why the Digibyte keeps a non-centralized payment network in its eco-system. If the indicated projects come to frustration, we will feel the impact of the DBG fairly in the upcoming years.
The differences between the Bitcoin and the Digibyte
The Digibyte has 5 mining algorithms. That means, by offering more secure transactions, it can defend the %51 attacks with some serious ratios. In Bitcoin on the other hand, the number of the mining algorithms is one. The Digibyte mining is much more distributed in nature.
Digibyte transactions are faster compared to Bitcoin. The transactions are reported within 1-3 seconds and a block is completed within 15 seconds. Bitcoin completes a block in a minute.
The Digibyte can process 280+ transactions per second which may complete more transactions. Bitcoin on the other hand, can handle only 7 transactions per second. In 2015, the Digibyte offered hardfork modification. In this way, the capacity of the network increases two folds in every two years.
More DGB, lower costs (commission charges), more micro transactions, better price stability…21 million DGB’s will be produced in 21 years, which means more power of distribution. 21 million Bitcoins on the other hand, will take 140+ years to produce.
Investments and Partnerships
The open sourced Digibyte was able to get the attention of the companies that wish to develop projects on clock chains. For example, a gaming platform called Mine That DIGI, rewards its users with Digibyte. DigiPSN is a PlayStation Store service that obtains the payments via Digibyte.
In 2016, Microsoft included the Digibyte holdings to its Microsoft BizSpark Plus program. 2017 was a very important year for Digibyte. Digibyte, which was amongst 1000 participants that were chosen for Citi Tech organization, presented the “DigiSign” to the corporations like Facebook, IBM, PWC, Microsoft and Mastercard. Then the Citibank decided to cooperate with DigiSign.