Cryptocurrency is no longer a sealed secret to anyone. Almost everyone has heard about it, and many have not only heard, but learned to actively use it, turning its many advantages to their benefit.
Bitcoin, which turned our consciousness upside down many years ago, is no longer alone. After it, the list of digital money is regularly replenished with new “names”, however, few of them linger in the minds of users for a long time. Fortunately, in this area, as in nature in general, natural selection works and mediocre projects that do not carry anything new and interesting disappear as quickly as they appear.
But this does not mean at all that there is not a single development worth attention besides the cue ball. They exist, and there are many of them. We will present you one of these crypto coins today. It is called Digibyte (DGB) and, according to the authors, is designed to correct the weaknesses that plague Litecoin and Bitcoin.
In short, the idea of the Digibyte development team is to create a digital currency that will provide a wide range of users with the opportunity to make fast (very fast) payments wherever needed. In addition, this product must have minimal volatility in order to be integrated across services and goods.
From the point of view of many experts, Bitcoin and Litecoin may, over time, face problems caused by today’s triumphant growth in their capitalization and volatility. An increase in these two indicators leads to higher prices, which in turn makes commodity speculation riskier. When the “X” hour comes in the existence of these currencies, then there will be a need for other approaches, which will be provided by young promising projects offering more favorable conditions and greater opportunities.
One of these digital developments will undoubtedly be DGB. Due to the fact that the number of tokens will be 21 billion, low volatility can be achieved. And linking the crypt to one of the world's main currencies will make it a tool for transactions, and not for speculation.
Briefly about the basics
The Digibyte digital currency was developed in 2013 and launched early next year, 2014. The coin is based on BTC technology, but with a number of significant features that make the new currency more functional and attractive to users, plus the use of 5 algorithms.
The developers plan to mine 21 billion coins in 21 years (until 2035). The block reward amount decreases by 1% every month. At the beginning of October 2017, the reward was 891 coins. Each algorithm accounts for a fifth of the blocks (20%). In April of this year, this altcoin was the first to successfully activate SegWit.
We also cannot help but recall the fairness of the initial distribution and the focus of development on cybersecurity and practical application in real life.
Mining in a new way
Those who are familiar with the topic of cryptocurrencies are well aware that in the early days Bitcoin was mined using a whole arsenal of modern, expensive equipment. The situation changed when powerful ASIC miners appeared, sending traditional ways mining crypt. These devices did not make mining more difficult, but the efficiency of “digging” coins increased noticeably, which made ASIC miners very popular in the community.
Based on this, the developers decided to mine DGB also using ASIC, but in order to make the process accessible to maximum quantity those who want to use 5 algorithms at once - Scrypt (ASIC), Qubit (GPU), Groestl (GPU), Sha-256 (ASIC), Skein (GPU).
Each of these algorithms is used to mine approximately a fifth of the blocks, which raises decentralization to a qualitatively higher level. new level compared to other blockchains.
And one more side of this division. Imagine that an attacker who decides to hard fork the system needs to control more than 90% of the hashrate on one algorithm and 51% on the other four. Agree, it’s a troublesome task. This means that the security of our currency is much higher than that of its “brothers”.
To use Digibyte coins, of course, you need to acquire the appropriate “wallet”. You can download it from the official website, and it is available for various operating systems(we will talk about the Windows wallet).
Start by installing the wallet, that is, run the installer. Then click “Next”, select the appropriate folder and click on “Next” again. In the window that opens, you can configure the name of your “purse”, although you don’t have to change anything, and after that you need to click on “Install”. Wait for the installation process to complete and “next” again, and the finishing touch is to click on the “Finish” button.
To set up your wallet, you need to decide on the folder in which you are going to store the corresponding files and mark your choice by clicking on the “Ok” button. After this, it will take some time to synchronize. The address of your “money storage” can be found by moving from the File tab to Receiving Addresses.
Plans and prospects
From what we have managed to tell you up to this point, you most likely already understand how ambitious the Digibyte developers have set themselves. They, one might say, took aim at the “sacred”, deciding to surpass the best representatives of cryptocurrencies in a number of parameters. Perhaps they were inspired by the example of the same Chrome or FB, who managed not to give up in front of more famous and popular competitors and, in the end, take their rightful place in their field. Who knows how everything happened there, but many experts now do not rule out that over time such projects will take the place of Bitcoin.
