DigiByte (DGB) is a public, rapidly growing and highly decentralized blockchain. The mission of DigiByte is to bring the benefits of blockchain payment technology to merchants, consumers, & mainstream societies across the globe in the most easy to understand way possible. DigiBytes are digital assets that cannot be destroyed, counterfeited or hacked, making them ideal for protecting objects of value like currency, information, property or important digital data. DigiBytes can be sent over the DigiByte Blockchain and forever recorded on an immutable public ledger that is decentralized on thousands of computers across the planet. DigiByte is a decentralized digital asset and an open source based blockchain platform.
Digibyte was developed by Jared Tate in 2014 who is also its lead developer. The DigiByte Blockchain is not controlled by any private company. The team regularly upgrades its system to add new features. The Digibyte team is developing a mining algorithm swap to make mining more decentralised. Its most awaited project is the “Core 4.1.3” protocol that will let users create and enter into the smart contracts on its blockchain.
DigiByte has 5 advanced mining algorithms that help maintain mining decentralisation. These 5 Proof of Work algorithms split the Digibyte mining operations and mining power to facilitate secure transactions. The load on the 5 mining algorithms is rebalanced using MultiShied technology. This adjusts the difficulty of all the nodes to avoid the domination of one algorithm over another and manipulation of smaller blockchains. Segregated Witness technology provides scalability by making the ledger size more compact. It also enables cross-chain transactions and single confirmation transactions.
Digibyte-based platforms include DigiByteGaming, DigibyteTip, DigiByteMarket, DiguSign, Digi-ID, and DigiHash. The core business of this is DigiByteGaming, which provides coins in connection with various games including wow, roll, kass, minecraft and so on. The coins you earn can be used in other games, or you can cash out and gain real benefits over game money. However, the current Korean Game Industry Act makes it illegal to exchange or arrange the results obtained through games, so the possibility of success of this platform in Korea may be smaller than in foreign countries.
1. Digibytes wants to reach the final issue in 2035 by reducing block compensation by 1% every month. The inflation rate in 2017 is 12%.
2. Digibytes will increase the volume of transactions that the digibit network can handle by executing special code that doubles the block size every two years until 2035. Currently, 560 transactions can be handled in 1 second by 2017, and over 2,803 transactions can be processed in 1 second by 2035.
3. It has evolved steadily to accommodate new functions through four hard forks and three soft forks. These include DigiShield, MultiAlgo, MultiShield, DigiSpeed, and SegWit.
- Successfully implemented Segwit in April 2017. This can be seen as being ready to develop and run technologies such as lightning networks, cross-crossing transactions, and atomic swap.
- DigiShield is a hard fork that shortens the duration of difficulty adjustments to check multi-pool mining, which is not difficult to mine a lot. This technique was later applied by the Digibot team to DOGGE, START COIN (START), ZAGAC (ZEC) and so on.
Core Value: multi-algorithm & multi-security
1. MultiAlgo: DigiByte introduced a system for hard-forking in September 2014, in which five algorithms each mined 20% of the blocks. It has the advantage of better decentralization and the ability to use various mining methods than one algorithm. The 5 algorithms are Scrypt, SHA-256, Qubit, Skein and Groestl.
2. MultiShield: Multi-security, introduced in December 2014 as a hard fork, is based on multi-algorithms. For PoW attacks to succeed, you have to control one algorithm at 93% and the remaining 4 at least 51%, so you can better defend against these attacks. In fact, because it uses technology such as the Nuclear Security Code, it provides security equivalent to five times that of other coins.