DigiByte's developer is Jared Tate. It was released in 2014 after a year of development. It is a decentralized and fast blockchain network. DGB coin is a UTXO-based cryptocurrency just like Bitcoin. It was first created with Litecoin codes, then changes were made. It is a completely open source blockchain. Although it initially used the classic Proof of Work algorithm, after the hard fork, 5 different pPoW algorithms were used in mining. The developers of the project have adjusted the difficulty levels of these PoW algorithms differently, balancing their level of dominance over the network. With the SegWit system, scaling problems were prevented and the block creation speed was increased.
DigiByte is the 63rd most valuable cryptocurrency with a market value of 2 billion 100 million dollars. There are 14,283,036,027 DGB in circulation while the maximum supply is 21,000,000,000 DGB.
The 21 billionth DGB is planned to be launched in 2035. Of the total supply, 105 million were distributed to the first community members.
Odocrypt Consensus Algorithm
The Odocrypt Consensus Algorithm was developed by DigiByte developers to avoid ASIC dominance in any of the 5 PoW algorithms in the network. Thanks to the algorithm used since July 2019, 5 algorithms change themselves every 10 days.
The block time of the network is 15 seconds. While trading with the SHA256d algorithm compatible with BTC miners, transactions are made with Scrypt, Qubit, Skein and Odocrypt algorithms compatible with LTC miners. These form the network's 5 different PoW algorithms.
Segregated Witness
DigiByte was the first cryptocurrency to use SegWit. SegWit, on the other hand, improves the scalability of the network, while updating the structure of transaction blocks for faster block generation. By activating OP codes on SegWit, smart contracts can be created on the network. Thanks to SegWit, information confirmation and cross-chain transactions are allowed. This allows up to 560 operations per second. DigiByte is also the longest network on the blockchain.
DigiShield
DigiShield is responsible for adjusting the difficulty of mining algorithms. Although the hashrate rates vary widely, it keeps the block duration of 15 seconds.
DeFi Feature
The DigiByte blockchain is based on customizable token generation, smart contracts, and decentralized applications (dApps). In this respect, it has all the conditions of being DeFi. The use of 5 different algorithms in mining is a MultiShield for decentralization, that is, multiple shields. The algorithms are load balanced, their management in the network is democratically distributed.
In the dApp layer, all applications on the network can be seen, transfers and APIs can be used.
The data in the network is stored in the Public Ledger & Digial Assets layer. Management of miners and protection of data takes place in this layer.
The Core Communications & Global Network layer also enables the network to work with the nodes. The infrastructure of other layers is this layer. Data transfer between nodes is provided in this layer.
It can make money transfer transactions made by companies such as Western Union, Skrill, Paypal, Payoneer in a decentralized and fast manner. It also has much lower transaction fees than banks. DigiByte's targeted users are corporate companies. It is trying to gain a good place in the market like its competitors with its advanced encryption methods, fast transaction convenience. DigiByte, which is thousands of times faster than banks when considering intercontinental transfers, is also 40 times faster than Bitcoin. DigiByte's goal is to exceed VISA's speed of 2000 transactions per second.
UTXO Based Cryptocurrencies
Bitcoin, Bitcoin Cash, Litecoin, and DigiByte are UTXO-based cryptocurrencies.
DigiByte can process 560 transactions, while the other three cryptocurrencies can process between 3 and 56 transactions per second.
DigiByte's block time is 15 seconds, while others have a block time of 2.5 minutes to 10 minutes.
One of the others, DigiByte has 5 mining algorithms.
DigiByte has hundreds of times lower transaction fees than even the lowest transaction fee among others.
DigiByte Foundation Projects
Easy Miner (easy mining app)
DigiSeeder
Emma A.I.
Digi-ID
DigiHash
DigiBot
playground
DigiMan
DigiMessenger
On the DigiByte platform, the creation of things like tokens, dApps, smart contracts on the network is simple, and there are videos for teaching by watching. Thanks to DigiAssets, everything that has value in normal life can be transferred to the blockchain. Examples of these on the platform are invoices, signed documents such as title deeds, digital artworks; tangible assets such as automobiles and real estate. It has been said that it attracts attention in categories such as governments, racing, health, supply chain.
Those who want to be network developers can use DigiByte Core for Windows, macOS and Linux, and DigiByte Mobile for iOS and Android.
