What is DigiByte?

What is DigiByte? Community Coins without Authority

Posted on

DigiByte is a fast growing open-source blockchain created in late 2013 and released in early 2014 by founder Jared Tate. DigiByte is not an ICO, there is no company behind it, but 100% community driven without any authority. All volunteers.

This asset is the oldest and oldest UTXO blockchain. Apart from that it is also one of the fastest chains at almost 0 cost. DigiByte focuses on speed, security and scalability. With much faster block timing than other UTXO blockchains (15 seconds).

Security is obtained by using 5 different mining algorithms using the “MultiAgo” solution and tens of thousands of active nodes. While other blockchains use only 1 mining algorithm to mine new blocks and introduce new assets into circulation. DigiByte has also pioneered Multishield, creating real-time difficulties across all five mining algorithms to deal with hashpower fluctuations with ease.

DGB coins are mined over time. The circulating supply stands at 13 billion, with a maximum supply of 21 billion by 2035. Currently DigiByte is between 30 and 40 on the Coinmarket Cap.

After 7.5 years of forward-thinking development, DigiByte has become one of the safest, fastest, longest-lasting and decentralized UTXO blockchains ever.

What is DigiByte and its History?
What is DigiByte?Jared Tate developed DigiByte in 2013 and launched the genesis block in January 2014. At the time, it was one of the few public blockchain projects. DigiByte launched with no initial token sale and with little fanfare.

After launch, Tate dedicated himself fully to the development of DigiByte. Since then, funding for the project has come through donations to the DigiByte Foundation. It’s also reasonable to assume that Tate and others involved in the project own a significant amount of DGB (original coins) from mining and initial transactions. Their wealth would increase every time the price of DGB increased.

Read also:  Charlie Lee, from Miner to Litecoin Developer

Speaking of other people working on this team, you can check out the DigiByte developer members directly on their website DigiByte.org.

DigiByteLike all cryptocurrencies, the price of DigiByte is unstable (fluctuating). Until 2017, the price was relatively constant, with little growth. However, 2017 and 2018 saw a series of ups and downs for DGB.

The June 2017 spike came when DigiByte hinted at an upcoming announcement on Twitter. Investors looking to make money from the announcement quickly bought into DigiByte. This raises the price. However, the announcement did not come for a few more days. This asset introduces a new wallet and several additional features. At the time of the announcement, the DGB price had fallen to near pre-announcement levels.

DigiByte price spiked again in December 2017-January 2018. John McAfee, a popular crypto investor, tweeted about DigiByte as a company worth watching. The resulting December spike carried over into the new year. But, it ended up collapsing along with other crypto markets in a January 2018 correction.

There were no major fluctuations in 2018, except for a brief period in Q3 this year where prices rose for a month or two. This comes at a time when the company announced the availability of wallets for iOS and Android, which may explain its rise. Currently, the Apple App Store is starting to allow payments in Digibyte.