DigiByte (DGB)

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Last updated 20/07/2021

Official Website: https://digibyte.org/en-gb/

What is DigiByte (DGB)?

DigiByte (DGB) is a cryptocurrency which was envisioned by its creator Jared Tate as a more secure, decentralized and faster variant of Bitcoin (BTC) back in 2014. DigiByte (DGB) since its launch has developed an ecosystem designed to counter the major challenges that the creators saw facing mainstream and more renowned cryptocurrencies such as Bitcoin (BTC).

Mining DigiByte (DGB) is the process in which new DigiBytes (DGB) enter circulation on the global network; it is carried out through a process known as Proof of Work (PoW). Proof of Work (PoW) is considered the most secure method of ensuring trust and security on the blockchain. Mining is conducted by donating your computing power to process transactions where you, essentially, mine "blocks" of transactions on the network. DigiByte's mining is a similar process to Bitcoin's mining process, check out our Bitcoin Coin Guide if you haven't already for more information. To mine DigiByte, you will need either a GPU, ASIC or an FPGA hardware attached to your computer in addition to specialized mining software and a DigiByte wallet.

MultiShield and DigiShield Technologies

Each of DigiByte’s five mining algorithms includes a devoted difficulty adjustment which is compared to others, so as to balance out the load they work with. This balancing process itself is named DigiShield, with its advanced version designated as MultiShield. Dividing the mining amongst algorithms and applying these technologies should benefit the DigiByte network and help fortify itself against potential malware attacks.

DigiByte’s UTXO-based model is another building block within the platform’s security architecture. With it, individual tokens are assigned an identifier. Tokens that are received by the wallet are treated as “unspent” except if the user sends them to an alternative recipient, after which they're treated as “spent”. At the identical time, the transactions are validated only in spite of everything the info referring to the transaction are found within the UTXO database. As for the privacy, DigiByte wants to make sure that establishing links between the accounts on its platform is harder by having a party within the transaction use a brand new address for every received transaction.

Team

Development of the project is focused solely on by the Core Development team & the Core Outreach team is focused on outreach with cooperation from the DigiByte Awareness team. DigiByte (DGB) is not a company, so the marketing has resulted into being produced by different members of the DigiByte Community. There are some that are organized into groups, where they are using their skills to create awareness and encourage adoption. Groups like DGBAT (DigiByte Awareness Team) & the DigiByte Foundation (DF) are an advantage for DigiByte (DGB). As the community is growing, these groups will most likely keep going, improving and more of these working groups will appear in the future.

Developers:

Jared Tate - Founder of DigiByte & Core Developer
Gary Mckee (WB)- Core Developer 
Frederick (GTO90) - Core Developer 
MentalCollatz - Core Developer

Noah Seidman -Android specialist 
Yoshi Jäger - iOS & Core Developer, UX-Designer, Mobile- & FullStack-Developer.
Thomas Ploentzke- Software Developer for application in macOS and iOS environment.

Scalability

The DigiByte team are mindful to the fact that faster block generation times can produce issues with scalability, meaning that individual nodes can have difficulty verifying transactions if they have to maintain track of the entire blockchain history, chiefly with the rising number of users. The team had to develop various technologies in order to deal with the problem. They developed the SegWit protocol upgrade first. This allowed for the effective separation of the transaction verification and information on the transaction in blocks. Resulting in a more compact ledger and the gained ability to implement single confirmation and cross-chain transactions on the blockchain.

DigiByte also runs the UTXO which, in theory, improves the parallel transaction processing and incentivizes innovations relating to scalability. DigiByte also chose to limit the size and scope of its transaction so they can make them more efficient in terms of resources used and increase its throughput. This is known as “Blockchain Rigidity”.

Where to Store Digibyte (DGB)

DigiByte can be stroed in Software Wallets such as Exodus, Trust Wallet and Atomic Wallet. There are also Hardware Wallets such as Ledger and Trezor that can store DigiByte (DGB). Our Wallet Guides Page consists of various guides on certain wallets to help you get started and use your chosen wallet. There are many more wallets to choose from so always complete your due diligence and research into any platform or wallet provider you consider and ensure you back up you wallet. You can find all of DigiByte's supported wallets on their website here.

Where to Buy and Sell Digibyte (DGB)

You can Buy & Sell DigiByte (DGB) here at BC Bitcoin. You can Buy DGB by heading over to the Buy Coins page of our website. DGB is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying DGB has never been easier, simply place your order and provide your wallet address. Once your payment arrives, DGB will be sent directly to your wallet.

If you choose to Sell DigiByte (DGB), you can send us the coins and receive a payment to your bank account. Details and a live valuation can be found on the Sell Coins page.

Digibyte Resources

Digibyte Website: https://digibyte.org/en-gb/

Digibyte Block Explorer: https://digiexplorer.info/

Digibyte GitHub: https://github.com/digibyte-core

Digibyte Whitepaper: https://digibyte.io/docs/infopaper.pdf

Twitter: https://twitter.com/DigiByteCoin