DigiByte, also known as the cryptocurrency DGB, is a Chinese blockchain technology that is focused on gaming, payments, and security. The company is headquartered in Hong Kong and was founded by Jared Tate. Tate came from a military and early computer science background and was involved in Bitcoin sector for many years. After becoming frustrated
DigiByte, also known as the cryptocurrency DGB, is a Chinese blockchain technology that is focused on gaming, payments, and security. The company is headquartered in Hong Kong and was founded by Jared Tate. Tate came from a military and early computer science background and was involved in Bitcoin sector for many years. After becoming frustrated in the development of Bitcoin core, he launched DigiByte in 2014 and raised a seed round of funding to expand his work in payment and trade. An amazing feature of DigiByte is that it runs on five separate algorithms, each of which covers 20 percent of the new blocks. This is a big deal because most blockchains are running on just one algorithm, and only the fastest nodes win tokens.
DigiByte uses five mining algorithms to process transactions. Each algorithm accounts for 20 percent of all blocks created on the network. This system makes DigiByte a unique and diverse blockchain.
Each of the five DigiByte algorithms accommodates a different type of miner, which has made the DigiByte protocol appealing to more users and increased decentralization. Because of this protocol’s approach, attackers would need to gain control of around 60 percent of the total network hash rate to cause any problems. This would entail control of at least 93 percent of one algorithm and 51 percent of the other four (as compared to Bitcoin, which is running one algorithm and is subject to a 51 percent attack). The 51 percent attack concept is one of the greatest weakness of the Bitcoin blockchain. If more than 51 percent of the miners in the Bitcoin network is controlled by one group, they can manipulate the Bitcoin blockchain. If the network is compromised, the token will lose its value and the data secured within the network will be compromised.
The DigiByte team saw that there was a greater advantage to gain by allowing more types of mining on its platform. In systems that have a single algorithm, only the fastest and latest technology will win. This creates a sort of cannibalistic arms race for technology and speed. Because it allows all types of machines to successfully win tokens, the DigiByte system is open to greater diversity and participation.
The DigiByte team has done amazing work which is utilized by many other projects. Currently, DigiByte is processing 300 transactions per second. To put that into perspective, Bitcoin does only about seven transactions per second. The team has many inspiring goals for its project, including the aim to match Visa’s staggering transaction speed by 2021. DigiByte is one of the most widely distributed networks, with more than 8,000 nodes in 82 countries. It works similar to Bitcoin in that it can be used to move value between two parties quickly and at a very low cost. Through this mechanism, it allows you to secure data, documents, and contracts at an even faster speed than Bitcoin.
The team at DigiByte has also worked hard to add a bit of fun to its project. The team offer prizes for gaming through the platform and tweeting nice things about them. DigiByte has a GitHub and is an open-source project under the MIT license.
DigiByte Gaming, a division of DigiByte is a platform utilizing cryptocurrency within the gaming environment to facilitate a new type of digital advertising. It’s a form of permission marketing, where campaigns and incentives drive brand engagement with cryptocurrency prizes and bounties. The ability to do secure micropayments that are nearly borderless gives this type of marketing platform a very interesting competitive advantage. The borderless engagement allows companies to reach a wider audience. The cryptocurrency also lets companies make payments and offer prizes of just about any size to anyone in the world. It will be exciting to see DigiByte marketing expand beyond the gaming industry.
Earning DigiBytes While Gaming
DigiByte has made the connection between the gaming community’s affinity for digital tokens and blockchain technology. Gamers are familiar with using digital currencies within games, so the DigiByte team believes that it’s an easy jump to utilize its cryptocurrency token as a way to incentivize user engagement.
Signing Documents on DigiByte’s DiguSign
DiguSign is an interesting alternative to traditional cloud storage and e-signature services. DiguSign takes the basic functionality of these applications and adds the permanence and the verifiability of blockchain technology. It allows you to digitally sign documents and then secure them in the DigiByte blockchain.