DigiByte is a digital asset system known for its performance in asset generation, user authentication tools, and affordable transactions using its coin, DGB. Dive into DigiByte's review for more insights and features.
DigiByte is an oldie in the digital world, released in 2014. However, recently, the interest of blockchain enthusiasts in the project and the DGB coin has advanced significantly, as the blockchain has turned out to be one of the most reliable digital projects in the crypto market.
The identity of the platform is founded on three main elements, including:
- Scalability
- Multistructural consensus mechanism
- Impressive security level
Today, the pioneering project is considered one of Bitcoin's closest competitors and enjoys high user support on social media.
H2 DigiByte (DGB) Practical Implementations
A versatile blockchain that combines various use cases. However, the remarkable speed and high level of safety make the platform ideal for generating new assets with Digi-Assets and Tier-1 security tools powered by Digi-ID.
Digi-Assets is a scalable and secure way to generate digital identities, holdings, tokens, decentralized blockchain contracts, and more. DigiByte's mission is to ensure that anything in the physical realm can be digitized and recreated cryptographically using Digi-Assets capabilities.
It typically covers across-the-board things such as currencies, equities, bonds, and an endless array of legal documents, including wills, deeds, and mortgages. In addition, Digi-assets architects ensured ecosystem users could use blockchain to protect trademarks, copyrights, and ad materials.
Digi-ID is a cutting-edge user identity confirmation method designed by DigiByte engineers. The tool can provide exceptional safety and impressive data processing speed, completely replacing the need to enter application passwords.
User access control employs blockchain technology, similar to signing transactions when sending crypto assets. As a result, netizens have one of the fastest and most secure authentication methods for online applications and other platforms using individual private keys.
H2 DGB Coin Utility
DGB is a classic digital asset developed as a decentralized alternative to traditional funds. The coin is minted on the DLT (Distributed Ledger Technology) platform, with all the advantages of a popular decentralized asset.
The project's architects ensured that DGB was a truly affordable asset with a minimum commission for mining and transactions within the network.
- Token name: DGB
- DGB price: $0.008066
- Fully diluted market cap: $169,440,472
- Market cap: $131,305,249
- Volume (24h): $1,508,682
- Total supply: 16,272,238,680.86 DGB
- Circulating supply: 16,272,238,680.86 DGB
- Max. supply: 21,000,000,000 DGB
Besides the lack of high commissions, the developers decided that the circulation supply limit of DGB would be 21 billion coins. This amount is exactly 1000 times greater than the circulation supply limit of their main competitor, Bitcoin. DigiByte engineers believe that a higher circulation supply limit is an opportunity to achieve mass DGB adoption and significantly boost the number of ecosystem parties.
H2 DigiByte Origins
Jared Tate is the progenitor of the DigiByte platform, released in 2013. The project's founder is a proficient programmer who has studied BTC's ins and outs since 2012. The primary objective of assembling a blockchain infrastructure was to develop a decentralized network with high security and scalability to meet the needs of digital enthusiasts.
The public presentation of the blockchain project took place on January 10, 2014. As planned by the platform engineers, a small part of the DGB native token was pre-mined and transferred to project development backers on the day of the official release. Since then, the project has developed new features, including DigiShield and MultiAlgo.
The next major milestone in the company's history occurred in April 2016, when DigiByte announced the parallel use of SegWit with the platform's power to increase scalability. As a result, DigiByte has become the second blockchain in the digital world to employ this revolutionary technique. Next, the company focused on improving the ecosystem's security and created a breakthrough hashing algorithm called Odocrypt in July 2019.
DigiByte has made a remarkable journey from the platform's announcement to a full-fledged ecosystem of decentralized solutions. For example, when the project was launched in 2014, the block mining speed took about 1 minute, and the most recent version of DigiByte in 2022 performed the same task in 15 seconds.
H2 How Does DigiByte Work?
The first thing you should consider is that the decentralized network has an agile ecosystem where users spanning multiple countries run lightning-fast transactions with DGB, an order of magnitude swifter than LTCn and BTC transfers.
The ecosystem employs PoW (Proof-of-Work) to ensure and instantly confirm transfers. The project is established on three essential layers, including:
- The network layer controls and manages all operational processes of devices operating blockchain software.
- The consensus layer keeps records and manages all DigiByte transactions within the platform. It is also responsible for minting new coins for DigiByte miners.
- The application layer is one of the central on-chain elements of the blockchain necessary for the lightning-fast exchange of DGB between parties and access to DApps.
Unlike other decentralized undertakings, each DigiByte layer performs a specific ecosystem function and ensures the smooth operation of the platform on a global scale.
H2 DigiByte Funding
DigiByte led the only investment round, raising $250,000 in funding from a private investor. It was a seed round held on December 2, 2014.
H2 DigiByte Roadmap
DigiByte is an open-source blockchain exclusively developed and enhanced by the online community. The project's uniqueness lies in the fact that all external developers participate in designing innovative features on a volunteer basis. For this reason, the project has never shown a clear and well-structured roadmap of new features and updates.
Currently, all the detailed information about the current developments of the blockchain platform and upcoming releases is contained in the DigiByte Pipeline on GitHub. The section includes the following:
- Major and minor system updates
- Ways to integrate the platform with third-party blockchain projects
- All sorts of interactions between DigiByte architects
Today, any adept developer who can make a real contribution to the maturation of the blockchain industry can participate in the project's evolution.
H2 DigiByte Tokenomics Details
The tokenomics of the project is built so that the DGB max supply is 21B coins. As of June 2023, about 76% of the total supply of coins is already used within the system. It is worth noting that the minimum number of investment rounds meant that the project did not have to use DGBs to raise the funds necessary to grow the platform. Instead, DigiByte has reserved 105 million pre-mined DGBs as a reserve for creating and implementing new features.
Today, DGB's annual issuance rate is 5.57%, gradually reducing the number of free coins annually. According to preliminary estimates, all DGB coins will be mined by 2035, which will inevitably provoke a shortage and increase the price, playing into the hands of all coin holders and ecosystem participants.
