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As a consequence, DigiByte also created the DigiCafe as its point-of-sale payment app which is focused on mobile phones and built for daily micropayments on this platform. The DigiByte team is aware that faster block generation times can create issues with scalability, meaning that individual nodes can have trouble verifying transactions if they have to keep track of entire blockchain history, particularly with the rising number of users.
Considering that DigiByte is used in more than 80 countries and that its blockchain is arguably the longest in the world, DigiByte had to implement certain technologies to respond to the scalability challenge. The first one was the SegWit protocol upgrade. It allows for the effective separation of the transaction verification and information on the transaction in blocks.
The result is a more compact ledger and the ability to implement single confirmation and cross-chain transactions on the blockchain. DigiByte is also the cryptocurrency running the UTXO which, theoretically, improves the parallel transaction processing and incentivizes innovations relating to scalability. DigiByte also opted for limiting the size and scope of its transaction in order to make them more resource-efficient and increase its throughput.
Bearing this goal in mind, the team opted for the creation of 21 billion DigiByte coins, which are supposed to be mined in the interval of 21 years. The developers also wanted to make the use of DGB easier to grasp for the users who want to make everyday payments with it. The DigiByte team often refers to the security in the crypto world as something by which they want their platform to set itself apart from the competitors.
This is to be achieved primarily through:. The choice of algorithm depends on which hardware is preferred for mining by the user, be it a graphics processing unit GPU or an ASIC system. The SHA and Scrypt algorithms are largely used by ASIC miners, precluding them from becoming the primary choice for any type of home-based mining effort.
Qubit allows for the combination of hardware types, being most suitable for more advanced miners. The decentralization the DigiByte aims for is achieved by dividing the pool of miners into smaller units with equal power. This balancing process itself is called DigiShield, with its advanced version designated as MultiShield.
Splitting the mining between algorithms and implementing these technologies should help the DigiByte network fortify itself against potential malicious attacks. With it, individual tokens are assigned an identifier. At the same time, the transactions are validated only after all the data relating to the transaction are found in the UTXO database. As for the privacy, DigiByte wants to ensure that establishing links between the accounts on its platform is made more difficult by having a party in the transaction use a new address for each received transaction.
For all the talk of payments and transactions, the key people behind the DigiByte expressed the belief that cryptocurrencies focusing only on these aspects are bound to die an equivalent of slow death. To avoid this, DigiByte plans to gradually move away from payment to expand its native technology to the following fields:. This shift in focus was recently announced by the DigiByte founder Jared Tate who promised the pairing of the AI technology with the DigiByte blockchain in order to create a network which will serve to protect the IoT and other devices.
While these plans are still being developed, this is hardly the first time that DigiByte ventures into the world of technologies outside of cryptocurrencies. Back in , it launched the DigiByte Gaming division in an effort to promote digital advertising and user engagement in games via micropayments and prizes delivered in cryptocurrency.
Jared Tate, the founder of DigiByte, has a background in computer programming, blockchain and cyber security. He designed DigiByte in with the aim to offer a faster and more secure alternative to Bitcoin. The project officially started with the mining of the genesis block in January , without organizing an ICO and drawing any significant media interest. Instead of this, the project was funded through donations given to the DigiByte Foundation which is in charge of promoting this project at the global level.
Currently, there are about 11 billion DGB in circulation and they can be traded with and acquired on the cryptocurrency exchanges such as Coinbase and HitBTC. DigiByte is a cryptocurrency which its creator Jared Tate envisioned as a more secure, decentralized and faster variant of Bitcoin back in With its DigiByte token DGB and a decentralized public blockchain focused on speed and security, DigiByte hopes to outperform its competitors by tackling the following issues: 1.
You can run a whole lot of powerful tools on top of DigiB…. RT AchuoKarl: Hurray!!! A huge shout out to the DigiByte blockchain community around the world! Thanks for having us CoinNewsExtra3, grea…. This podcast t…. Huge update for MyDigiPassword! A bit delayed for a good reason!!! Enjoy the new mobile…. There is no CEO or a company contro…. RT jaredctate: Money is cool. But it is not the blockchain use case that gets me excited. Wonder how long till governments openly hop on the non inflationary hard ca….
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