By the way, the team of the crypto we are considering is not going to diminish the merits and advantages of the cue ball at all. They recognize that it was BTC that paved the way for all other digital currencies and a fundamentally new approach to storing and transmitting data. But Bitcoin has already occupied a leading position for quite a long time and cannot continue to do so forever, especially if we take into account the problems that have arisen recently - a relatively slow pace of work, a not very large volume of coins, increasingly complex mining and a falling level of decentralization.
Advantages of Digibyte
In answer to the question why this crypt should be used, I would like to cite a number of its advantages, which, we think, will seem convincing even to the most inveterate skeptics.
Let's start with the fact that this is a very fast, even rapid cryptocurrency, the operating principle of which is superior to well-known analogues.
Designed this coin, primarily for transactions. Assuming that a larger number of coins would help strengthen the crypt, the authors decided not to limit themselves to an amount measured in tens of millions, but proposed an impressive figure of 21 billion. And all these billions of coins should not be used for speculative transactions, but to pay for goods and services. After all, it is much more convenient to pay for both with crypto, which does not cost thousands of dollars.
No one can say about the Digibyte project that it was developed in a hurry. Its development stage was quite long. Both while working on the project and now, the authors listen to the opinions of system participants and promptly respond to comments and suggestions. Especially active and constructive users are promised various privileges and bonuses for their caring attitude.
The launch of the currency was absolutely transparent, it became known 3 days before the event itself, and immediately after the launch, clients were able to start mining coins. In general, everything is honest, transparent, without any speculation.
There is little choice here. There are only 2 of them - either you will mine Digibyte, or you will buy coins. There is still an opportunity to earn coins in the game or on some resources for certain actions, but these are insignificant earnings.
The first option requires innovative ASIC miners, the effectiveness of which we have already discussed. 1 block in the system is generated very quickly, in 60 seconds. And everything would seem to be fine, if not for the required costs of purchasing equipment, but it is not cheap.
If the first method does not suit you for some reason, then go to cryptocurrency exchanges. There you can exchange your funds for DGB coins through an exchanger (this is an option for beginners) or take part in trading and try to make the operation profitable for yourself (this path is more suitable for professionals).
As of early October of this year, 1 coin cost about 0.95 rubles or $0.01656, and its market capitalization exceeded $140 million.
If you ask for reviews and opinions about this currency, as we did, you will get the following result - you need to invest in DGB, you need to mine it and have it on your balance sheet, since in the future this coin will most likely bring you profit. Such cautious confidence is inspired by the fact that serious “offices” paid attention to the coin and on this wave it began to grow.
This cannot be said to be a unanimous opinion, but it exists and is quite supported big amount users.
conclusions
So, let's put together and briefly summarize everything we've learned about DGB:
- First of all, it is a digital currency that has made it possible for anyone to carry out fast and secure financial transactions (transfers, payments, etc.). A pleasant feature of this system, unlike many others, is the very low commission fees, and sometimes their complete absence. The currency is widely accepted this moment it is available for use in eight dozen countries.
- The convenience and ease of working with Digibyte is due to the fact that operations are carried out very quickly, literally in a few seconds, and it does not require registration.
- It is impossible not to mention the high degree of transaction security using modern encryption technologies.
- You can become the owner of DGB coins by mining or by purchasing (exchanging) them on exchanges. But these are not all the possibilities. This cryptocurrency is already quite common, so you can be paid with it for certain types of online activities (for example, writing a message on Twitter) or rewarded for activity in certain games.
- If you want to exchange your DGB for another crypto or some fiat currency, you can easily do this.
As you can see, it makes sense to take a closer look at this development. And we end here and, as always, wish you good luck!
DigiByte is a cryptocurrency that provides high speed money transfers,The first version of the project was presented on January 10, 2014. Bandwidth system is 280 transactions per second. According to this indicator, DigiByte is one of the leading altcoins using the Proof-of-Work algorithm.
Developers are actively implementing the most promising ideas that come to Bitcoin and other protocols with a noticeable delay. To ensure the reliability of the consensus, the MultiShield mechanism is used, which adjusts the mining difficulty in real time. In 2017, DigiByte became one of the first protocols to implement the use of SegWit, a technology created to speed up transfers using the PoW algorithm.
