What is Digibyte (DGB Coin)?
DGB Coin Price
What is Digibyte? A Quick Overview
Digibyte is a secure, highly decentralized and fast blockchain cryptocurrency with a big community of holders.
DGB coin has been around for over four years and was created as a way to bring cryptocurrency to the public with quicker transaction times and a way to combat centralization of data and currency.
The History of DGB Coin
Digibyte was created in 2013 and had its genesis block on January 10th, 2014.
Jared Tate created this to help deliver cryptocurrency to a wider audience globally and improve security in digital transactions.
In fact, the first block contained a headline from USA Today, “Target: Data stolen from up to 110M customers,” which was hashed into it.
They did start with premining which was used to pay early adopters and developers.
In February of 2014, they had a hard fork resulting in Digishield, which allowed for the blockchain to protect against multi-pools that mine large numbers of DGB at a low difficulty.
They have continued to add and update coding overtime, which we will talk about in features.
The Creator of Digibyte
Jared Tate - Linkedin - Creator
Jared Tate is the founder and creator of the DigiByte blockchain. This cryptocurrency is a public, rapidly growing and highly decentralized 4-year-old blockchain. DigiBytes are digital assets that cannot be destroyed, counterfeited, or hacked; making them ideal for protecting objects of value like currency, information, property or essential digital data. (From LinkedIn)
The Purpose of Digibyte Coin
Jared Tate saw that cryptocurrency wasn’t being widely accepted, so he wanted to change that.
It was created to be a faster, more secure, and more adaptable blockchain technology that would implement updates faster than Bitcoin.
After creation it was meant to be used by a wide array of people and for that it said that they would expand to areas like gaming, tipping, and free markets.
Its purpose was to be an all-around blockchain for a global movement and community.
The Hardforks and Features of DGB Cryptocurrency
A way to prevent against multi-pools that mine large numbers of Digibyte at a low difficulty.
What happens is a recalculation of block difficulty between each block, making sure that there will be a faster correction when multi-pool mining starts.
This allowed for multi-algorithm mining. That means that some proof-of-work mining methods could work to mine DGB coins.
For instance, ASIC that Bitcoin uses, GPU, and CPU mining.
The hope of this is to help for a more decentralized mining and thus a more decentralized DGB coin.
This was a combination fork that added both Multialgo and Digishield together for all mining pools.
A new block propagation code added with the help of Microsoft that reduced block time by 50% to 15 seconds instead of 30.
This helped to make the transaction speed 40x quicker than the traditional Bitcoin transaction.
Six Different DGB Coin Platforms
Digibyte operates on six different platforms:
- Digibyte Market
- A smart contract platform running on the its Blockchain
- The Developer Mining Pool
What We Think of Digibyte Coin
DGB coin is one that has been around for a while.
We are currently not holders of Digibyte but have watched it for some time.
They are trying to work on a more global cryptocurrency, but it seems still to fall short of the unique capabilities that attract new users.
Whether you like DGB or not, it does have some clout in the overall industry, and likely won’t be going away soon.
Although, for our investments, we aren’t buying and holding long-term.
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