You can not only make money on cryptocurrency, for example, by buying/selling coins on an exchange (if you have free assets), but also mine it yourself in reliable mining pools. Tokens are a convenient means of payment. In many EU countries, USA, Canada, Japan, China, digital coins can be used to pay for services and goods online.
The only thing worth considering when choosing a specific type of cryptocurrency is that there are thousands of them. But DigiByte, a relatively young but promising altcoin, deserves special attention. In the article we will share useful information about mining, talk about risks, mining equipment, how to mine dgb most efficiently, without risk, but with benefit for your wallet.
Cryptocurrency DigiByte (DGB)
One such project is the DigiByte (DGB) cryptocurrency, which is increasingly gaining popularity in the digital market. This asset appeared relatively recently - in 2014, but there are very positive rumors about it among the community. Many investors view DGB as a promising cryptocurrency with good growth potential.
Indeed, over the past period of digital market growth in 2017, DigiByte was able to grow significantly in almost half the season. DGB began trading at the beginning of 2022 at a price of $0.0002, and at the end of the year the cost of one coin was already $0.07. As a result, those who invested in this project were able to increase their capital by 35,000%
DigiByte. History of price rise
Not every cryptocurrency can boast such a good result. In addition, DGB is famous for its unique Blockchain architecture, which has many advantages over Bitcoin technology. That is why DigiByte should definitely be considered as one of the options for diversifying your investment portfolio.
And to convince you of this completely, let’s take a closer look at the DigiByte cryptocurrency. The history of its creation, all the features of the DGB system and we will evaluate the prospects for the growth of the coin over the next few years.
Technical features
The creators set themselves the task of implementing an effective consensus mechanism that would allow independent miners with a small amount of resources to influence the entire power of the network. The platform is based on the Proof-of-Work algorithm, and coins are mined using five different algorithms, equally distributed into parts of 20%. Among them:
- Scrypt;
- Skein;
- Groestl;
- SHA256;
- Qubit.
The degree of mining difficulty is determined separately for each of the algorithms, based on the current power distribution. Difficulty parameters are changed on each block. Generating a block in the system takes 15 seconds.
It is worth noting the great interest of DigiByte developers in the speed of translation processing. In the spring of 2022, their “brainchild” became one of the world’s first cryptocurrencies with SegWit support. The introduction of this functionality made it possible to realize a speed of 280 transactions per second.
The development of the platform does not stop for a minute. At the moment, the project's programming team is directing most of its efforts to developing a full-fledged ecosystem suitable for developing applications and various digital assets.
DigiByte (DGB) cryptocurrency rate
According to coinmarketcap.com, you can track the price, capitalization and place in the ranking of the top cryptocurrencies at the moment.
The project's capitalization is just over $300 million, the price of one coin is about $0.029. The total issue of coins is 21,000,000,000 DGB, currently there are 10,641,495,448 DGB in free circulation. It is noted that cryptocurrency mining is possible using five different algorithms: SHA 256, Skein, Qubit, Groestl and Scrypt . The official website of the company is https://www.digibyte.io
History of the creation of DigiByte
For the first time, the developers of the Digibyte company thought about creating their project in 2013. They decided to take the Blockchain of the most famous cryptocurrency Bitcoin as a basis.
In total, it took the creators one year to implement their project. During this time, they significantly improved the source code of the Bitcoin blockchain. In particular, they gave it the ability to mine DigiByte using five algorithms, thereby increasing the efficiency and functionality of the digital asset significantly.
As a result, in 2014, the DigiByte cryptocurrency entered the market, providing everyone with its unique product with an improved Blockchain code.
DigiByte cryptocurrency security. Mining on 5 algorithms
DigiByte is a special decentralized payment network based on 5 algorithms - Scrypt, Sha-256, Qubit, Skein, Groestl. This unique development makes DGB the fastest and one of the most secure digital projects.
The very fact that DigiByte is based on several algorithms makes mining this cryptocurrency as profitable as possible. You can mine DGB using both regular video cards and ASICs. But that is not all. This structure of the system also makes the Digibyte currency the most secure system at this time, which simply has no other analogues. In order for a fraudster to gain control of the network, he will have to control 80-90% of the total hashrate for one algorithm and more than 50 for the rest.
To carry out an attack on a network, you will need incredible computing power, which is why the reliability of the DigiByte system is its main advantage.
How to mine
DigiByte can be useful not only for cryptocurrency users, but also for miners.
The main method of obtaining DGB coins is mining.
From the very beginning of the life of cryptocurrency, it was mined using classic hardware.
Over time, special ASIC miners were developed, which took the process to a new stage of development.
The cryptocurrency has five individual algorithms, each of which has difficulty adjustments using the MultiShield mechanism. Each algorithm is used to mine approximately 1/5 of the blocks, which significantly improves decentralization. In addition, this ensures an even load distribution on the network.
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Mission of the DigiByte project
The main idea of the developers of the DigiByte cryptocurrency was to create a project that would allow each user to carry out transactions within the network without any obstacles or delays. And DGB is perfect for this, since this cryptocurrency, in fact, cannot be destroyed, hacked or counterfeited, and transactions occur very quickly and their cost is minimal or not charged at all.
In the long term, DGB can be safely used to transfer confidential information, various currencies, property rights, etc. According to the developers' plan, Digibyte will be tied to the rate of one of the world currencies. Since the number of DGB coins is strictly limited in the code, the volatility of this asset will be minimized, which will make the DGB cryptocurrency even more convenient for financial transfers.
