DigiByte (DGB): a faster LITEcoin?
DigiByte (DGB) is a cryptocurrency focused on security and decentralization. Digibyte is the longest and the most secured UTXO blockchain. There are 21 billion DGB that will ever be created, and the last mined one will be in the year 2035. Below we will look at what makes DGB blockchain unique.
DigiByte ecosystem is built around two pillars of security and speed, which are both considered as limitations of similar blockchains that are either not secure or not able to scale to meet the current and future demands of its users.
DigiByte is a fork of the Litecoin code and was launched on 10th January 2014 by Jared Tate.
DigiByte uses a similar system as Bitcoin to keep track of transactions. This system is called a UTXO (Unspent Transaction Output) system. DigiByte is a proof-of-work blockchain which means it uses miners to validate transactions of the network.
DGB is a minable Proof of Work coin using five different mining algorithms. Digibyte blockchain is a distributed ledger that holds the record of all transactions from the first to the last block. All transactions are included in blocks that are created from miners and validated by the nodes in the network. Blocks are produced every 15 seconds, and the mining reward is reduced by 1% each month. To keep this block time stable, DigiByte has a real-time difficulty adjustment called DigiShield. DigiShield has been added to more than two dozen other blockchains including Ethereum, ZCash, and Dogecoin.
DigiShield is created to retarget the coin difficulty every block, which prevents large miners or mining pools from mining coins when the difficulty is low with their hashing power because this increases the mining difficulty after few blocks. Later, when these large miners or pools stop mining DGB with their hashing power, the difficulty for the small miners is still very high, and they will not be able to create a new block, and the chain could freeze for hours before difficulty readjust. Since its creation, many other blockchains like Dogecoin, Bitcoin Cash, and Zcash implemented DigiShield.
Earlier in his evolution, DGB took the bold step of using Multi-Shield mining algorithms. DigiByte can scale up to 1066 transactions per second and will increase to 280000 TPS (transactions per second) by the year 2035. This is 40 times faster than Bitcoin and 10 times faster than Litecoin. To keep its network fast DigiByte uses multiple layers for specific functions. These are split into 3 layers like a DGB sandwich.
The bottom layer of the network is where the nodes and client software operate and communicate with each other. The middle layer is the public blockchain or ledger where the native DigiByte token lives, moving from one address to another. Without this token, the top layer where the newest DigiByte innovations live wouldn't be possible. The top layer is called Digi- Assets and the very first two were created by Jared Tate
Digibyte blockchain uses five separate mining algorithms, so you don’t need special ASIC mining equipment to mine it if you want to. That makes mining much more decentralized and secure.
There are few ways to mine Digibyte cryptocurrency. As we mentioned above, using Multi-Shield there are five mining algorithms:
SHA-256 mining algorithm
You will not need a unique ASIC miner to mine Digibyte through SHA-256, but the advantage of having that is also you could mine Bitcoin with the same miner.
Scrypt mining algorithm
Again here you will need an ASIC miner but for the SCRYPT mining algorithm, which is also compatible with Litecoin.
SKEIN mining algorithm
SKEIN is another algorithm you could mine Digibyte, so the best way to try it is with GPU ( Graphics Processing Unit) graphic card. The best cards for mining DGB with this algorithm are Nvidia.
Qubit mining algorithm
To mine DigiByte with Qubit algorithm, you will need an ASIC miner, but there are no other good projects to mine with this miner in case DGB stops being profitable for mining so you will be left with the useless hardware equipment.
Odocrypt is the newest mining algorithm that replaced the Groestl algorithm in 2019. The best thing about Odocrypt is designed to change itself every ten days, so creating ASIC for this algorithm is not quite possible. To mine DGB with Odocrypt, you will need an FPGA (field-programmable gate array)
Digibite is one of the leading cryptocurrencies and could store it on various mobile, desktop, or hardware wallets. Also, you could trade DGB with other currencies on various cryptocurrency exchanges. The ones we recommend are :
1. Binance Exchange - you can purchase DGB on Binance using your mobile phone or desktop. You only need to follow the step as instructed. You can also receive a 25% discount on trading fees using Binance Coin (BNB) instead of cash. Use the link above for a bonus 10% discount
2. Crypto.com MCO/CRO - this is a favourite for many reasons, as you can earn interest on a wide variety of coins, as well as apply for a crypto debit card. This operates similar to a pre-paid Visa card, where you top up before use, however, you can choose to top up with cash or crypto. For example, you can transfer Bitcoin (BTC) to the card and spend it like cash, or let it sit in the account and earn interest. Rates of interest on deposits vary from 2% up to 10% or more. New investors may receive up to $50 when using the above link to create a new account.
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