DigiByte (DGB) quick look to know why the price is massive increase in last few days .

By Kavi | Kavya | 9 May 2020

What is DigiByte?

An open source blockchain which works on decentralised UTXO . Digibyte is the truely decentralised digital currency which is created for peer to peer transaction to fulfil the needs of fastest ,secure and scalable payment solution with lowest fees.

After 6 years of trusted network , DigiByte blockchain also can be used for creating assets, token or smart contract on it.

History:

When bitcoin came to exist in 2008 then there were many crypto enthusiast and entrepreneur were observing the blockchain technology and among them ,there was Mr Jared Tate who is the founder of DigiByte , created it for purpose of improvement because he thought bitcoin core protocol needs to improve but as we know bitcoin also decentralised cryptocurrency with 21 million limited coins and he can only put his concept to make bitcoin payment system more fast , secure and scalable So he created DigiByte blockchain .

Mr Jared Tate

Mr Jared Tate was started working on DigiByte blockchain concept from 2013 and after an year of lots of experiment and analysis ,he created DigiByte which was more focused on bitcoin blockchain concept but was slightly different way which we will read in next paragraph .

How it Works:

DigiByte blockchain created to work on 3 major layers which are :

1. Network Infrastructure:

Network infrastructure means what is built upon it. DigiByte is completely decentralised open source protocol which allows anybody to build their DApps or digital assets or any smart contract to be encodded on DigiByte blockchain. If we are well aware about other crypto currency like ethereum then you will notice that its quite similar but What makes DigiByte different from ethereum is its fastest processing , security , and scalability . it does not require any GAS or other technical elements to transact something or complication procedure to operate the blockchain activities.

2. Security:

Digital Assets needs security which is integrated with full priorities .Your valuable payment or any related data can not be counterfeited, duplicated and hacked as it builts on Five proof of work algorithm as security for your administration.

3. Communication to function with cutting edge speed:

This layer is core protocol of DigiByte which makes the network global with just easy way of connecting all the server or computational devices . there are more than 1000 of people running the DigiByte software through computer, tablet, mobile and they connect each other to build the node which helps to process transactions . Its not complicated like bitcoin where consumption of power is huge to raise the enough Hash power to validate the transactions and that is why Digibyte becomes more interested.

The best proof of its decentralisation is its permissionless and open source where anybody feels to modify something and build something new on DigiByte then simply go to Digibyte Protocol and DigiByte Development and do it yourself i mean you no need to ask for permission .

How relatable is DigiByte halving in compare of Bitcoin Halving ?

DigiByte is total supply of 21 billion coins which is more in compare of 21 million of bitcoin but DigiByte does not wait for halving every 4 years and it reduce 1% block reward by every month . in 2035 , all the DigiByte will be mined then Miners need to rely upon transaction fee as the source of income .

How to get DigiByte?

DigiByte is a digital currency like bitcoin. since it launched ,there was no any initial coin offering (ICO) also its founder, developer and community are not paid any single DigiByte as free coins.it is claimed 40 times faster than bitcoin in transactions and 100% proof of work (PoW). it can be get through various way:

Exchanges:

DigiByte is a coin which does not pay anything for listing in the exchange and so far after 6 years it achieve milestone development where all the top exchanges like Bittrex , Kucoin, Bitfinex , Huobi Global , Upbit are being traded .

Mining:

DigiByte can be mine through MultiAlgo where ASIC , GPU and CPU are core mining devices .anbody can show interest for getting DigiByte as reward if they mine it .

Using Digibyte integrated Dapps :

There are many other way to get DigiByte like go to their Dapps and earn DigiByte through doing various activities like playing games or participating in faucet .

Purpose of DigiByte:

The basic purpose of DigiByte to set a payment network which could be more cheaper , reliable , secured and faster . The community works so hard to develop and integrate new technology to make the DigiByte compete with modern era basic needs and demand .

There are several other crypto project which works on same direction but DigiByte has built the trust after running 6 years blockchain with 10801029 block creation and 300400 nodes downloads .

Popularity:

Digibyte has gain massive popularity through various social networking like telegram ,LinkedIn , Facebook ,Twitter , Instagram and still growing every day .Recently it gained 903% price value in last 1 month and currently trading at $0.025 .