Advantages of DigiByte
The Digibyte project has quite a few advantages. Let's highlight the main ones:
- Global network decentralization . The DGB network is distributed worldwide on 100,000 servers, PCs and other devices. It is worth noting that each device connected to the DigiByte network automatically becomes one of the nodes. Therefore, problems with the distribution of DGB are definitely not expected.
- Maximum degree of protection. The DGB network operates on 5 algorithms, so it is not possible to hack it. At the very least, this will require powerful computing power.
- Fast transactions. DGB blocks are created every 15 seconds, making intranet transfers super fast. In fact, the DGB network is now 40 times more powerful than the Bitcoin blockchain. By 2022, the DigiByte cryptocurrency should process more than 5,000 transactions per second (like the Visa payment network)
- Limited issue of coins. In total, the DigiByte cryptocurrency will issue 21 billion DGB , which are planned to be mined by 2035.
Comparison of DigiByte and Bitcoin
Opinion of world experts
Opinions about DigiByte among experts are quite ambiguous.
However, most expert traders are still inclined to believe that the coin is very promising and worth investing in.
The developments behind DGB, especially in the field of mining, are unique.
That is why it is believed that over time, the generation of coins will only become more profitable, and the rate will rise.
The current situation with the market giants only suggests that significant volatility is accompanied by increased speculation, turning well-known coins into objects for fraud. Perhaps it is because of this that many altcoins will soon come to light and enjoy enormous popularity. The developers' tactics indicate that they took into account the risk of volatility - that is why the coin will be issued gradually, over approximately 20 years.
Despite all the positive aspects, most experts are simply wary of this development.
The creators of the cryptocurrency have so far implemented very little of what they planned.
They promise to finish the project within 3 years, but will the market wait?
Some believe the January 2018 DGB surge is overrated.
This was influenced by the positive news fund and the influx of fresh capital.
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Development team
The founder and creator of DigiByte is Jared Tate. Since 2012, Jared has been involved in the Bitcoin community, but some time later in 2013, he found some flaws in the Bitcoin protocol and decided to create his own project without these errors, which was eventually called Digibyte.
Behind the project is a large team of experienced programmers and developers. Just look at the impressive list of publications on the official Github. In addition, the team maintains a competent and targeted policy for interaction with the community. The project has an actively growing number of points of presence on social networks and public platforms. The number of supporters is constantly increasing and this is a good marker of the growth potential of the DigiByte cryptocurrency.
Where to buy DigiByte (DGB) cryptocurrency
Although the DGB cryptocurrency is not as popular as Bitcoin or Ether, it can currently be purchased on almost all the best crypto exchanges. The coin has long been added to their trading list by such large platforms as:
- Bittrex
- Huobi
- Poloniex
- HitBTC
- KuCoin
The largest daily trading volume occurs on the Bittrex exchange - more than $1,175,000. There you can buy DigiByte cryptocurrency without any problems by exchanging Bitcoin or Ethereum for it.
conclusions
From the above material it can be summarized that:
- DGB is a global open-source blockchain based on the principles of maintaining a level of security, high speed and convenience of financial transactions.
- A high level of security is ensured by the use of 5 different algorithms.
- DigiByte cryptocurrency can be obtained in two ways: through ASIC systems or by purchasing on exchanges. The choice depends only on the capabilities and preferences of the user.
- The Digibyte system continues to be refined and improved to ensure the greatest security and greatest ease of use.
- Digibyte is predicted to have a bright future, since it was initially developed taking into account the weaknesses of competitors, without making the same mistakes.
DigiByte Storage Wallet
Most often, due to its low cost, DigiByte cryptocurrency is preferred to be stored on the exchanges where users purchased it. And given the fact that the main trading platforms selling DigiByte are very popular exchanges with a high level of account protection from hacking, keeping DGB on exchanges is one of the most convenient options for storing this asset. However, I would like to note that the chances of your account being hacked and the possibility of losing all your investments in the DGB cryptocurrency remain quite high.
That is why it is best to store your digital coins in electronic wallets created by the developers of the Digibyte company. Initially, the founders of DGB took care of their users by creating several options for storing their assets.
DigiByte (DGB) Storage Wallet Options
The most popular is to install the client on your PC (support for Windows, Linux and MacOS). This desktop wallet option is the most secure way to store DGB cryptocurrency.
An additional option for storing DGB coins is to install a mobile application or install a Chrome browser extension. If you wish, you can install a hot storage electronic wallet called Coinomi on your phone, it is quite convenient to use, but the security of storing your digital assets is significantly reduced. Accordingly, if you have large accumulations of DigiByte cryptocurrency, then be sure to use the official desktop wallet from the DGB developers.
DigiAssets and Digi-ID
DigiByte has a simplified way to create digital assets (tokens) simply called DigiAssets. DigiAssets is a secure, scalable and highly decentralized layer that is used for issuing tokens, smart contracts and digital identity.
DigiAssets can be used to cryptographicly represent anything physical around us, such as tangible assets, works of art, or even signed documents. You can learn more about the DigiAssets protocol on GitHub. There's no shortage of tools to help you release your own DigiAssets, even if you're not a developer. You can simply use wallets developed by DigiByte Community to store your assets.
Digi-ID is an authentication protocol built on the DigiByte blockchain that allows users to easily log into websites and applications. It eliminates password and 2FA requirements for authentication using public/private key cryptography. This improves security by not storing or tracking your data.
Digi-ID is used by service providers such as Changeangel, AntunmID, AbsoluteJobs, CryptoBantam, Hash Altcoin and many more.
