What is DGB (Digibyte)?
DigiByte is a cryptocurrency focused on security, speed, and decentralization. It started back in 2013 and is one of the older crypto projects.
Despite its age and ongoing development, Digibyte has kept below the radar compared with the hype-train of some competitors. Digibyte supporters reckon DGB is the ‘Sleeping giant of crypto.’
Digibyte is a faster, more secure version of Bitcoin and is only created (like Bitcoin) by mining. Its USP; a currency to be used online as a payment method, but also as a store of value.
In May 2019, DigiByte launched DigiAssets, their scalable second-layer architecture, which sits on top of the DigiByte blockchain offering decentralized issuance of DApps and smart contracts.
What are the project's goals?
Like most altcoins, Digibyte was created to fix the deficiencies of Bitcoin. The core issue for Digibyte is security. Virtually everything we now do is online – real-time information, data, finances etc. Although there have been countless attempts to improve online security, none has really succeeded
DigiByte aims to provide absolute security for data, information, and resources, as well as decentralization for users. Most cryptos are not wholly decentralized as they are controlled by individuals and private companies rather than the community.
Digibyte’s open-source mining system is widely considered to be among the most decentralized in the business. Its latest mining algorithm, Odocrypt, rewrites itself every ten days. MultiShield followed real-time adjustment mechanism DigiShield, and both are regarded, in the cybersecurity industry, to be groundbreaking.
How much DGB is on the open market?
DGB is in plentiful supply. There are 13,465,726,269 DGB in circulating supply. The total supply is 21,000,000,000.
What the bears are saying
- Trouble at the top? Back in May 2020, Jared Tate, the founder of Digibyte, stepped down from the day-to-day operations of the project, citing too many investors in the space abusing crypto and just using it as a mechanism to profit. This could worry investors, but Digibyte is still a project to watch in the short to medium term.
- Hype & volatility: Sometimes it can be hard to get behind a project when the hype train is going full steam ahead. In early 2020, the token rose over 900% in price and then crashed into bear territory. Volatility of such magnitude scares off investors.
What the bulls are saying
- Security: Security is a massive USP for Digibyte. This could be the key to attracting new partnerships to enable the project to scale.
- Community: Remember, Digibyte has been around for a long time compared with the new kids on the block. With this comes a loyal fanatical following. How did they get a community so loyal? Because their project is truly decentralized and their mission has always been to create a project centered on people and social values.
- Scalability: Digibyte can support over 48 million transactions a day – that’s ten times the current transaction volume of the top 50 blockchains by market cap. There is a lot to be positive about if they can get adoption.
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This article is for informational purposes only and takes no account of particular personal or market circumstances, and should not be relied upon as investment, tax, or legal advice. For investment, tax, or legal advice and before taking any action you should consult your own advisors. Note that digital assets such as cryptocurrencies present unique risks for investors. Please see our disclaimer regarding risks specific to holding digital assets before investing.
This content is correct as of October 2020
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