There are many currencies still to be discussed and let’s talk about DIGIBYTE today and understand it in more detail:
DigiByte is a digital currency that emphases on speed, security, and decentralization. It was founded by Jared Tate in January 2014. It is a part of the older class of cryptocurrency projects when there were very less digital currencies known.
The DigiByte software infrastructure consists of three layers that function on top of one another:
- Core Communications & Global Network – This connects all the nodes on the network together. It supports very basic data transfer between nodes and establishes the foundation for other layers.
- Public Ledger & Digital Assets – This is where the network’s data gets stored. It also has security measures in place to prevent manipulation of data. It incentivizes and manages miners securing the platform.
- Applications – This is the user-facing part of the blockchain. It involves the interface, transfers, API, and any other everyday applications built on the DigiByte network.
What makes DigiByte More Secure?
Global Decentralization: The DigiByte blockchain is spread over 200,000+ servers, computers, phones, and nodes worldwide.
5 Mining Algorithms: The cryptocurrency uses five secure and advanced cryptographic mining algorithms to prevent mining centralization compared to single algorithm blockchains.
Advanced Difficulty Stability: Difficulty adjustments protect a blockchain from several forms of malicious attacks. By creating and implementing DigiShield & MultiShield, DigiByte has the most innovative difficulty steadiness of any blockchain in the world. It also states to be more secure than any other digital asset. It aims to secure the entire platform to be decentralized.
DigiByte also has a proven reputation for being on the cutting edge of crypto-asset development. Its DigiShield technology gained popularity as a reliable solution for algorithm difficulty adjustment. It was also the first blockchain to implement SegWit (a process by which the block size limit on a blockchain is increased by removing signature data from Bitcoin transactions.)
The cryptocurrency has expressed that its platform will support AI and IoT applications built on its blockchain. Additionally, DigiByte has however been successful at decentralizing its mining.
Faster Block Time & Higher Throughput
DigiByte has a faster block time where the transactions get processed and confirmed much faster on its network. Its block time is 15 seconds, making it around 39.5 times faster than Bitcoin. Its blockchain is already the longest in the world.
DigiByte is a UTXO-based cryptocurrency. This means that new transactions don’t come from a wallet “balance.” Each coin holder individual has its own identity. The concept behind this coin is that whenever a coin enters your wallet, it is considered “unspent” in a wallet. Whenever you send that same coin to someone else, it becomes a spent coin. This avoids the double-spend problem of digital currency. It also solves other security issues with its defined blockchain.
The DigiByte Blockchain technology can be leveraged and applied to applications, fixing 90% of the most common weaknesses affecting the internet today.
The future of the future of the cryptocurrency includes the focus of applying DigiByte security to IOT devices and services that require forceful infrastructures.
By combining advancements in DigiByte Blockchain technology with artificial intelligence, it will be exploring new innovations in robotics and data scrutiny.
In conclusion, Digibyte is known as the sleeping giant of cryptocurrency. It is on the cutting edge of crypto-technology that hosts a network that is faster, more accessible, and more secure than other major cryptocurrencies. It is expected that its superior technology will win out against Bitcoin, Litecoin, and other top digital cash options in the near future. DigiByte has a dedicated community and nearly 100,000 nodes across the globe.