The unit of value in the system is the DGB token. In November 2017, the number of coins in circulation was over 9.4 billion DGB. The upper emission limit is limited to 21 billion - 100 times more than Bitcoin.
Official website: https://www.digibyte.co/
Main chat in Telegram: https://t.me/DigiByteCoin
Twitter: https://twitter.com/DigiByteCoin
FB: https://www.facebook.com/digibytecoin/
Technical features
DigiByte's developers sought to create a fair consensus mechanism in which the network's power could be controlled by independent miners with few resources. The protocol is based on the Proof-of-Work algorithm, while DGB is mined using 5 algorithms, the share of each of which is 20%:
- Scrypt
- SHA256
- Qubit
- Skein
- Groestl
Mining difficulty is adjusted separately for each algorithm depending on the current power distribution. The difficulty parameter is changed on each block. This mechanism is called MultiShield. The block generation time in the system is 15 seconds.
Developers pay great attention to the speed of processing translations. In April 2017, DigiByte became one of the first cryptocurrencies to receive SegWit support. The system is capable of servicing up to 280 transactions per second.
On this platform, developers plan to create a full-fledged ecosystem for creating applications and digital assets. According to the official DigiByte website, the system will be divided into several levels.
- Applications. Developers will be able to use ready set tools for interacting with the public blockchain and creating private chains. The work of programs in DigiByte is based on the use of smart contracts.
- Creation of digital assets and storage of data in a public ledger. The system can be used to transfer and store money, encrypted messages, files or property rights.
- The core of the system is the technical level that ensures the operation of tools for users and developers.
Most of the announced features still exist only on paper. The developers plan to implement the planned functionality within 3 years.
Team
There is very little public information about the DigiByte team. It is known that the creator of the project is Jared Tate, but information about his career is contradictory. Tate regularly gives talks and presentations at major blockchain conferences and is the face of the project.
One of the system's developers, Jered Morgan, is a professional programmer. The rest of the team prefers to remain anonymous. To promote the project, an institute of ambassadors was created - representatives of the system in different countries. Currently, DigiByte ambassadors work in several countries in Europe and North America, as well as in New Zealand.
Discussion of DigiByte cryptocurrency
bitcointalk (English): https://bitcointalk.org/index.php?topic=408268
reddit: https://www.reddit.com/r/Digibyte/
MMGP: http://mmgp.ru/showthread.php?t=509506
How to create a DigiByte wallet
The developers have provided several options for interacting with the system:
- downloading the full client to the computer under Windows control, Linux or Mac OS;
- installation mobile application for Android;
- using the Coinomi mobile wallet.
The full version of the wallet for PC provides the greatest security when working with the system. You can download it on the project website in the “Downloads” section under the heading “Official DigiByte Wallets”. The screenshot shows an example download for Windows 64-bit.
During installation, the program will ask you to select a location to store the blockchain. To change the default settings, click "Use a different data directory" and specify a new path.
Loading the blockchain when you first launch the program usually takes several hours. Current progress is displayed in the status bar. When you click on the line “Sync Headers” you will see full information about the download status.
First of all, developers advise setting a password to perform transactions. To do this, go to the “Settings” menu and select “Encrypt wallet”. Important: The password cannot be recovered, so you should write it down in a safe place.
You can receive and send DGB using the buttons in the top navigation bar. Since the network does not experience problems with the speed of delivery of transfers, when sending funds you should leave the default commission amount.
Where to buy DigiByte
You can buy DGB for fiat money only on the LiteBit.eu exchange. In practice, this method is not suitable for residents of the countries of the former USSR: to replenish the balance, the site uses SEPA transfers, available only in the Eurozone. Other exchangers and exchanges that work with national currencies do not provide the opportunity to purchase DGB.
You can purchase DigiByte in exchange for bitcoins. The DGB token is listed on most popular cryptocurrency exchanges:
- Bittrex
- Poloniex
- Cryptopia
- YoBit
- HitBTC
- Kucoin
The Bittrex platform provides the opportunity to exchange DGB not only for Bitcoin, but also for Ethereum (ETH).
