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Digibyte

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Description

What does Digibyte do?

Digibyte aims to compete with established cryptocurrencies by offering a faster, more secure, and more scalable platform. Digibyte supports five Proof of Work mining algorithms to maintain decentralization and security. To balance mining difficulty across all five consensus algorithms, Digibyte implemented Multishield, an iterated version of Digishield.

Digibyte has a block time of 15 seconds which makes it much faster than Bitcoin, its main competitor. To further scalability, Digibyte was one of the first projects to implement SegWit, which helps maintain a compact blockchain ledger.

What is Digibyte coin (DGB) used for?

Digibyte coin (DGB) is used as a medium of exchange and as a reward to miners for maintaining the network. Utilizing five different mining algorithms provides accessibility to different miners because each algorithm is better suited for different mining setups, including ASICs, GPUs, CPUs, and others. Digibyte has no staking or masternode functionality, but there is a consistent block reward reduction of 1% monthly to maintain an acceptable rate of inflation.

How can Digibyte coin (DGB) appreciate in value?

Decentralization, transaction speeds, and low fees are Digibyte’s most attractive features. If Digibyte - and DGB by extension - is deemed to be one of the fastest cryptocurrency options, it will be bought and used by a large base of individuals. Simply put, if demand for DGB outweighs its supply and inflation rate, Digibyte coin (DGB) will increase in value.

What are the differences between Digibyte and its competitors?

Digibyte’s goal is to become the most widely used cryptocurrency. As a result, Bitcoin, Ripple, and Stellar are Digibyte’s main competitors. Bitcoin’s, Ripple’s, and Stellar’s user bases have grown quicker than Digibyte’s, primarily through successfully articulating their technology to the crypto community and being highly transparent.

Digibyte does not have a clear whitepaper and its marketing uses lots of buzzwords, which makes the community skeptical and hesitant to take it seriously. Digibyte’s technology may be solid, but the team behind the project will need to convey its message more clearly to win over the community and have any type of real success over its main competitors.

  • Mainnet Launch: Yes Jan. 10th 2014
  • Open Source: Yes
  • Consensus Type: PoW
  • Technology: Blockchain
  • Total Coin Supply: 21,000,000,000 DGB
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REWARD
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Idea
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Innovativeness

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Does the project’s message make sense?

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Attention

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Hype

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Versatility

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Description

What does Digibyte do?

Digibyte aims to compete with established cryptocurrencies by offering a faster, more secure, and more scalable platform. Digibyte supports five Proof of Work mining algorithms to maintain decentralization and security. To balance mining difficulty across all five consensus algorithms, Digibyte implemented Multishield, an iterated version of Digishield.

Digibyte has a block time of 15 seconds which makes it much faster than Bitcoin, its main competitor. To further scalability, Digibyte was one of the first projects to implement SegWit, which helps maintain a compact blockchain ledger.

What is Digibyte coin (DGB) used for?

Digibyte coin (DGB) is used as a medium of exchange and as a reward to miners for maintaining the network. Utilizing five different mining algorithms provides accessibility to different miners because each algorithm is better suited for different mining setups, including ASICs, GPUs, CPUs, and others. Digibyte has no staking or masternode functionality, but there is a consistent block reward reduction of 1% monthly to maintain an acceptable rate of inflation.

How can Digibyte coin (DGB) appreciate in value?

Decentralization, transaction speeds, and low fees are Digibyte’s most attractive features. If Digibyte - and DGB by extension - is deemed to be one of the fastest cryptocurrency options, it will be bought and used by a large base of individuals. Simply put, if demand for DGB outweighs its supply and inflation rate, Digibyte coin (DGB) will increase in value.

What are the differences between Digibyte and its competitors?

Digibyte’s goal is to become the most widely used cryptocurrency. As a result, Bitcoin, Ripple, and Stellar are Digibyte’s main competitors. Bitcoin’s, Ripple’s, and Stellar’s user bases have grown quicker than Digibyte’s, primarily through successfully articulating their technology to the crypto community and being highly transparent.

Digibyte does not have a clear whitepaper and its marketing uses lots of buzzwords, which makes the community skeptical and hesitant to take it seriously. Digibyte’s technology may be solid, but the team behind the project will need to convey its message more clearly to win over the community and have any type of real success over its main competitors.

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