Review on Bytecoin by Serina Cravens

Name: Bytecoin
Item: Bytecoin
Rating: 5

September 18, 2018

Wallet The funds in DGB are stored in the official DigiByte wallet available…

Wallet
The funds in DGB are stored in the official DigiByte wallet available on their website. It requires to run a full node and store the DigiByte blockchain. This requirement adds a hurdle for first time users.
DigiByte Pros
Decentralization
One of DigiByte’s greatest strengths is its level of decentralization. Utilizing a multi-algorithm (multi-algo) approach, DigitByte makes its currency mineable by a variety of hardware types including Antimers and conventional graphics cards (GPUs). Miners can use any of the following 5 mining algorithms – Scrypt, SHA256, Qubit, Skein, and/or Groestl – which makes it harder for individual miners to amass mining hardware and hash power.
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Fast Transaction Times
Another benefit of DigiByte is fast transaction times, which is achieved by the use of the DigiSpeed protocol. The protocol allows the DigiByte blockchain to decrease block timing gradually. Initially, DigiByte started with 30 second block times in 2014. Today it’s about 15 seconds. The decrease allows for faster confirmation speeds.
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Pros

Background DigiByte’s blockchain is roughly 5 years old, which is ancient in the cryptocurrency world. Because it has been around so long, they proudly describe DigiByte as “the longest, fastest and most secure UTXO blockchain.” Disclaimer: This article was written to the best of our knowledge with the information available to us. We do not guarantee that every bit of information is completely accurate or up-to-date. Please use this information as a complement to your own research. Nothing we write in any of our articles is intended as investment advice nor as an endorsement to buy/sell/hold anything. Cryptocurrency investments are inherently risky so you should never invest more than you can afford to lose.

Cons

Summary Overall, I’m neutral on this project. Off the bat, I don’t see any major flaws with it, but I’m also not sold on its merit over other coins. The multi-algo approach seems like an innovative way to ensure decentralization since only 20% of blocks can be mined under each algorithm. It’s reassuring that DigiByte can’t be taken over by ASIC miners, like Bitcoin has been. However, DigiByte has been in existence for about 5 years and I’m just now hearing about it. Why doesn’t this coin have more hype or a more vocal community? Coins need more marketing and PR to break all of the noise and get adoption. How can DigiByte improve? By better marketing! They never had an ICO so they missed a huge opportunity to get the word out. Right now, I’m not interested in investing in this DigiByte since I don’t think the price will move much in the near future. But I will keep it an eye on it for the future since it’s technology seems sound. Disclaimer: This article was written to the best of our knowledge with the information available to us. We do not guarantee that every bit of information is completely accurate or up-to-date. Please use this information as a complement to your own research. Nothing we write in any of our articles is intended as investment advice nor as an endorsement to buy/sell/hold anything. Cryptocurrency investments are inherently risky so you should never invest more than you can afford to lose.