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Thursday, 27 January 2022 11:16

What is DigiByte Coin?

By DigiByte (DGB)

GUEST OPINION: DigiByte (DGB) is a long-time market player - in the crypto world, eight years is a substantial stretch of time. Through these years, it somehow stayed afloat yet still under the radar. Chances are, you don’t know a lot about this project and its native coin. So, let’s change it!

Basic Information

DigiByte was released in 2014 by creator and founder Jared Tate. The platform was designed to battle against Bitcoin, specifically in terms of cybersecurity and scalability. 

Similar to Bitcoin, DGB is primarily a store of value. For example, DigiByte coins can be used to pay fees, facilitate payments, and fuel smart contracts on the network. But there are also extra features that make DGB useful for other purposes, such as issuing assets, launching applications, and creating digital identities. 

Technical info: 

  • Genesis date: January 9, 2014
  • Max supply: 21B DGB
  • Circulating supply: 15.04B DGB (72%)
  • Consensus method: Proof-of-work
  • Algorithm: Multi-algorithm
  • Block time: 15 seconds
  • Block reward: 629.32 DGB 

Anyone who’d like to integrate Digi-ID into their products/systems/services can use open-source, multiple code repositories. These are available at DigiByte Core Development, Matthew Cornelisse, and WHMCSSnow. What’s more, users can be assisted by DigiByte developers on Telegram.

Where to Find More Information 

DigiByte is very transparent with its documentation. For instance, it offers readily available user guides (FAQ), vendor guides (Digi-ID app/website introduction), and integration guides (specifications, instructions, etc.). 

The material also includes the media kit with the intro sheet and logos.

History of DigiByte

While it’s hard to pinpoint all events that led to DigiByte we know today, we tried to shortlist some of them to demonstrate this project’s journey through the years:

  • October 2013: Start of full-on development.
  • January 2014: First DigiByte mined.
  • December 2015: Faster transaction sue to DigiSpeed.
  • May 2018: Launch of Digi-ID for seamless sign-in.
  • April 2019: Launch of DigiAssets for decentralized creation of digital assets.
  • September 2020: Key partnerships with PAC Global and Ren Wrapped were followed by noticeable price boosts.
  • September 2021: Subtle hints from the vice Chairman of the DigiByte Foundation about NFT Metaverse for enterprises.
  • January 2022: Analytics firm Santiment includes DGB into the list of coins conditioned for rallies in the near future.

How Does DigiByte Work?

DigiByte uses a proof-of-work variant that, just like many similar mechanisms, runs on computing power to validate transactions and keep the network secure. What makes DigiByte’s consensus mechanism slightly different is the lower entry barrier for hardware. In contrast to Bitcoin, DBG can be mined on consumer-grade HW. This creates a more beginner-friendly and affordable environment for miners.

What’s also important to understand about DigiByte is the three layers of its blockchain. 

Application Layer

The user-facing layer, where all the asset creation action takes place. This layer lets users interact with smart contracts and dApps. 

Consensus Layer

This one is meant for security and administration. The consensus layer records all transactions on the tamper-proof public ledger, making DGB immune to immune to duplication, hacking, and counterfeiting. 

Network Layer

The foundational layer allows users to communicate with each other and defines operating procedures for all participating devices.

What’s Next for DigiByte: Roadmap and Predictions

DigiByte is a permissionless blockchain with no official white paper or roadmap. Unlike many ICO-based projects with development teams, there are separate individuals/groups/entities that push the project forward and make improvements.

Some of the most recent completed items on the DigiByte platform are dividends for DigiAssets and Document Notarization website. As for the forthcoming pipeline, the community is working on a few larger action items and developer experience items (which anyone is welcome to contribute to):

  • Merge Schnorr sigs
  • Rebase off latest BTC core
  • Implement ProgPoW and RandomX
  • Rosetta integration
  • Self-contained DigiByte Testnet CLI

According to some sources (PricePrediction.Net, DigitalCoinPrice, Gov.Capital, among others), DGB will sit comfortably above the $0.02 mark in 2022. Some even expect the maximum yearly price to be over $0.03. The average price in 2023 might be $0.030-$0.039, climb to $0.037-$0.050 in 2024, all the way to $0.043-$0.080 by 2025.

The jaw-dropping optimism may be excessive, considering DGB’s previous track record. The coin can still see some ups and downs, inevitable for unbacked assets. We can hope that DGB will bring gallant returns for its investors while still being reasonable and perhaps venture into other coins as a backup plan. After all, you should always diversify and be prepared for unexpected market movements.

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