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Review on DigiByte by Céline Turcotte
Digibyte (DGB) –One of the biggest challenges facing cryptocurrencies today is…
Digibyte (DGB) –One of the biggest challenges facing cryptocurrencies today is that of scalability. Without scalability, then it will be a challenge for blockchain technology to ever go mainstream. At the moment, most cryptocurrencies including Bitcoin (BTC) are looking to off-chain scaling solutions. One such solution is the lightning network. But while the lightning network has received much praise, it ends up creating the same problem that blockchain was trying to solve, and that’s centralized control.
Pros
- That’s hard to know but I will tell you what I think could have happened. A pump group decided to pump DigiByte when it knew the DigiSpeed hard fork was about to be released. Unfortunately for them the release of Digispeed was withheld by the developers, because they really don’t like being associated with pumps and it has happened before where a group pumps on every bit of positive information released to the community and its effects as they propagate, this makes the developers look complicit in the pump activity itself.
Cons
- That’s because with solutions like the lightning network, it pretty much boils down to trusting a centralized third party entity. This defeats the whole point of blockchain technology since current centralized systems are doing pretty fine at the moment. For instance, credit card companies can handle thousands of transactions per second, and can scale pretty fast. There would be no point in shifting to blockchain only to use a second layer protocol that may not work as effectively as the existing systems.