Results, reviews and prospects
The popularity of the DigiByte platform among traders increased in the spring of 2017, when within 2 months the value of the coin increased several hundred times. The sharp rise in the rate was provoked not only by the “bullish” mood of the cryptocurrency market, but also by the release of positive news about the project. At various times, reports appeared about plans for cooperation with Citibank and others large companies, however, this information was not subsequently confirmed.
Investors see the main problem as many of DigiByte's features remain unimplemented. The project roadmap is designed for 3 years, and even if all the developers’ promises are fulfilled, the project will not receive obvious advantages over its competitors.
Traders are cautious about the prospects for the coin. Some note a revaluation of the real cost of the project in mid-2017, caused by the influx of fresh capital and a positive news background.
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Coming from afar, cryptocurrency (fork, altcoin) is digital, or virtual, money, the generally accepted unit of which is coin (from the English coin). In essence, this is encrypted data that cannot be copied or faked, which is why virtual money is considered a fairly safe investment of real funds. A relatively new type of cryptocurrency (released in 2014) is DigiByte. Having already established itself as not a fly-by-night project that cannot be trusted, it is gradually gaining momentum and becoming more and more known to the world.
What is DigiByte
Now, in order. DGB cryptocurrency is a decentralized virtual coin with open source, whose creators focused on cybersecurity. When working on the DigiByte project, the authors were guided by the idea of creating a cryptocurrency with which it would be possible to make really fast transfers of funds to different areas without any of the problems usually associated with it. Moreover, the developers took into account the weaknesses of the main competitors and “pioneers” (Bitcoin and Litecoin), and therefore reduced the volatility of the coin to a minimum, which, again, distinguishes DigiByte from the general mass of similar forks.
DGB is based on BTC technology. This altcoin uses 5 independent codes (Scrypt, Sha-256, Qubit, Skein, Groestl), which contribute to the decentralization of the coin on the market, which makes DigiByte mining more accessible. The DGB coin is recognized as the longest public blockchain to date.
The planned number of issued coins is 21 billion (by 2035). In the future, the developers are going to link DigiByte to the US Dollar, Euro and Yuan, which is expected to make the DGB a transactional currency.
It is also important to note that DGB became the first major altcoin in the world to successfully activate SegWit (in April 2017).
Regarding the approaches used when changing protocols, the following are used:
- Hard forks (4): DigiShield, MultiShield, MultiAlgo, DigiSpeed.
- Soft forks (3): SegWit, NVersionBips, CSV.
Features of DigiByte
- Reliability and security (accurate operation of algorithms and use of advanced security systems);
- High speed (confirmation in one and a half minutes, block generation takes 30 seconds);
- Processing volume up to 560 transactions per second;
- Gradual increase in the number of transactions (introduction of a special code that doubles the block size every 2 years);
- Flexibility (developers take into account the opinions of participants, constantly improving the system and offering certain bonuses for valuable advice and comments);
- Availability (long-term price category 1-10 USD);
- Ease of use;
- Full transparency;
- A wide list of areas where DigiByte can be used for payment;
- Equality of system participants.
History of development
The development of the DGB cryptocurrency became known even before the official release of the virtual coin. The project was approached thoroughly, avoiding haste and taking into account all the details. Work on the project began in 2013, but the first DigiBytes appeared on the market only on January 10, 2014. The author of the coin was Jared Tate.
The focus on practicality, real-world currency and security, and fair initial distribution has led to DigiByte's 3-year history of carving out a special, somewhat distinct place in the blockchain world. Today, DigiByte occupies 27th position in the overall ranking with a market capitalization of more than 129 million USD.
Exchange rate dynamics
Based on the charts, since the introduction of DigiByte, its value reached its highest point in June 2017, after which there was a significant decline. However, overall positive dynamics remain.
As of December 3, 2017 current rate DigiByte in relation to major currencies:
Mining
Everyone remembers the original form of cryptocurrency mining: a lot of advanced, expensive equipment was required to get the well-known Bitcoins. With the advent of powerful ASIC miners, the situation has changed dramatically for the better, and the process of earning virtual money has become much simpler. Based on the experience of others, the DigiByte developers also decided to mine currency through ASIC, but since they promoted the idea of the public availability of their altcoin, 5 independent algorithms are used in DGB mining:
- Scrypt (ASIC compatible);
- Sha 256 (ASIC compatible);
- Groestl (GPU compatible);
- Skein (GPU compatible);
- Qubit (GPU compatible).
