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Review on DigiByte by Georgia Davies
While many blockchain projects that appeared around the same time that…
While many blockchain projects that appeared around the same time that DigiByte did are purely focused on monetary transactions, DigiByte is different. The currency is looking to evolve into something with many real-life use cases. In a talk given at the Texas Bitcoin Conference, DigiByte creator Jared Tate gave a riveting speech in which he explained his plans for DigiByte.
Specifically, he wants the project to grow in such a way that it can support international trade and become more of a security-focused cryptocurrency. He also aims to have the project be able to support Dapps and smart contracts in the near future. According to the official site, DigiByte is already “smart contract ready” with “multiple Dapps in development”.
Pros
- DigiByte has been used in real-life for years now, one of the earlier use-cases was acceptance in House of Blue Jeans in the Netherlands. There is also DiguSign which is used by many companies, with things such as securing international shipping manifests. We’re also seeing Loly building on us with some ground-breaking uses around sexual consent and utilizing the immutability of the blockchain.
Cons
- DigiByte was intentionally designed with a 1000:1 ratio compared to Bitcoin, in order to be more “manageable” in size. This choice in algorithm, as well as the unique way in which mining rewards are divided among the algorithm choices, means that both Bitcoin ASICs and CPU miners can both mine the currency side by side.
