DigiByte

DigiByte
DigiByte
Denominations
Plural DGB, DigiBytes
Nickname Digi, $DGB
Demographics
Date of introduction January 20th, 2014
User(s) International
Issuance
Central bank None (Decentralised Cryptocurrency)
Mint Mined via blockbuster
Valuation
Inflation 12% in 2017

DigiByte (Code: DGB)[1] is an open source cryptocurrency running on the DigiByte Blockchain, a decentralised international blockchain created in 2013[2] The DigiByte coin was developed in 2013 and released in January of 2014.[3] Although based on Bitcoin, adjustments in the code allow for improved functionality, including 15-second block time and improved security. As of June 2017 DigiByte has a total market cap of over US$230 million.[4] It is the longest public blockchain in existence.

Overview and history

DigiByte was created by programmer and entrepreneur Jared Tate with the goal of creating a fast and secure cryptocurrency that could reach a wider and more decentralised community than Bitcoin.[5] The first Digibyte block was mined on January 10, 2014, and included the headline from USA Today: “Target: Data stolen from up to 110M customers," hashed into the Genesis block to mark the importance of security in digital transactions. Also included was a premine to pay developers and early adopters.

DigiByte pioneered asymmetrical difficulty adjustment mining with DigiShield, which is a widely used technology and the basis of many other blockchains. It is also the first to blockchain to fork from a single proof-of-work algorithm to multi-algorithm mining, however not the first cryptocurrency to use multi-algorithm (Huntercoin).

Soft fork

In April 2017 DigiByte became the second major cryptocurrency blockchain (following Groestlcoin) to implement Segregated Witness (SegWit) via the DigiSync soft fork. The technical milestone laid the foundation for implementation of the Lightning Network and cross chain transactions and atomic swaps. [6]

Hard forks

Activated in February of 2014[7] this hard fork allowed for the DigiByte blockchain to protect against multi-pools that mine large numbers of DigiByte at a low difficulty. It achieves this by recalculating block difficulty between each block, allowing for a faster correction when a multi-pool begins or ceases contributing to DigiByte, rather than recalculating once every fortnight as is the case with Bitcoin. Since then DigiShield has been added into a number of other cryptocurrency blockchains such as Dogecoin, Startcoin, Nautiluscoin, and Zcash, with the help of the DigiByte team. [8]

Activated in September of 2014 from Myriadcoin source code,[7] this hard fork allowed for multi-algorithm mining. Its purpose was to create a number of different proof of work (PoW) mining methods to accommodate the different types of mining capabilities that exist, such as dedicated ASIC mining, GPU and CPU mining. This allows for a larger number of people to access DigiByte mining pools and therefore it creates a more decentralised blockchain with the coins reaching groups who were unable to mine the coin on its original single-algorithm fork.[9]

Activated in December of 2014,[7] this hard fork worked to activate DigiShield across the new MultiAlgo platform and accomplish the same goals on all five mining pools.

Activated in December of 2015[7] this was a hard fork that focused on making the DigiByte coin transaction speeds faster. Block time was reduced by 50% to 15 seconds and new block propagation code was added with the help of Microsoft.[10]

Specifications and technology

DigiByte opened with a block time of 60 seconds and handling up to 140 transactions per second[11] Every 2 years the DigiByte blockchain's dynamic system doubles the number of transactions per second by halving the block time. In 2017, capability reaches 560 transactions per second, with a maximum capability of 280,000 transactions per second to be reached in 2035.[3]

As of June 2017 there are over 8 billion DigiByte coins and the maximum number of coins is 21 billion, set to be reached 21 years after creation in 2035. The number of coins is a deliberate ratio of 1:1000 to Bitcoin. [4]

The five DigiByte mining algorithms (Sha256, Scrypt, Groestl, Skein & Qubit)

DigiByte can be mined over 5 different algorithms.[3] These are Sha256 (ASIC friendly), Scrypt (ASIC friendly), Groestl (GPU friendly), Skein (GPU friendly), Qubit (ASIC friendly).

Use and exchanges

Platforms

There are 6 platforms for the DigiByte blockchain and currency. These include DigiByteGaming, DigibyteTip, DigiByte Market, DiguSign, Digi-ID and DigiHash.[12]

Wallets

Exchanges that trade DigiByte

Community projects

The open source nature of DigiByte has attracted the global community of developers to build projects on the DigiByte blockchain.

Corporate partnerships

Media

USA

Netherlands

In 2015, NRC Handelsblad featured an article about an entire street of retail shops in Zoetermeer using DigiByte to transact with manufacturers in Hong Kong.[35]

References

  1. ↑ http://coingecko.com/en/price_charts/digibyte/
  2. ↑ https://www.digibyte.co/about-digibyte
  3. 1 2 3 https://www.digibyte.co/digibyte-blockchain-faqs
  4. 1 2 "DigiByte (DGB) price, charts, market cap, and other metrics - CryptoCurrency Market Capitalizations". coinmarketcap.com.
  5. ↑ "CoinReport Digibyte founder & creator Jared Tate Archives - CoinReport". coinreport.net.
  6. ↑ "SegWit activation coming soon — DigiByte / Bitcoin (POLONIEX:DGBBTC) / 2017-04-20 — PositiveMinds - TradingView". TradingView.
  7. 1 2 3 4 digibyte (12 June 2017). "digibyte: DigiByte Core 6.14.2 - CURRENT" – via GitHub.
  8. ↑ "What is DigiShield & How it Works to Retarget Difficulty".
  9. ↑ "Digibyte has now switched to Multi-Algo!".
  10. ↑ "What is DigiSpeed Hard Fork v. 4.0?".
  11. ↑ "Scalability - Bitcoin Wiki". en.bitcoin.it.
  12. ↑ "DigiByte Holdings Limited - A DigiByte Blockchain Company". dgbholdings.com.
  13. ↑ "DigiHash - Official DigiByte Developer Pool". digihash.co.
  14. ↑ "Legal - DiguSign". digusign.com.
  15. ↑ "Trade - DiguSign". digusign.com.
  16. ↑ "Real Estate - DiguSign". digusign.com.
  17. ↑ https://digibytegaming.com/
  18. ↑ Gaming, DigiByte (24 May 2017). "Do to an ongoing DDOS we have had to shut down DGB Gaming until we can get regrouped: Please read https://bitcointalk.org/index.php?topic=408268.msg19183546#msg19183546 …". External link in |title= (help)
  19. ↑ "How Do I Use Reddit's Dogetipbot?". 3 February 2014.
  20. ↑ "DigiByte Gaming Hub - Home". DigiByte Gaming Hub - Home.
  21. 1 2 3 4 5 "DigiByte Wallets".
  22. ↑ "Coinomi".
  23. ↑ "Jaxx Announces Massive Expansion".
  24. ↑ "Poloniex - Bitcoin/Cryptocurrency Exchange".
  25. ↑ "Bittrex".
  26. ↑ "ShapeShift - Cryptocurrency Exchange - Simple Coin Conversion".
  27. ↑ "Litebit EU Exchange".
  28. ↑ "Yobit".
  29. ↑ "Cryptopia".
  30. ↑ "Mine That Digi".
  31. ↑ "DigiPSN".
  32. ↑ "Finovate Alums Prepare for Citi Tech for Integrity Challenge Finals".
  33. ↑ "How I'm Dodging Bitcoins Flaws".
  34. ↑ "DigiByte: History of the First Year by Christopher Thompson".
  35. ↑ "De hele Dorpsstraat aan de DigiByte".
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