What is DigiByte?
Digibyte is focused on cybersecurity for digital payments and decentralized applications. Founded in 2014, it is one of the most well-established blockchains. Digibyte has a large, supportive community that claims that Digibyte is more scalable, more secure and more decentralized than competitor blockchains. DigiByte never had an ICO and there was no pre-mine. Because of this, founder Jared Tate refers to DigiByte as a “grass roots” blockchain.
According to founder Jared Tate “We have been the pioneers and leaders explaining to people that blockchain technology applied on top of a truly decentralized public ledger can fix 95% of the cyber security vulnerabilities out there in the world today.”
(Watch the Full Video Explanation Below)
Digibyte claims to be more scalable, quicker, secure, decentralized, adaptive and manageable than Bitcoin.
5 Mining Alorithms
Unlike Bitcoin, Digibyte uses 5 different mining algorithms which helps to prevent mining centralization. Even if all of Bitcoins mining power was pointed at the DigiByte network, it would only be able to capture 20% of the mining power. This is important because it allows for a more democratized and decentralized mining process.
The Digibyte blockchain is decentralized on over 200,000+ nodes. This is far more decentralized than Bitcoin’s 7,000+ nodes.
Block Speed and Size
Bitcoin has 10-minute block times and DigiByte has 15 second block times. Faster blocks enable faster transactions. It is estimated that DigiByte transactions are around 40x faster than Bitcoin transactions. Since DigiBye has such fast block times and has been around for so long it is actually the longest blockchain in existence.
In addition, block sizes are scheduled to double every 2 years in order to keep up with increasing transaction demand.
An example of DigiByte being ahead of the development curve is the fact that they implemented SegWit before Litecoin or Bitcoin. DigiByte was the first cryptocurrency to implement SegWit, which makes BlockWolf confident that DigiByte is capable of implementing the best technology before others.
DigiShield is a real-time difficulty adjustment. Basically, it’s a blockchain innovation that is being used by many other cryptocurrencies. When Bitcoin Cash forked from Bitcoin they actually forked directly from the DigiByte repository to fix that. ZCash, Ethereum, Dogecoin and many others have included this technological advancement.
DigiByte will have a total of 21 billion coins in circulation. All coins will be mined by 2035. At the time of writing this there are around 11 billion coins in circulation. Investors should note that this is a significant amount of inflation, however, BlockWolf believes that if DigiByte is able to gain adoption the price appreciation will still be significant.
Digibyte was developed by Jared Tate in 2013 and the network launched on January 10th, 2014. Jared Tate is still heavily involved in the project and has actively built the project full time. The majority of DigiByte development has been community driven. There is no full-time team advertised on the Digibyte website.
BlockWolf is concerned that DigiByte marketing is lacking. This project has been around a great deal longer than many other blockchains and has superior tech as well, yet the majority of people, even within the cryptocurrency community do not know about DigiByte. While this could be a huge disadvantage, it could also mean that DigiByte’s tech is undervalued. If marketing efforts and adoption begin to pick up we could see a huge increase in interest in this project.
The other concern we have is the project’s aim is too general. They are taking a very broad approach to defining DigiByte. For example, the main tag on the website is “DigiByte is a More secure, faster and forward thinking blockchain technology.” While this is true, it doesn’t really differentiate DigiByte in a way that is relatable to investors. We believe that DigiByte would be much better off focusing on a specific core competency such as cyber security.
BlockWolf believes that DigiByte has massive promise. The project has been around for almost 5 years and has shown its resilience. The technology is superior to many blockchains with much higher valuations and because of this we are bullish. We recognize that DigiByte has been able to implement and innovate new blockchain developments in a way that many others have failed to do. In addition, we think that DigiByte’s focus on cyber security is excellent. However, we think that DigiByte needs to focus its marketing messaging to help differentiate itself to the market.