Each of the listed algorithms accounts for about 20% of the production of new blocks, which has a positive effect on the level of system security: it is quite difficult for a potential attacker to control 93% of the hashrate of one algorithm and at the same time monitor 51% of each of the remaining 4.
There is also the possibility of mining in solo mode, that is, by using only your own funds, but for this you need to have a certain minimum network power.
Wallet
As with any other cryptocurrency, if you plan to get into DigiByte, you will first have to get a wallet of a certain format. This “wallet” can be found on the official website digibyte.io and installed on your computer or downloaded special application for the device. Of course, prior registration in the system is required. 
Where can I get DGB?
There are only 2 main ways to mine DigiByte: mining the currency and purchasing it on the exchange. A small percentage of obtaining altcoins comes from their earnings through games and some other resources, but these figures are extremely small compared to the figures of the main production.
So, mining DigiBytes requires the user to have modern ones, the productivity of which justifies the investment in them. The generation of one block in the system occurs quite quickly: within 30 seconds. However, even with a high return on investment, not every participant can afford the purchase of such equipment.
If you are not ready to acquire an ASIC miner, then your only option is to purchase coins on one of the cryptocurrency exchanges. There is a currency exchange system where, having chosen the optimal rate, anyone can buy the amount of virtual money they need, in in this case DigiBytes. You can also take part in trading on exchanges, but this method is suitable for more experienced users, since it can be very risky for a beginner.
Prospects and potential of the project
According to many experts in the field of cryptocurrency and reviews on the network, DigiByte is one of promising currencies, trustworthy, so the risks when investing in this project are relatively low.
Despite the fact that DigiByte was not among the first cryptocurrencies that became most widely known, this altcoin is by no means hopeless, because its developers had the opportunity to learn from the mistakes of others. Moreover, they openly declare the possibility of changes in the system and taking into account user opinions. In addition, the authors of the project plan to link DGB to real currencies, which, again, adds reliability to this coin.
Projects like DigiByte are also supported by the fact that the price volatility of such large representatives of the cryptocurrency market as Bitcoin and Litecoin is continuously increasing. The continuation of such dynamics, according to forecasts, may lead to a decrease in the number of transactions and an increase in the risks associated with them. The total number of DGB (21 billion) will allow maintaining a low volatility rate in the long term.
conclusions
From the above material it can be summarized that:
- DGB is a global open-source blockchain based on the principles of maintaining a level of security, high speed and convenience of financial transactions.
- A high level of security is ensured by the use of 5 different algorithms.
- DigiByte cryptocurrency can be obtained in two ways: through ASIC systems or by purchasing on exchanges. The choice depends only on the capabilities and preferences of the user.
- The Digibyte system continues to be refined and improved to ensure the greatest security and greatest ease of use.
- Digibyte is predicted to have a bright future, since it was initially developed taking into account the weaknesses of competitors, without making the same mistakes.
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Forecast for the prospects of the Digibyte(DGB) cryptocurrency for 2018. In my opinion, the growth of this crypto is great as they are already working on improving this coin since January 2014. The total capitalization is constantly increasing, and the number of its holders is constantly growing, which increases its recognition.
You can trace the growth of its popularity through queries in the Google search engine.
This is a small top of countries where the most people ask about it. Russia is in 47th place.
A short video presentation: What is Digibyte?
I bought the first ones for myself in October 2017 for 0.5 rubles apiece, but now the price has risen to 6.9 rubles. Recently I bought it again from the Yobit exchange, but this time for 6, after which I decided that I could write about the future.
It’s nice to know that I spent mere pennies on it a month and a half ago, and now I can, by selling it, pay for a vacation with my wife in Thailand. I have a couple of investments that gave me a good increase, which will be able to pay for large expenses in the future.
Its growth is possible at least twice, since it is almost at the top of coinmarkets, and there is still room to rise. Now the total capitalization of all cryptocurrencies is actively growing, so this is also expected.
Descriptions Digibyte
Greater protection from hackers and various attacks due to the use of five different algorithms. You can even mine it with video cards, but the profit there is low, so let the ASICs do it.
At the moment, their number is: 9,652,874,001, the maximum number will be 21 billion.