BeyondFaucet Blog: What is Digibyte?
An overview of Digibyte (DGB) and it's unique features.
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Welcome to the third post on the BeyondFaucet Blog! In today's post, we will explore the cryptocurrency Digibyte (DGB), what it is, and some cool facts!
Digibyte started development in October of 2013 and launched on January 10th of 2014 with the goal of creating a fast and secure blockchain to compete with Bitcoin and have a wider and more decentralized community. Knowing that, their genesis block message also contains a similar mission statement “USA Today: 10/Jan/2014, Target: Data stolen from up to 110M customers”. This message was included as it signifies the importance of a secure medium/network of transacting, especially one where you control your own data and has privacy and security built in.
Digibyte has a maximum supply of 21 billion DGB which can be appealing to Digibyte miners and developers looking to explore the coin's DigiAsset protocol (we will cover this later in the post). What also makes Digibyte appealing to those looking for a coin to mine is the multi-algo mining protocol, which was activated on September 1, 2014, which allows miners to mine on five different algorithms which prevents centralization of mining to one algorithm. The algorithms miners can choose to mine Digibyte on include SHA-256, Scrypt, Qubit, Groestl, and Skein. A neat fact is that there is an ability to add more algorithms if the community decides to in the future if there is a need for another algorithm. The multi-algo mining works by switching the active algorithm every 10 blocks or on average every two and a half minutes as the average block time is 15 seconds. The benefits of multi-algo mining is what makes Digibyte a more secure coin as it requires someone to have over 50% of the mining power on each algorithm to take over the majority of block production rather than just having to take over one algorithm on traditionally mined coins and it's just not cost effective for a bad actor to sustain that much mining power to do any damage.
On April 19, 2019, a new protocol was introduced called DigiAssets. DigiAssets allow for the creation of programmable virtual assets on top of the Digibyte blockchain and more. These assets can be used for things like redeemable event tickets, real estate deeds, car titles, invoices, and a lot more, the possibilities are endless.
There's still a lot more to cover with Digibyte and I'll be writing more posts on Digibyte and some guides on how to use some of the many cool features it has in store. Digibyte has a very active community of developers and a strong community behind it.
In conclusion, Digibyte (DGB) is a coin that stands out as a fast and secure blockchain, with unique features such as multi-algo mining and a revolutionary new protocol called DigiAssets. As we continue to dive deeper into the world of Digibyte, stay tuned for more blog posts and guides here on the BeyondFaucet Blog! Remember to always do your research and make informed decisions when exploring the world of cryptocurrencies.
The information provided in this blog post and all our posts is for informational purposes only. The content is based on personal research and opinions and should not be considered as financial or investment advice. Cryptocurrencies and blockchain projects are subject to market risks, price fluctuations, and regulatory changes. Before making any financial decisions or using any cryptocurrency, we strongly recommend conducting your own research and seeking advice from qualified professionals. We do not take responsibility for any actions taken based on the information presented in this blog post. Use this information at your own discretion.