DigiByte Definition - (DGB)
DigiByte (DGB) is an open source cryptocurrency that runs on the DigiByte Blockchain. DigiBytes are digital assets that cannot be destroyed, counterfeited, or hacked, making them ideal for protecting valuables such as currency, information, property, or important digital data.
History of DigiByte
DigiByte (DGB) is an open source cryptocurrency that runs on the DigiByte blockchain. DigiBytes are digital assets that under no circumstances can be counterfeited, hacked or destroyed, which makes them ideal for protecting valuables, such as money, information, property or important digital data. They can be sent through the DigiByte blockchain and are permanently recorded in a decentralized, unalterable public ledger.
One of the biggest advantages that DigiByte has is the possibility of moving money through the internet with almost or literally non-existent commissions. All this with a community of users that greatly supports the currency, who trust and support the system, valuing the incredible work that developers do anonymously day after day.
The project saw the light of day for the first time in 2014, started by a young entrepreneur named Jared Tate, with the aim of providing users with a decentralized virtual space in which they can carry out their transactions and operations with cryptocurrencies in a simple. For its creation and during its development, no ICO was launched, nor is it managed by any private body since this would go against their beliefs.
Thanks to its early launch, it became one of the oldest cryptocurrencies and blockchains, which managed to withstand the onslaught of competitors and currency markets, and above all, adapt to the changes of the moment. DigiByte is currently one of the 50 most popular cryptocurrencies by trading volume.
DigiByte is available on many exchanges, including Bittrex, Poloniex, Huobi, HitBTC, OKEx, Kucoin, and Cryptopia.
Depending on the platform we use, DigiByte can be purchased for Bitcoin, Ethereum or Tether. If DigiByte is your first investment in cryptocurrencies, you will have to visit a fiat / crypto exchange, which allows you to deposit conventional money, such as dollar, euro or British pound.
Once you have made a deposit, you can use the funds in your exchange account to purchase any of the mentioned currencies. One of the most popular fiat / crypto exchanges is Coinbase.
After exchanging any of the three currencies for DGB, you are ready to transfer your funds to DigiByte's official digital wallet (or whatever you are using, really), which will require running a full node and storing the DigiByte blockchain.
How DigiByte works
The DigiByte cryptocurrency is based on UTXO (Unspent Transaction Output), this means that the transactions do not come from a wallet. Each currency has its own identifier, when it enters the portfolio it is counted as "unspent", and when it is sent it is counted as a spent currency. Thanks to this simple action, the double spending of the digital currency is avoided and it solves security problems that exist with Blockchain technology (chain of blocks).
DigiByte has its own digital wallet that can be downloaded for Windows, Max and Linux PCs, as an extension for Google Chrome and is also available as a mobile application for Android and iOS.
Although you can also use any third-party wallet that DigiByte supports.
Transactions made with DigiByte have a block time of only 15 seconds and are notified to the digital wallet in 1 to 2 seconds, which makes it a very easy and fast way to make purchases and you will not have to wait long to that the first confirmation is made. In comparison, Bitcoin has a block time of 10 minutes and in approximately 90 seconds the transaction is finally confirmed and they are ready to be transferred to another account or saved in your wallet.
DigiByte cryptocurrency can be mined through 5 different algorithms: SHA256, Scrypt, Groestl, Skein, and Qubit.
Each of the new coins is generated by mining, which will remain active until the total number of existing DigiByte coins reaches 21 million, the developers believe that this number will be reached by the year 2035.
Each transaction is registered in a public "book" called blockchain (chain of blocks), this allows to investigate the history of a cryptocurrency in order to avoid theft, false copies or undo transactions.
The PrivateSend system implies that a transaction is the product of the combination of funds from at least 3 parties. This union between users occurs within a Master Node, said union is made without the need to require information that may be a reason for identification.