Introduction to Digibyte Blockchain
Posted By : Abhishek Sagu | 27-Sep-2019
Digibyte is an opensource public blockchain released in january 2014 with focus on cybersecurity, payments and digiassets. It intends to solve problems that traditional blockchains like Bitcoin suffer from like scalability, low transaction rate and having only 1 mining algorithm
The digibyte blockchain was created in 2013 by Jared Tate and first digibyte block was mined in january 2014. DGB is the cryptocurrency mined on digibyte blockchain . The total supply of DGB coins is limited at 21 billion which will be mined between 2014-2035.DigiByte has never been funded through an ICO and is not controlled by a private company.
Digibyte offers many features which aims at solving issues which other traditional blockhains on the market like bitcoin suffer from.
Small block time :- A Digibyte block is mined every 15 seconds which makes it 40 times faster than bitcoin. Due to this transaction rate i.e number of transactions validated each second also increases.
Multialgo mining:- Digibyte has 5 mining consensus algorithm which is more than any other blockchain on the current market. This makes it even more secure to 51% attacks as one mining algorithm is used for only 20% of the blocks.This also allows more miners to mine as different algorithms favour different hardwares. So miners who don’t have expensive hardware can also contribute to the system.
DigiShield:- Each crypto currency using proof of work consensus algorithm has some difficulty associated which it which needs to change i.e mining difficulty should be lower when there are more miners and should decrease when there are less miners to invite more miners to increase hashing power in the system.
Miners make use of this system and mine a lot of blocks when difficulty is low in the system and when suddenly the difficulty of system increases very high suddenly , they stop mining which causes freezing of blockchain.
This difficulty level changes in digibyte after every block which results in consistent mining and prevents blockchain from freezing
Segwit :- Blockchain usually suffer from low transaction rate issue. One proposed way to deal with this is to use segwit method. Using segwit, the signature of the sender and receiver of the transactions are segregated from the block which allows more transactions to be fit in a block increasing the transaction rate of the blockchain.Digibyte is one of the first major blockchains to include this functionality.
Highly decentralised:- Digibyte has more than 280,000 full node downloads which makes it one of the highly decentralised blockchains in existence.
There are tremendous opportunities for the application of this technology. In addition to current applications that already leverage DigiByte’s blockchain, including DigiShield and DiguSign, DigiByte can additionally be leveraged to build out decentralized applications for new use cases in sectors ranging from healthcare to cyber security, or reframe the way society considers public health issues such as the opioid crisis.
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