DigiByte Coin Review: Mining Guide, Price & Analysis of DigiByte Cryptocurrency

DigiByte is a digital cryptocurrency that was officially launched in 2014. Jared Tate is the founder and creator. He worked on this project from 2013 up to 2020. The DigiByte blockchain has a three-tier structure. Smart contracts on the network allow users to develop their own decentralized applications. The public ledger keeps track of all transactions. The infrastructure provides the connection between smart contracts and the ledger.

The main goal for DigiByte is to overtake the leading cryptocurrencies. The coin is scalable and fast. It can process 2,000 transactions per second. DigiByte sees itself becoming the most used cryptocurrency internationally.

Additionally, the currency is fully decentralized. This way decentralized applications (dApps) can be created. The developers believe that the currency allows for massive scalability. There are 21 billion DigiByte tokens supplied in the market. The current CoinMarketCap rank is 60 with a market cap of $275,953,647.

DigiByte governance structure runs on a voluntary basis. This is different from others whom their network is open source and publicly accessible. Additionally, this coin shows a lot of potential in the coming years.

How DigiByte Coin Works

Three main layers form the foundation of DigiByte. They provide the network with infrastructure, security and communications. This enables the network to work with cutting edge speed.

The first pillar is more of an app store where decentralized applications can be built on the DigiByte blockchain. Then there is the second pillar known as the distributed ledger. It provides security and administration. The third pillar which is the system’s core infrastructure. It provides communication and operating procedures.

It is an open-source just like other cryptocurrencies. Through this, it gives you the authority to run and modify the software. Its transparency allows verification of binaries and their corresponding source code. Additionally, safe transactions show that the currency is used in small businesses. This would enable new business models with micropayments.

Can Investors Mine DigiByte Coin?

Yes, investors can mine the coin. DigiByte mining is the process of securing the network and validating on the blocks. It is also a way of introducing new DigiByte tokens into the market. This currency uses the Proof of Work model to compensate miners. This model of mining is known to be the most secure consensus for blockchains.

You can also mine the tokens using the processing power of your computer to solve cryptographic problems. By doing this you verify blockchain transactions. Additionally, you secure the DigiByte network and also create new blocks.

A DigiByte wallet is needed before starting the mining process. It is unique compared to other cryptocurrencies. This is because it uses five distinct hashing algorithms. They include SHA256, Skein, Groestl, Scrypt and Qubit. The decision in which algorithm to use is primarily dictated by the mining hardware you are using. ASIC miners dominate the SHA 256 algorithm. Therefore, it is not suitable for home mining rigs. Qubit on the other hand uses a combination of multiple types of hardware and is suitable for more advanced users. Groestl and Skein are best for GPU mining.

The team Behind DigiByte Coin

The platform is run by volunteers who are normally not paid. They have devoted their time and skills since they believe in this project. This way they empower DigiByte and its community. Also, this helps to promote decentralization.

This platform also has a Digibyte Awareness Team which is a community-driven initiative. The leadership is team driven. The members of this team in turn manage other teams across social media, writers and developers. Their main aim is to generate DigiByte blockchain using those platforms. The developers are currently working on the development of the next iteration of the project. This will help in building the utility of the token.

Privacy and Security of DigiByte Coin

The company takes its clients' privacy very seriously. Therefore the platform does not store any data about its users on the blockchain. It also helps to ensure the platform is secure and this helps to gain the user’s confidence by ensuring their information is not tracked.

DigiByte uses the uncrackable technology of Bitcoin blockchain. They have also implemented some enhancements. They include DigiShield guard, MultiAlgo mining, and the Odocrypt algorithm. The method of splitting mining into algorithms helps the DigiByte network to protect itself against malicious attacks.

The platform has made sure that creating links between the accounts on its platform will be difficult. This will be achieved by having a party in the transaction using a new address for each received transaction. The five algorithms have made it hard for adjustments, which is similar to others to balance out the load they work with. This balancing process is called DigiShield.

Our Take on the DigiByte Coin

Participants always want to know they are using a completely secure blockchain. The biggest value proposition for DigiByte is Privacy. User and account details remain hidden during transactions on this blockchain. The public ledger still keeps a record of all transactions. However, the transactions are between two obstructed points.

Additionally, this blockchain has a unique approach to mining. Most blockchains use only one hashing algorithm. But, DigiByte uses five distinct hashing algorithms. This decreases the possibility of 51% attacks. This dramatically improves the security of the network.

Digi-ID a technology used on DigiByte blockchain. It is a security measure that enables users on this platform to freely log-in to websites, applications, and other internet activities.

Advantages

• It is a fast Digital Platform
• High privacy
• Innovative
• Secure

Disadvantages

• Competition from other Coins
• Not known by many as a result of little fanfare.

How to Buy DigiByte Coin

If you think this Coin suits you then don’t hesitate to buy it. The DigiByte Coin can be purchased on various exchanges in the market. These include Bitfinex, Huobi Global, VCC Exchange, OKEx and HitBTC. Users can also buy the currency by using a credit card, bank transfers, and PayPal or fiat deposits.

Mining DigiByte is possible. However, it requires heavy computational power. Therefore it is much easier to buy this coin. You can choose several payment methods when buying DGB coins.

Buying this token using other cryptocurrency is the most economical method with few obstacles. DigiByte supports peer to peer transfers. However, you need to be cautious when buying it from an individual.

Final Verdict

DigiByte is one of the safest and fastest cryptocurrencies in the market. The developers behind the currency are working on better ways to ensure that the platform is more secure and user friendly. Their goal is to create a large community of virtual currency users worldwide. This will help to use seamlessly in real-time transactions.

Additionally, with over six years in the market, it is clear that DigiByte is here to stay. Therefore if you are planning to invest in this Coin you shouldn’t be worried about it. The community will continue developing and improving the blockchain. While also preaching out the message on the obvious benefits DigiByte has to offer.

Lastly, the team behind DigiByte needs to convince the cryptocurrency community that this is a stable and trustworthy platform to invest in. As it stands, DigiByte is holding its value and proving to be a stable cryptocurrency.