Review on DigiByte by Peace Ofem
DGB- FAST, SIMPLE AND SAFE
Also known as DGB, it is a fast growing open-source blockchain that runs on the DigiByte blockchain. Being one of the older cryptocurrencies around, it has become one of the fastest, safest, longest and most decentralized UTXO blockchain in existence and has experienced some changes in regard to commercial adoption.
Brief History:
DGB was designed in 2013 and launched officially with the mining of the genesis block in 2014 by Jared Tate also known as DigiMan. On April 2017 SegWit was activated on DGB making it the first major altcoin to do so. May 2019, DigiAssets was launched and on February 2020 the DigiFoundation was launched.
What Makes DigiByte Unique?
As a modification of Bitcoin, it aims to diversify security, speed and capacity possibilities. compared to others, it also wants to rise above its competitors by creating the fee pricing plan that is supposed to bring down the cost of transaction for businesses and users to the minimum level possible.
What Makes DigiByte faster:
15 Second Block- It has the swiftest block speed in the world today of any public UTXO blockchain with 15 second block timing making it the fastest blockchains in the market.
Early SegWit Implementation- it allows for several innovations to take place on top of the DGB blockchain such as single confirmation transactions and cross chain transactions.
Blockchain Rigidity- unlike other transactions, DGB transactions are finite in scope and size to intensify efficiency, speed and throughput which most importantly maintains security.
What Makes DigiByte More Secure:
5 Mining Algorithms-Unlike other Proof-of-Work (POW) cryptocurrencies, DGB supports five unique mining algorithms Skein, SHA-256, Qubit, Scrypt and Groestl. these secure and advanced cryptographic mining algorithms are used to prevent mining centralization compared to single algorithm blockchains.
Global Decentralization- its blockchain is spread over 100,00+ computers, phones, severs and nodes globally.
Advanced Difficulty Stability- difficulty adjustments guards a blockchain against several forms of malicious attacks and by developing DigiShield and MultiShield, it has the most advanced stability in the world.
DigiByte can be used for digital assets, smart contracts, decentralized applications, and secure authentication.
Listed on many platforms, it can be exchanged and traded between users globally as it handles transactions faster than even Bitcoin,
This cryptocurrency is different because it is a tried and tested technology, has high security, not an ICO, has manageable units, early to implement industry critical features, has a large community which adds new users everyday, and more resistant to hacking control making it an ideal asset for protecting valuable data. DigiByte has been time tested and will continue to exist well into the future as the developers are still going strong, bringing out new and great features all the time.
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Pros
- DGB is a decentralized project
- Industry leading transaction speed
- Low rates and very safe
- Lots of exchanges
Cons
- Even though it has been around for many years, not all know about it and this lack of buzz means it isn't popular with beginners as most head straight for Bitcoin
- DGB wallet isn't suitable for beginners as funds are stored in its official wallet which is only available on the company's website and also needs to run on full time node.
