1 Level
5 Review
3 Karma
Review on DigiByte by Emiko Nasser
In my opinion, DigiByte has many good things going for it. It is a mature…
In my opinion, DigiByte has many good things going for it. It is a mature project with plenty of experience and cutting-edge innovations that have become popular on other well known blockchains. It’s approach to decentralised mining is an important feature when considering the corporatisation of the Bitcoin network. It is a project with a long term vision that is often overlooked, and because of this it receives a lot of hype in forums for being a ‘sleeping giant’ and a juicy investment. Although it is a respectable project, I’m not yet convinced that it will automatically stop being overlooked over time just because it is overlooked now. However, from my research I can see that it has a very friendly and enthusiastic community behind it, so if it is community that you are looking for then DigiByte would be a good place to start.
Pros
- What is DigiByte? DigiByte is a public decentralised blockchain based on the Bitcoin core code that began in 2014 and has since developed into a network and cryptocurrency made to rival Bitcoin in security, speed, and decentralisation.
Cons
- Interesting Technology: Its platform is comprised of three layers of infrastructure that function on top of each other to provide different Utilities to the network. (1) The applications layer hosts dApps, Digi-apps, and smart contracts. DApps are software utility applications developed for the blockchain; Digi-apps are centralised software that is native to the DigiByte blockchain; Smart contracts are digital obligations that are enforced by coding for asset-based agreements without middleman intervention. (2) The digital asset and public ledger layer provide security and administration to the value of data tokens and assets on the blockchain. (3) The core protocol and global network layer provide communication channels for nodes to talk across the network. Any server, computer or mobile phone connected to the DigiByte network becomes a node and helps to relay transactions. Multi Algo splits DigiByte mining into 5 separate algorithms of SHA256, Scrypt, Qubit, Skein, and Groestl. Each algorithm is equally allocated 20% of the network to keep the network safe from corporatisation and to preserve decentralisation. The Multishield algorithm is the advanced version of DigiBytes pioneering technology Digishield. Digishield retargets mining difficulty after each block is finished, fixing a common problem in cryptocurrencies with difficulty resets at much larger intervals where mining pools target them en masse for profit when the difficulty is low and abandon the network as it increases. Digishield became popular and was deployed in many other blockchains including Dogecoin and Zcash. Digispeed allows the network to create a block every 15 seconds with the capacity of holding 10MB of data compared to Bitcoins 1MB blocks every 10 minutes. As block sizes are closed so quickly, DigiByte also has the longest recorded blockchain which causes problems with scalability, but as a solution to this problem, DigiByte was one of the first cryptocurrencies to implement segregated witness (SegWit). To put it simply, Segwit is a process that splits a transaction in half to exclude any unnecessary data that is not needed to be confirmed as legitimate.
