DigiByte — The history with its mechanics
Bitcoin is an open-source project that was brought in front of the world almost a decade ago. When bitcoin was in its infancy not many people were aware of it or what it could do. As time gradually passed, people realized the true potential of bitcoin as well as the technology powering it. The blockchain technology in bitcoin and the use of cryptography to ensure security, which was one of the many reasons responsible for gaining the attention of the consumers and companies.
Developers realized the true potential of blockchain technology and claimed that bitcoin was not harnessing it in a proper way. Bitcoin lacked behind in terms of security, and transparency. Discussions were made between communities to what can be improved, so the developers took bitcoin’s source code as a base to create a new blockchain platform that is at least less-chained in terms of performance and efficiency. Soon after that, Digibyte, with its native token DGB was introduced to work out on issues faced in bitcoin.
Digibyte – Featured-enriched version of Bitcoin
Digibyte is the work of a programmer Jared Tate who developed this decentralized platform in 2013. It was released on January 2014 where its first block was mined which is commonly referred to as the genesis block. The native token runs on its decentralized blockchain platform. The blockchain network of DigiByte comprises of three layers separated with smart contracts, processing, and decentralized applications. It was funded by private investment in December 2014 as no ICO was held.
How it works?
- Proof of work (PoW) was the mining algorithm used in bitcoin and Digibyte also uses the same but SHA256, Scrypt, Groestl, Skein, and Qubit along with it. This makes the platform more decentralized and focused on security. These algorithms support GPU, CPU and ASIC mining.
- Bitcoin used 7,400 nodes while Digibyte goes nearly 6 times (43,000 nodes) beyond it.
- To mine a Digibyte block, it takes approx. 15-18 seconds while bitcoin took as long as 10 – 15 minutes to mine each block.
- It is 40 times faster blockchain platform than bitcoin and offers 280 transactions per seconds while bitcoin only offers up to 7 transactions per second.
Digibyte is considered a much better version of bitcoin in terms of security, efficiency, and features. It is a ‘three layered’ blockchain network which handles smart contracts and DApps. The team is claiming to improve its transaction speed to as much as 2,000 transactions per second which would make it one of the fastest blockchain platforms available in the market today.
The collection of five mining algorithms make this platform more decentralized and secure. The market cap of DigiByte currently stands at USD 105,021,501. The circulating supply is exactly 12,224,691,791 DGB and the maximum supply is fixed at 21,000,000,000 DGB. Many games support DGB and give tokens as a reward to the gamers. This shows the potential of Digibyte and what it can offer in the future.