Demystifying Digibyte

The entry requirement for the blockchain network is relatively easy and low.

The low requirement makes it easy for developers to meet the conditions and launch their blockchain apps.

One of those blockchain apps launched into the cryptocurrency market is Digibyte (DGB).

Digibyte is a sophisticated blockchain platform that allows you to develop and launch other decentralized apps on its blockchain.

Digibyte allows you to make transactions and exchange with its native token called DGB.

DGB is more secure, fast, and scalable compared to Bitcoin. It was developed to act as a substitute and rival to BTC.

Digibyte has three unique layers; application, consensus, and network layers.

Experts regard Digibyte as a unique token on the blockchain app due to its special features.

The blockchain network is decentralized and flexible, so the entry requirement is low. The low entry requirement makes it easy for developers to meet and develop their applications.

Several blockchain apps are created and launched daily into the digital asset market.

These apps have numerous functions that include means of exchange, transactions, digital identities, and application launching platforms (as well).

One of those blockchain apps launched into the crypto market is Digibyte (DGB).

In this article, we shall examine the idea behind the launch of Digibyte, the basic features, and how Digibyte works.

Let's dig in!

Digibyte As A Blockchain Application.

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Digibyte is an open-source blockchain platform launched in 2013 by Jared Tate.

This blockchain app has its cryptocurrency platform. Digibyte crypto platform uses DGB tokens as its medium of exchange.

You can build decentralized apps (dApps) and smart contracts on the Digibyte blockchain as a developer.

Digibyte runs on the Proof of Work (PoW) protocol and supports multiple mining mechanisms.

Digibyte is a peer-to-peer cryptocurrency capable of processing high transactions and creating new blocks per second.

The idea behind the launch of Digibyte is to serve as an alternative to Bitcoin and be more scalable, fast, and secure during transactions.

Digibyte (DGB) enables its users and holders to issue assets, use a recognized digital identity, and launch applications.

Digibyte is an old cryptocurrency and was initially based on the Bitcoin blockchain, and it used to be an alternative to Bitcoin.

How Digibyte Works

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Digibyte uses the Proof Of Work (PoW) mechanism. This blockchain app supports five different mining algorithms and they are Sha256, Scrypt, Skein, Qubit, and Odocrypt.

Digibyte has unique programming protocols, and it is continually programmed to change the computing power needed to add a fresh block to its blockchain network.

Digibyte has a sophisticated blockchain protocol built to leverage multiple mining algorithms. The protocol enforces a monetary policy allowing a maximum supply of 21 billion DGB tokens.

Digibyte has three layers. They are

Application Layer: The application layer is the user-facing layer where internet users and enthusiasts can access this blockchain app. The application layer gives you access to Digibyte Apps and allows transactions with its cryptocurrency.

Consensus Layer: The consensus layer is the point of transaction, and it is the layer where the blockchain records the transactions. This layer allows miners to manage the release of new Digibyte currency (DGB).

Network Layer: The network layer is the foundational layer of the blockchain, and this layer defines the communication and operating protocols for all software devices.

Special Features Of DigiByte

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Experts regard Digibyte as a unique blockchain platform. Some of the characteristics that make it unique include;

No Initial Coin Offering (ICO)

An Initial coin offering launches several blockchain apps and cryptocurrencies. The ICO is funds gathered from stakeholders, consensus between businesses, and crowdfunding.

However, Digibyte was launched entirely by volunteers, and it was not launched by an ICO.

Difficulty in Block Mining

In Digibyte, the power needed to mine a new block changes every time.

By changing the amount of computing power required to mine every new block, Digibyte can minimize the possibility of a network takeover.
If a consolidated group of miners decides to take over the Digibyte blockchain, they will face the difficulty of additional mining power.

Multi-algorithm Mining Mechanism

Digibyte supports five different mining mechanisms. The blockchain platform can deploy any of its five mining algorithms, making it more decentralized and secured.

Several other blockchain apps use a sole mining algorithm, and Digibyte is distinct as it has multiple.

Support Group

Three separate groups mainly support Digibyte. Its activities, fundraising, and corporate governance are through support and volunteers.

The first support is from the Open-source developers. These consist of volunteers who contribute to the ecosystem, and they engage in peer review, app development, and code contribution.

The second group of supporters is the awareness team. This group of volunteers operates a community that maintains the social outlook, marketing, and press statements from Digibyte.

The last set of volunteers is the Digibyte Foundation. The foundation supports this cryptocurrency's education, research, development projects, and marketing.

Conclusion

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The main idea behind the launch of Digibyte is to compete favorably with other indigenous cryptocurrencies like Bitcoin, Litecoin, and others.
At the launch of Digibyte, the blockchain developers added extra security protocols and increased its scalability feature. This blockchain protocol enables you to launch Decentralised apps, issue assets, make transactions, and validate digital identities.

Since its launch in 2013, it has continued using the Proof of Work (PoW) protocol alongside five other mechanisms.

While some of its close substitutes, like Ethereum, plan to drop the Proof Of Work protocol for the Proof of Stake, we do not know what Digibyte will be planning next.



Author: Valentine. A, Gate.io Researcher
This article represents only the researcher's views and does not constitute any investment suggestions.
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