What is Digibyte?
DigiByte is a blockchain based on ideas of decentralization, security, and speed, that can be used for creating smart contracts, digital assets, dAPPs, and secure authentication. The DigiByte cryptocurrency (DGB) was created with the aim of developing and implementing technical solutions based on Bitcoin and Litecoin that can offer new advantages to the cryptocurrency market. DGB is a highly scalable peer-to-peer digital currency that enables great transaction speed with minimum fees.
DGB History
The DigiByte (DGB) development started in 2013. Its blockchain was officially launched in 2014. The project has never been funded through an ICO or a significant amount of pre-mined coins. The Digibyte developers sought to combine the advantages of other digital assets into DGB. The author of DigiByte project is Jared Tate.
Technical architecture
The DigiByte blockchain technology is the most scalable among other similar projects, such as Bitcoin and Litecoin. At the same time, creators didn’t forget about the users’ security and transaction capabilities.
The key objective of DigiByte team was to develop a cryptocurrency that conducts instant transactions and maintains its security. At the same time, DGB volatility is much lower than the volatilities of Bitcoin (BTC), Ethereum (ETH), and other popular cryptocurrencies.
Like Bitcoin, DigiByte is a cryptocurrency based on the UTXO (Unspent Transaction (TX) Output) model. It means that each new transaction doesn’t use the balance of your wallet. Each DGB has its own identifier. Thus, the system solves the problem of double-spending and other security issues. The network achieves consensus through a multi-algorithm Proof-of-Work (PoW)
DigiByte’s infrastructure consists of three layers:
The First layer - An external public layer called “Applications Layer”. It’s responsible for conducting transactions and includes an interface, transfers, APIs and all applications built on the DigiByte network.
The Second layer - “Digital Asset layer”, acts as a technical layer. It’s responsible for user security and transaction protection. This layer works as a public registry. All the network data is stored here and stimulates the miner’s work.
The Third layer is technical and called “the Core Communications Protocol”. It’s the foundation for the other layers and it serves for maintaining the Digibyte infrastructure. This layer combines all the nodes in the network and also supports basic data swap between nodes.
Key features of DGB
Fast block generation and high throughput
The DigiByte block generation time is approximately 15 seconds. Of course, such speed requires the high-level network scalability. The developers activated the Segregated Witness (SegWit) protocol, which makes all registry data more compact to solve this problem. They were the first who introduced Segregated Witness technology into the blockchain. In addition, DGB limits the size of the transaction hash. This solution makes the blockchain faster. Its network throughput about 500 tps. DigiByte team promises its users to reach 2000 tps in 2020.
DigiAssets
Digibyte allows you to create and issue your digital assets (DigiAssets), tokens, smart contracts, etc. It's a unique ecosystem and platform which can be used in real finance, estate, trade, healthcare, online stores, and government organizations.
Digi-ID
Digi-ID is a security protocol built on DigiByte blockchain technology that allows users to sign-in to apps and websites. It eliminates the username, password, and 2fa for user authentication. Digi-ID uses the cryptography method which protects both the consumer and all used services. There is no fees and other maintenance costs, it is completely free. Digi-ID doesn't store any data about its users on the DigiByte blockchain.
DGB community
Developers’ priority is security, the team strives to ensure a maximum decentralization level of the project. Digibyte is an open-source, therefore, its team entrusted the development of Digibyte infrastructure to the crypto community. Their community includes: The DigiByte Foundation - It's a non-commercial organization that protects and promotes the principles of true decentralization. The second branch is DGBAT; a community-driven outreach initiative. This part manages the social media sphere, education, and developers. They aim to promote DigiByte ideas into people’s mass.
Digibyte Mining
DigiByte successfully solved the problem of decentralization. The developers decided to make the mining process available for all possible miners. It uses 5 different algorithms at once - Groestl (GPU), Sha-256 (ASIC), Skein (GPU), Scrypt (ASIC) and finally Qubit (GPU). The blockchain contains more than 100,000 nodes.
New block is created every 15-18 seconds. Each of the five mining algorithms generates 20% of all blocks. One block is generated in 1.5 minutes by each algorithm. DigiByte uses MultiShield rebalancing technology to change their complexity and control the algorithms’ workload. No one can start dominating. This approach provides competition.
The fact that DigiByte is based on several algorithms makes its mining more profitable and one of the most securely. If the hacker wants to take the network control, he needs to gain over 90% of one algorithm total hash and 51% of the others.
21 billion DGB will be mined in 21 years (until 2035). The block reward amount is reduced by 1% every month.
