In 2013, CEO and founder of DigiByte Jared Tate announced a decentralized blockchain network that he claimed will fix the shortcomings of crypto assets such as Bitcoin and Ethereum. After a year, DigiByte was launched to the public and is now known as one of the earliest cryptocurrencies in existence.
In essence, DigiByte is a decentralized blockchain network that features three key layers within its ecosystem. On the top layer, the smart contracts decentralized applications and customizable tokens can be found.
Meanwhile, the second layer serves as the public ledger where the native coin runs and executes transactions. Lastly, the third layer of the chain is where the core framework of the system lies. It is made up of nodes, softwares, and a chat feature that allows people to message each other and exchange information.
DigiByte cryptocurrency: The other Bitcoin
DigiByte cryptocurrency is one of the assets that became popular during the pre-spike days of cryptocurrency. At the time, it was lauded by crypto enthusiasts and crypto experts as a promising coin to watch out for because of its features that addresses the issues of other altcoins in the market.
Key features of DigiByte you need to know
It is a decentralized network infrastructure
One of DigiByte’s feature is its fully decentralized network. Compared to other digital assets, DigiByte is not funded by premined assets or ICOs which is the common issue in most cryptocurrencies.
Moreover, DigiByte utilises 5 algorithms instead of using one. These multiple algorithms enable the mining protocol. Due to this, the blockchain has a high hash power that removes risks and improves the overall function of the blockchain.
It has a more secure blockchain
Aside from using multiple algorithms, DigiByte has a ‘Multi-Algo’ feature that can address difficulty in mining as well as eliminating the possibility of centralization within the blockchain.
According to Sydney Ifergan, the Marketing Manager of DigiByte Foundation, the reason why DigiByte became popular in the crypto space is because of its state-of-the-art security features. The network runs on Odocrypt, an algorithm designed to prevent any ASIC influences. It does so by rewiring the chain every after 10 days.
It has fast transaction time
Aside from its top-notch security features, DigiByte also has excellent scalability and speed at least 40x faster than Bitcoin and Litecoin. This is possible thanks to the SegWit technology that can process a whopping 1,066 transfers a second.
It uses advanced technology
Aside from the innovative features of DigiByte, it also has other high-tech characteristics such as Multi-Algo mining, DigiShield guard, DigiAssets, Digi-ID, and Dandelion++ privacy protocol which creates a more seamless and advanced user experience.
- DigiAssets – DigiByte offers the DigiAssets tool that enables users to create other cryptocurrencies on its blockchain without complex computer work and processes. It instantly became popular among venturers who want to design their assets.
- Digi-Broker – The Digi-Broker is a platform where the users of Digi-Byte around the world can trade and share their assets with other people.
- DigiAssetX – DigiAssetX is a new feature of the blockchain that functions as a creator service where users can generate tokens within the DigiByte network using a more advanced program.
- Digi-ID – The Digi-ID is the security protocol of DigiByte which allows users to create accounts across platforms without having to go through complicated verification processes to authenticate their identity. It removes the need to use usernames, passwords, and 2FAs. Instead, users will only need their private keys.
Where can you store DigiByte?
The DigiByte cryptocurrency can be stored in different wallets, depending on the preference and need of the user. Here are some of the best wallets you can use for your DGB assets:
Ledger hardware wallet
Ledger hardware wallets are some of the most popular cold wallets in the market. As a hardware wallet, using Ledger heightens security on digital assets because it’s not constantly connected to the internet.
Moreover, Ledger supports over 700 tokens and altcoins, including the DigiByte cryptocurrency. For users who want to invest in huge sums of cryptos, a hard wallet is the best option.
One of the most-used products of Ledger are the Nano S, Ledger Blue, and ledger X, which can store DGB and other assets. These wallets provide pin codes, encryption and a two-factor authentication in order to elevate the security for users.
DigiByte Core (Desktop Wallet)
The DigiByte Core is a wallet developed by the DigiByte team, specifically designed for DGB assets. Aside from storing assets, this wallet also functions as a blockchain node that helps increase the security of the overall DGB blockchain.
This wallet gives users the ability to tweak using the basic controls to send and receive DGB assets. Moreover, it is intuitive that makes it a perfect feature for those who are still navigating the system. Additionally, once users have activated their wallets, it syncs information from the whole blockchain.
Guarda (Desktop, web, mobile wallet)
Guarda is a wallet that can function as a multi-currency storage that can be used to keep DGB assets. What makes this wallet perfect for users is that it can be used on desktop, web, or mobile. It also allows users to access their transaction history so they can keep track of expenses executed using the wallet.
Furthermore, Guarda wallet provides a built-in exchange that allows users to convert their Digibyte cryptocurrency into other digital assets without hassle. It can also be utilised as a way to create custom tokens.
DigiByte Go Wallet (Online wallet/Chrome extension)
The DigiByte Go Wallet is a storage released by the DigiByte team that functions as an online wallet. It comes as a Chrome extension so people can easily access their funds. For users who want to store small amounts of crypto coins and use them right away, this wallet is a good choice.