As we have often written about, the crypto sphere is a crowded place to navigate through.
While Bitcoin laid the blueprint for cryptocurrencies in general about a decade ago, many new cryptocurrencies have since emerged.
Although they have not been able to dethrone Bitcoin, they have managed to make their presence felt by outdoing the various qualities of Bitcoin.
The Digibyte blockchain and its cryptocurrency have been one such addition to the crypto market.
In this beginner’s guide to Digibyte cryptocurrency, we take a look at what it is, and what sets it apart from other Bitcoin spin offs that have flooded the market.
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What is Digibyte Cryptocurrency?
The Digibyte cryptocurrency has blockchain technology at its core, the Digibyte Blockchain.
Now, the Digibyte blockchain is a decentralized network that seeks to facilitate smoother and faster transactions, in addition to the hosting of dApps and blockchain smart contracts on it.
It claims to be the largest UTXO blockchain. UTXO refers to the unspent transaction output, or the indivisible denominations in which cryptocurrencies are stored in the wallets.
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DGB coin, or the Digibyte Cryptocurrency is the native coin of the platform. It can be mined using a rather innovative and unique mining algorithm that maximises both security and decentralization. It is called the MultiAlgo system.
It breaks the whole mining process into 5 different cryptographic algorithms, namely; SHA 256, Skein, Groestl, Scrypt and Qubit. Since each of these five algorithms must deal with just 20% of the network, chances of centralisation are kept at bay.
The DGB crypto currency is used for transactions within the Digibyte blockchain network and is a rather fast medium of transaction.
Salient Features of Digibyte Cryptocurrency
The following are some of the key features that set Digibyte apart from its numerous competitors in the market:
1. Digibyte is Incredibly Fast
Digibyte blocks are processed about every fifteen seconds, which means transactions take place very very quickly, adding to the user experience.
2. Digibyte has a very High Supply Cap
While Bitcoin has a supply cap set at 21 million, Digibyte has fixed its own as high as 21 billion.
While having a high supply does mean it will be around for much longer, it also lowers slightly the chances of its price increasing.
3. Highly Decentralized
As described in the earlier section, Digibyte is highly decentralized because it spreads the tasks of the network across around 200000 nodes and 5 algorithms.
The MultiShield layer also assists in meeting the objective of decentralization.
4. An Enthusiastic Community
Digibyte is supported by an incredibly loyal band of niche followers. These community members are extremely interactive and constantly engaged, capable of driving adoption.
Digibyte does lack in popularity and adoption still, and its price still remains rather low. Even so, it is a promising cryptocurrency we should definitely watch out for.
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