Digibyte is an open-sourced platform, focusing on asset creation. The blockchain architecture is built in such a way that it could compete against major cryptos like XRP, Litecoin, or even Bitcoin. Other than cybersecurity and scalability the platform offers other features like enabling users to issue assets, launch applications, and digital identities.
Digibyte works on a Proof-of-Work consensus mechanism and is designed to be adaptable, and support multiple mining methods. Unlike Bitcoin, Digibyte supports smart contracts which are extremely important to handle transactions of more than a hundred per second. The platform aims to build an entire ecosystem of tokens and dApps much similar to Ethereum.
The network is backed by its native token DGB which is used to pay for transactions and smart contract computation fees. The tokens are mined by the miners using PoW where-in the miners are rewarded. It has a limited supply of 21 billion tokens and with th decreasing issuance, the block reward also reduces by 1% each month.
|Launch Date||January 10, 2014|
|Blockchain Protocol||Digibyte Blockchain|
|Market Cap||$119.43 million|
|Circulating Supply||15.84 billion DGB|
|Max Supply||21 billion DGB|
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Digibyte was initially founded in October 2013 by Jared Tate who is also called ‘DigiMan’ but the genesis block was mined in January 2014 as a fork of Bitcoin. Interestingly, Tate announced his retirement from his position in May 2020 and again returned in September 2020 and is closely associated with the developments of the platform.
Tate’s biography affirms that he was closely associated with Bitcoin since 2012 and also wrote a book called ‘Blockchain 2035: The Digital DNA of Internet 3.0”
During the launch, Digibyte released 0.5% of the total supply in a giveaway, and half of the remaining tokens were distributed among the early users. The other half of the tokens were kept reserved to support the network’s development for the first 18 months.
The Digibyte network handles multiple functions, being highly scalable at the same time. It also processes huge transactions per second at very affordable rates To achieve this ambition, the Digibyte platform is broken into multiple layers,
Besides the layers, the Digibyte blockchain uses a variation of Bitcoin’s Proof-of-Work consensus mechanism, where-in transactions are validated by the miners and earn newly mined tokens. The blockchain uses five different algorithms, Scrypt, SHA256, Groesti, Qubit & Skein to decentralize the mining network.
Read more: Proof of Stake vs Proof of Work blockchains
|Digibyte Price Today||$0.00762|
|Price Change <Yearly>||-84.1%|
|Market Rank (as per CMC)||164|
|Market Cap||$120.68 million|
|Fully Diluted Market Cap||$160.4 million|
Prices as of December, 2022
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