DigiByte (DGB) is an open-source blockchain platform dedicated to asset creation. Its development kicked off in October 2013, and the first block of its DGB token was mined in January 2014, stemming from a Bitcoin (BTC) fork.
Recognized as a long-standing public blockchain and cryptocurrency, DigiByte employs five distinct algorithms to enhance security. It originally sought to improve upon the Bitcoin blockchain in terms of security, scalability, and transaction speed.
DigiByte is composed of three layers: a "smart contract App Store," a public ledger, and the core protocol that includes nodes which communicate to facilitate transactions.
Who Are the Founders of DigiByte?
DigiByte was founded by Jared Tate, popularly known as "DigiMan," who played a pivotal role in guiding its development to its current form before taking a temporary step back from his role in May 2020.
Tate has since re-engaged with DigiByte’s advancement, and as of September 2020, he remains actively involved in its progress.
According to Tate's biography, he has been a part of the Bitcoin community since 2012 and authored "Blockchain 2035: The Digital DNA of Internet 3.0," the first book penned by a blockchain founder.
Beyond developers, DigiByte's operations are supported by the DigiByte Foundation, a volunteer organization committed to safeguarding the project. Additionally, the DigiByte Awareness Team, another volunteer group, focuses on marketing and promotional efforts.
What Makes DigiByte Unique?
DigiByte offers an enhancement of Bitcoin, aiming to broaden the possibilities for security, speed, and scalability.
Initially launched as an open-source blockchain with its cryptocurrency, DGB, the network incorporates five distinct algorithms to bolster security and prevent ASIC miners from gaining excessive control.
Subsequently, DigiAssets was introduced, featuring DGB as its native token. DigiAssets attracts developers interested in launching digital assets, decentralized applications (DApps), and implementing the necessary smart contracts.
All governance within DigiByte adheres to a voluntary model, aligning with the principle that the network should remain open-source and accessible to the public. DGB transaction fees are paid to miners for validating the blockchain.
How Many DigiByte (DGB) Coins Are There In Circulation?
DigiByte (DGB) operates as a proof-of-work (PoW) cryptocurrency, with miners earning tokens as block rewards for their validation work.
In January 2014, 0.5% of the total DGB supply, equating to 105 million coins, was premined. Half of this amount was allocated for development, and the remainder was distributed.
DGB has a maximum supply cap of 21 billion tokens. Its mining process follows an emission curve with gradually declining issuance, as the block reward decreases by 1% monthly.
DigiByte has intentionally avoided fundraising methods like initial coin offerings (ICOs) or similar token sales, emphasizing a different approach.
How Is the DigiByte Network Secured?
DigiByte employs five distinct proof-of-work algorithms to safeguard its blockchain, minimizing the risk of double spending or 51% attacks.
The network's difficulty adjustments provide resilience against potential threats from mining factions, with DigiByte claiming to have the most sophisticated difficulty adjustment system among cryptocurrencies.
With a block time of approximately 15 seconds, DigiByte's blockchain has demonstrated the durability of its PoW approach since its inception, maintaining a significantly longer PoW chain compared to Bitcoin, for example.
Where Can You Buy DigiByte (DGB)?
DGB is a widely tradable altcoin, accessible on numerous exchanges, and can be traded against cryptocurrencies, stablecoins, and fiat money.
As of September 2020, exchanges such as Bilaxy, Binance, Sistemkoin, and OKEx held the majority share of DGB trading volume.
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