Purpose

DigiByte is a public, rapidly growing and highly decentralized blockchain. DigiByte is a UTXO-based cryptocurrency. This means that new transactions don’t come from a wallet “balance”. Instead, each individual coin has an identifier. When a coin enters a wallet, it is considered “unspent” by that wallet. When that coin is sent to someone else, it becomes a spent coin. This prevents the double spend problem of digital currency. It also solves other security issues with the blockchain.

DiGB is unique in that it splits mining across five different mining algorithms in order to increase security and decentralization. DigiByte was also the first blockchain to implement Segwit (Segregated Witness technology) helping keep its blockchain small and scalable.

Strengths

  • Over 200,000 nodes, making it extremely decentralized
  • Increased decentralization because of 5 different mining algorithms
  • DGB can currently handle 560 transactions per second and
  • Extremely low transaction fees (>0.001$/tx)

Weaknesses

  • The inflation rate of DBG is high (12% in 2017)
  • There is no official iOS wallet available yet
  • There is no whitepaper

Network Status

DigiByte has been live since January 2014.

Roadmap

DGB doesn’t have a precise roadmap for 2018 but they plan on working on wallet upgrades (including the creation of an iOS wallet), algorithm swap efficiency upgrades (for miners) and on projects for the DigiByte foundation.

Governance

DigiByte uses five individual Proof-of-Work mining algorithms that are equally weighted:

  • SHA256 (ASIC mining)
  • Groestl (GPU mining)
  • Skein (GPU mining)
  • Scrypt (ASIC mining)
  • Qubit (GPU and CPU mining)

Each algorithm has its own difficulty adjustment that is weighted against the other algorithms in a dynamic process known as MultiShield. This allows for much greater decentralization than other blockchains. In order for an attacker to hardfork DigiByte, the attacker would need to control 93% of the hashrate on 1 algorithm, and 51% of the other 4 making DGB much more secure against PoW attacks than other blockchains.

Similarities

DGB is similar to Bitcoin because they both use UTXO and aim to revolutionize the way transactions are made on the internet.

Notable partnerships

DigiByte is in partnership with Minecraft and Tom Cridland Public Relations.

Exchange

DGB is traded on Bittrex, Poloniex, Upbit, HitBTC, Kucoin, and OKEx.

DigiByte Stack

DigiByte is a blockchain layer.

Community

Telegram: 15,191 members
Twitter: 153,805 followers
Reddit: 18,079 subscribers

Price history

June-2018: 0.034 USD
May-2018: 0.040 USD
March-2018: 0.036 USD
December-2017: 0.011 USD

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This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations