DigiByte (DGB) Review – Crypto Coin Judge
What is DigiByte (DGB)?
It is an open source cryptocurrency that runs on DigiByte Blockchain. DGB is perfectly positioned to create a decentralized and secure digital future with its combination of pioneering new innovations and unique problem-solving experience. The DGB coins were developed in 2013 and released on 10 January 2014. Since then this cryptocurrency has provided its investors with amazing returns. Many experts believe that this currency is undervalued and will grow in the future and mightto reach USD1 in first few months of 2018. It has a total market cap of over USD1 billion as of January 2018. This currency provided the investor with more than 40 times better returns than Bitcoin in 2017.
A brief overview and history of DigiByte (DGB)
DigiByte (DGB) was officially launched on 10 January 2014 by entrepreneur and programmer Jared Tate. His goal was to develop a faster and more secure cryptocurrency. The main goal of this project was to create a cryptocurrency that could reach a more decentralized community than Bitcoin.
Full DigiByte analysis
It is one of the most rapidly growing decentralized global blockchains. This cryptocurrency makes use of the blockchain technology, which is a transparent ledger used in different applications. DGB is focused on building state-of-the-art and sophisticated blockchain technology for security applications as cyber threats continue to increase around the world.
This cryptocurrency like Bitcoin, Ripple, DASH, Steem, Dogecoin, Waves, Bitshares, Monacoin is very popular and it is already stored and traded in more than 89 countries. The popularity of this digital currency is due to a number of reasons such as:
- Non-existent fees.
- Lighting fast transactions (nearly instantaneously) without the requirement of any third party such as a bank.
Experienced and dedicated developers are working hard to develop new upgrades as soon as possible. Future updates are expected to make the transactions even faster. The notification of DGB transactions occurs in 1-3 seconds. The blocks are being discovered by the mining algorithm every 30 seconds and transactions are completed every three minutes.
1 – There is no (or only a very small) network mining fee for most DigiByte to DigiByte transactions to incentivize new miners.
2 – Users can send and receive DGB coins to or from any verified DigiByte address from around the world without having to register or pay any hidden charges.
This cryptocurrency uses advanced, modern, and cutting-edge blockchain technology for securing necessary data, documents, and contracts in a way which has never been possible before.
The transactions in DigiByte are precisely limited in scope and size for the purpose of increasing throughput, speed, and efficiency of the transactions.
1 – Only 21 billion DGB can be created in 21 years.
2 – The DigiByte blockchain also maintains the security of all the transactions of this cryptocurrency.
3 – It has the fastest speed of transactions made on any public UTXO global blockchain with 15 block speed.
4 – Several new innovations are allowed to occur on the blockchain of this cryptocurrency due to its segregated witness.
DigiByte Innovations: What makes this digital currency more secure?
Advanced difficulty stability
DGB has one of the most advanced difficulty stabilities in the world. This difficulty stability was achieved by building and implementing MultiShield and DigiShield into this digital cryptocurrency.
Five mining algorithms
The DGB system makes use of five advanced cryptographic mining algorithms for preventing mining centralization.
It is considered to be one of the most secure cryptocurrencies around the world. Its blockchain is widely used by over 100,000+ computers, servers, smartphones, and master nodes globally.
Mining of DigiByte
The mining is carried out through a process known as Proof-of-Work (POW). The miners have to solve complicated and complex mathematical problems to validate the cryptocurrency transactions using high performance computer systems and the latest mining software.
Mining is carried out by using high-performance CPU, GPU, or ASIC to process (or “mine”) blocks of transactions on the network of this digital currency. The miners need powerful hardware attached to their computer in order to mine this cryptocurrency. In addition to this, they need specialized mining software and a DigiByte wallet.
Mining software and sophisticated hardware are very expensive for small investors. So, the mining of alternative cryptocurrency is ideal for large stakeholders. Many cryptocurrencies have now started to make use of power-of-stake (POS) instead of POW for mining purposes. In POS, the mining of coins doesn’t involve the use of expensive hardware and software products by miners. This makes the process of mining, in the case of POS, more suitable for small cryptocurrency investors.
Solo or pooled mining
When it comes to mining DGB, the miners have two options: solo mining or pooled mining. In solo mining, the miners can mine the coins on their own computer by using the right mining software, sophisticated hardware installed on their computers, and a valid cryptocurrency wallet.
Solo miners should start with CPU mining to learn the mining process efficiently. It is important to understand that the process of solo mining can be difficult to get started for first-time investors.
Choosing the right mining algorithm
Miners have the option to select from five separate mining algorithms with DigiByte. Five mining algorithms are used by the miners to mine coins with DigiByte:
Each mining algorithm is specifically suited to the different type of mining hardware. SCRYPT and Sha256 are exclusively used for the purpose of mining coins by different advanced ASIC. GROESTL and SKEIN are good for GPU. QUBIT algorithm is ideal for the combination of multiple types of hardware.
Configuring mining software and the miners
Users will need to configure the miner once they have chosen their mining hardware and algorithm. There are literally thousands of possible configurations for the miners depending on the hardware, operating system, and other factors chosen by the investors.
Moreover, the investors need to download special mining software based on the operating system, hardware, and the algorithm that they are using. When it comes to choosing special mining software, there are several open source options available. Before the investor has fully optimized their mining software and miner, it is not uncommon for them to spend several days to settle in. Many first-time investors use “Google” to make the process of mining this cryptocurrency as easy as possible.
Choosing the mining pool
The next step in mining is to choose a mining pool to increases chances of earning new coins through the mining process (once the investor has effectively configured miners and sophisticated mining software).
One of the great mining pools, for starting the mining process, is DigiHash because it is supported by the DigiByte foundation. Part of the reward goes back to maintaining the DigiByte network when the investors make use of the DigiHash mining pool.
Investors can download the wallet based on the Operating Systems (OS) of their desktops. Some of the wallets that can be used for storing, mining, exchanging, and trading of this innovative cryptocurrency are mentioned below:
- DigiByte Core Windows
- DigiByte Core Mac
- DigiByte Core Linux
- DigiByte Android
- Chrome Go wallet
- Coinomi Wallet
- Jaxx Wallet
- Ledger Nano S and Blue
Buying DigiByte coins
1 – First of all, the users need to set up a wallet to store the DGB coins
2 – In order to install the wallet, investors should visit DigiByte’s official website
3 – This cryptocurrency cannot be purchased directly with US dollars.
4 – So, the users need to purchase other cryptocurrencies such as Bitcoin or Ethereum and then exchange them with DGB coins
5 – Buyers can choose popular exchange to trade their cryptocurrency with DGB coins
DGB versus Bitcoin
1 – DGB coins as investment were 40 times more profitable in value increase than Bitcoin in 2017.
2 – In addition, this cryptocurrency is listed on many verified and well-established platforms for exchange and trading purchases.
3 – It is easier to mine and has a user-friendly wallet, which can be used for storage and exchange purposes.
4 – The process of mining is quite simple as there is no masternode or staking for carrying out the mining.
5 – It is an old fashion cryptocurrency like Bitcoin but it much more secure and faster.
Many cryptocurrency experts believe that this currency will be used more in the future while the use of Bitcoin will be reduced significantly. This cryptocoin has a good reputation and it is listed on some of the more reputed exchanges. Although, there are other new currencies like DGB are emerging, they require time before they will be accepted on the different exchange platforms around the world.
Why choose DGB coins?
1 – It may be the right time to purchase DGB coins and one of the primary reasons at the moment is the price of this digital currency. Despite the immense potential of this coin, the price of this digital currency is currently really very low. According to some experts, this coin has still a lot to come.USD
2 – The second reason to purchase this digital currency is its uniqueness, as it was the first cryptocurrency to introduce the SEGWIT mining algorithm to help miners to mine this currency fast and in a more secure manner. It is one of the first cryptocurrencies to have a multi-mining algorithm in order to make the transactions fast and secure. Based on the in-depth and detailed fundamental and technical analysis of this digital currency, many experts believe that this currency is undervalued and it has a huge potential in terms of growth.
A brighter future
DGB blockchain technology will fix nearly 90% of the most common vulnerabilities that are affecting the internet today by leveraging the blockchain technology and applying it to different applications.
The founder of DigiByte is exploring new innovations in data analysis and automation by combining advancements in blockchain technology with artificial intelligence.
The future of this crypto coin includes the focus of effectively applying DigiByte security to different services and IOT devices that require systematically robust communications.
The team behind DGB
is to the Jared Tate is one of the leading programmers and entrepreneurs to be associated with the cryptocurrency. He was one of the few blockchain founders who went public in the year 2014. In addition, the cryptocurrency has been under consistent, progressive, and constant development for over four years now with their core developers and programmers from all over the globe.
Why should one invest in DGB?
This cryptocurrency is already traded, exchanged, and stored in many countries around the world. It has different, new, and exciting projects underway to be released throughout 2018 for increasing new users and the adoption of DigiByte utility around the world.
It will provide banks, merchants, and other institutions with a new, more secure payment systems that will help them to acquire and connect with tech-savvy millennial users from different parts of the world. The innovative, flexible, and adaptable system adds new features and services regularly to keep up with the state-of-the-art of digital currency technology.