DigiByte is a Blockchain that has been designed to deliver the latest and the greatest that Blockchain has to offer, and it promises to provide services at a faster rate, all while ensuring a higher level of security. DigiByte also refers to the cryptocurrency that is operated on the DigiByte Blockchain platform.
How Does DigiByte Work?
The DigiByte Blockchain is divided into three categories, the applications layer, which is designed to run decentralized apps, the public ledger layer, which supports the DigiByte cryptocurrency and the global network layer, which deals with the operating and communication procedures.
DigiByte has 15-second blocks, which makes it one of the fastest Blockchains in the world. It also has other tricks up its sleeves such as Segregated Witness implementation, which facilitates multiple innovations on the platform, such as single confirmation transactions and cross chain transactions.
What Makes DigiByte Unique?
DigiByte is most likely one of the only Blockchains that seems to have gotten things right as far as handling every aspect of a cryptocurrency is concerned. This is because the design of the Blockchain allows it to handle smart contracts, operate cryptocurrency, and also run decentralized apps all in one ecosystem while also managing to focus on security.
History Of DigiByte
The DigiByte Blockchain was launched on January 10, in 2014 by its creator Jared Tate and has been focused on cybersecurity from the very beginning. Cybersecurity has been one of the sensitive issues on the internet, and this Blockchain technology aims to address and overcome most of these problems. Its launch and existence also coincide with the dawn of the Internet of Things, and so this area has been one of its most significant considerations. DigiByte has also been focused mainly on taking advantage of artificial intelligence, and its developers have been working on using it to come up with new automation features.
The fact that the DigiByte Blockchain has focused on delivering reliable and multiple services further strengthen the appeal of the cryptocurrency. Regarding popularity, it is not among the most popular cryptocurrencies compared to others such as Bitcoin and Ethereum.
Transaction Speeds and Costs
DigiByte is marketed as one of the fastest iterations of the Blockchain technology, and this is quite a key point to consider, especially as cryptocurrency popularity grows. The company has also gone a step further to make sure that transaction costs are very minimal.
DigiByte is minable, and those looking to make some cash through this cryptocurrency can do so through the Proof-of-Work (POW) process. Mining difficulty, just like many cryptocurrencies, depends on how a mining computer is set up, meaning one can make significant gains if the GPU is powerful and efficient. It also offers a variety of mining pools and so that the most ideal can be chosen, depending on preference.
DigiByte has made significant gains considering that the cryptocurrency first hit the market with a price of $0.001489 but it also experienced a lot of volatility.