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About DigiByte
Key Points
- Development began in October 2013, and the genesis block was mined in January 2014.
- DigiByte uses five different algorithms to improve security.
- The platform consists of three layers: a smart contract “App Store,” a public ledger, and the core protocol.
- Founder Jared Tate, also known as “DigiMan,” oversaw the project’s development.
- The DigiByte Foundation and the DigiByte Awareness Team are volunteer organizations that support the project.
Numbers and Figures
- 2013: Development began
- 2014: Genesis block was mined in
About DigiByte: Empowering a Decentralized Future
Introducing DigiByte (DGB): A Pioneering Cryptocurrency
DigiByte (DGB) is an open-source blockchain and asset creation platform, boasting a rich history that dates back to October 2013. The genesis block of its native DGB token was successfully mined in January 2014, emerging as a fork of the pioneering Bitcoin (BTC) network.
A venerable public blockchain and cryptocurrency, DigiByte leverages a unique combination of five distinct algorithms to bolster its security, initially conceived to surpass the Bitcoin blockchain’s security, capacity, and transaction velocity.
DigiByte is comprised of three distinct layers: a decentralized “App Store” for smart contracts, a transparent public ledger, and a core protocol that facilitates seamless communication between nodes to relay transactions.
The Visionaries Behind DigiByte: Meet the Founders
DigiByte was conceived by Jared Tate, affectionately known as “DigiMan,” who spearheaded its transformation from inception to its current configuration, before announcing his temporary retirement from his position in May 2020.
Notably, Tate has resumed his involvement, and as of September 2020, he is once again deeply invested in DigiByte’s development and growth trajectory.
Tate’s biography reveals that he has been immersed in the Bitcoin ecosystem since 2012, and boasts the distinction of being the first blockchain founder to author a book, “Blockchain 2035: The Digital DNA of Internet 3.0.”
DigiByte’s operational efficacy is contingent upon not only the expertise of its developers, but also the diligent efforts of the DigiByte Foundation, a volunteer-driven organization entrusted with the preservation and upkeep of the project. Furthermore, a third contingent of volunteers, the DigiByte Awareness Team, is tasked with spearheading marketing and promotional initiatives.
Distinguishing Features of DigiByte: A Unique Proposition
DigiByte is a Bitcoin derivative that seeks to augment security, accelerate transaction processing, and expand capacity capabilities.
Initially, it emerged as an open-source blockchain, accompanied by its native cryptocurrency, DGB. Notably, the network boasts five distinct algorithms, which collectively contribute to maintaining a secure environment and preventing ASIC miners from dominating the network with excessive power.
Subsequently, DigiAssets emerged, featuring DGB as its native cryptocurrency. This platform appeals to developers seeking to launch digital assets, decentralized applications (DApps), and encode the requisite smart contracts, thereby catering to their specific needs.
All governance structures within the DigiByte ecosystem operate on a voluntary basis, adhering to the fundamental principle that the network should remain open source and publicly accessible. Notably, transaction fees in DGB are allocated to miners as compensation for their role in validating the blockchain.
The Circulating Supply of DigiByte (DGB) Coins: An Overview
DigiByte (DGB) is a decentralized, proof-of-work (PoW) cryptocurrency, wherein miners are incentivized with tokens for their pivotal role in validating blocks, thereby earning block rewards.
In January 2014, a mere 0.5% of the total DGB supply, equivalent to 105 million coins, was premined. Notably, half of this premine was earmarked for development purposes, whereas the remaining portion was generously distributed.
DGB boasts a hard supply cap of 21 billion tokens, with a meticulously designed mining mechanism that follows an emission curve characterized by decreasing issuance – the block reward undergoes a 1% reduction every month.
DigiByte has explicitly opted not to pursue fundraising initiatives or token distributions through mechanisms like initial coin offerings (ICOs) or similar token sales.
The DigiByte Network’s Robust Security Mechanisms
DigiByte employs a robust security framework, leveraging a unique combination of five distinct proof-of-work algorithms to safeguard its blockchain and mitigate the risks of double spending and 51% attacks.
DigiByte boasts the most sophisticated difficulty adjustment mechanism, ensuring robust resilience against malicious activities within mining circles, thereby safeguarding the integrity of the network.
With a block time of approximately 15 seconds, DigiByte’s blockchain has successfully demonstrated the enduring viability of its proof-of-work (PoW) consensus mechanism since its inception, boasting a significantly longer chain of PoW transactions than, for instance, Bitcoin.
Acquiring DigiByte (DGB): A Comprehensive Guide to Exchanges and Marketplaces
DGB is a freely tradable altcoin, readily accessible across multiple exchanges. A diverse range of trading pairs is available, encompassing cryptocurrencies, stablecoins, and fiat currencies.
As of September 2020, the majority of DGB trading volume was dominated by Bilaxy, Binance, Sistemkoin, and OKEx, which collectively commanded the lion’s share of the market.
New to the world of cryptocurrency? Discover how to acquire Bitcoin or any other digital token with ease.
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