The DigiByte cryptocurrency has been inspired by Bitcoin, and allows you to move money over the internet. It works in a very similar way to PayPal and Western Union; however, it has seen many improvements, which include very fast transactions.
The DigiByte has adopted the Bitcoin ‘21’ figure, but it increased the supply to 21billion, thanks to the five plus algorithms, which have been designed to keep the mining local and in the hands of many. There is a 60 second block target, a 0.5% premine and a block retarget every 2.4hrs or 244 blocks.
The block refers to a group of transactions which have been sent over the DigiByte network within a thirty-second-time frame. New DigiBytes are brought into circulation, every time a new block is discovered on the network. This is known as mining. Anyone can become a miner, and this is incredibly easy with the DigiByte cryptocurrency.