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DigiByte is a cryptocurrency project and blockchain that aims to provide users with innovative and high-speed security. DigiByte was launched in 2014 and became the first major altcoin in 2017.
DigiByte is one of the most popular cryptocurrency projects, with its native token, DGB, in the top 100 cryptocurrencies in the world.
What is DigiByte?
DigiByte is a cryptocurrency project and blockchain that aims to provide users with innovative and high-speed security. DigiByte was launched in 2014 and became the first major altcoin in 2017. DigiByte has become increasingly popular, especially in recent years with the widespread adoption of cryptocurrency.
Key Features and Takeaways of DigiByte
DigiByte is one of the most popular cryptocurrency projects, with its native token, DGB, in the top 100 cryptocurrencies in the world. DigiByte has the following key features and takeaways:
DigiByte consists of three different layers namely a top layer that is designed for smart contracts, decentralised applications, and customisable tokens. The middle layer is the public ledger where DGB can move throughout the entire network and serve as the base asset. The final and bottom layer is the core infrastructure that includes the decentralised nodes, client software, and communication between each of these.
DigiByte, like Bitcoin, uses Unspent Transaction Output (UTXO), a technical method that is used to keep track of blockchain transactions between accounts.
DigiByte is 40 times faster than Bitcoin, and it has the longest blockchain in the world.
DigiByte has been battle-tested and proven secure for the past 7 years and one of its most unique features is that it uses five different mining algorithms, where most blockchains only use one.
The five-mining algorithm that DigiByte uses prevent the centralisation of mining and they also ensure that the network is more secure.
In addition to this, DigiByte also has the most advanced difficulty stability, something that no other blockchain has currently. The advanced difficulty adjustments aim to protect the blockchain from malicious attacks.
DigiAssets is an innovation from DigiByte that is part of the top layer which is reserved for smart contracts. As result of the heightened security that DigiByte has, along with scalability, the team behind DigiByte believes that it will offer the perfect ideal base protocol for the platform.
The first two DigiAssets created in 2019 are DigiTorch and DigiFlame, which are both used to build new projects on the DigiAssets platform.
There is a fixed supply of DGB along with a set distribution schedule. The total supply of 21 billion DGB will be created over 21 years.
There was no ICO for DGB and all new DGB has been, and always will be, created through mining.
The first DGB was mined in 2014 and the last of the 21 billion DGB tokens will be mined in 2035.
Unlike any other blockchains that employ the Proof of Work (PoW) consensus mechanism, DigiByte uses five different mining algorithms, namely:
The mining rewards are distributed equally to miners on each of the algorithms at a set 20% that is given to each miner. As result of this, it is possible to mine DGB on any type of computer through either CPU or GPU mining. DGB can also be mined by using specialised, powerful ASIC hardware and once users have chosen the algorithm they wish to mine, users can simply choose a mining pool to join, or they can proceed with solo mining.
Mining with GPU
There are both simple and complex ways through which users can mine DGB with Nvidia graphics cards. The simplest method is for users to install Skein and to connect to a mining pool to collect DGB as it is mined.
The more complex method involves considerations such as computational power, time, and other expenses in comparison to the profitability of mining DGB through the Skein algorithm. It is imperative that users make use of a mining calculator to calculate their profitability and to divide the possible profit in half for the following reasons:
Cryptocurrency mining is speculative as crypto values fluctuate suddenly and dynamically.
Mining rigs can fail to deliver as promised as result of uptime. The environment of the mining rigs, temperature, and ventilation are two of the largest concerns as an increase in temperature can cause circuit boards to overheat.
Users who are running more than one DGB mining rig will have to consider noise and attracting unwanted attention to their activities, especially in residential areas, apartment buildings, workplaces, and other areas.
Users who have AMD graphics cards can consider using Groestl and a Groestl mining pool. While both AMD and Nvidia are unique in their setup, users must consider that one graphics card may not be as profitable as the next.
Mining with ASIC-rigs
Users who are serious about mining DGB can consider the use of ASIC rigs as they are a proven, effective way to start mining, especially for users who want to become profitable and earn an income from mining, given that users ensure that they maintain the correct ratio of cost and profit.
The profitability of an ASIC miner is correlated to the market value of the coin along with the age of the machine. ASIC mining is dominated by ASIC manufacturers along with large mining farms who have the right to obtain new hardware before anyone else.
Unfortunately, these participants have an unfair advantage of economy of scale. This is as result of larger farms being offered with reduced pricing for larger batches, leading to a significant problem in the blockchain becoming more centralized.
These practices subsequently limit the abilities of smaller farming groups to diversify and extend their ROI on DGB mining.
Mining with FPGA machines
Field Programmable Gate Arrays, or FPGA, is a hardware circuit that can be programmed to carry out a certain operation. FPGA mining of DGB has several benefits apart from being profitable, the main benefit being that it returns the decentralized nature of blockchains.
However, FPGA is not immune to problems, especially considering that they are complex computing graphics cards that require sound Information Technology (IT) understanding to ensure that they can be operated effectively.
Mining in a Mining Pool
This is not a mandatory method of mining, but it does provide users with a more cost-effective way to make an income from mining DGB. Mining pools tend to leverage many small operations into a significant force.
Pros and Cons
Should you buy DigiByte?
Digibyte has shown steady and solid progress in the past seven years that it has been in operation. As it is being developed and supported by a Core-team as well as a solid community that consists of non-paid volunteers, there may be issues with commitment to dates to accomplish future projects.
DigiByte is an interesting project that shows significant potential, given that there is conceited effort to continuously expand and improve on existing technologies. There is commitment from a large community and even though it is on a volunteer-basis, there is promise for more to come.
There are more investors who are showing interest in DigiByte, with this number expected to grow as there is increased adoption of cryptocurrencies and blockchain technology.
Frequently Asked Questions
When was DigiByte first launched?
DigiByte was launched in 2014.
Who founded DigiByte?
DigiByte was established by Jared Tate, who worked on the project from 2013 to 2020.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was DigiByte’s ICO and how much did it raise?
DigiByte did not have an ICO.
Is DigiByte legit?
Yes, DigiByte is legit.
What is DigiByte’s total supply?
There is a total supply of 21 billion DGB.
What is the purpose of DigiByte?
DigiByte is focused on cybersecurity as well as utility by ensuring secure payments and communication.
On which blockchain is DigiByte based?
DigiByte is based on its own blockchain.
Does DigiByte work with smart contracts?
Yes, one of the three layers that the platform consists of is designed for smart contracts.
Does DigiByte have potential to become more valuable?
Yes, DigiByte and DGB have the potential to become more valuable.
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