Digibyte, a currency known for its transaction speed and high scalability, has been of interest to crypto traders since its inception in 2014. Let us explore the coin in detail.
Digibyte (DGB) is a cryptocurrency created by Jared Tate in 2013 and released in 2014. Built on the DigiByte blockchain, the maximum supply of DGB is 21 billion, which will be mined by the year 2035. DGB can be used for digital assets, smart contracts, decentralized applications, and secure authentication.
Here are five things you should know about DGB.
Fast Transactions & Low Fees
DGB offers low fees and fast transaction times. DigiByte’s blockchain completes blocks in 15 seconds compared to Bitcoin’s 10 minutes. That makes it 40x faster. It’s also 10x faster than Litecoin. The blockchain allows 1066 transactions per second with minimal fees as low as 0,000001 USD. DGB is a crypto that feels much like the digital cash we’ve all been wanting. Transactions are fast, which makes it perfect for real-world use.
DigiAssets, which are digital representations of real-world assets, can be traded on the DigiByte blockchain. DigiAssets can be anything from event tickets to property titles or shares in a company, which provides an infinite amount of use-cases for DGB, making it highly scalable. DigiByte already has interested parties in several industries such as healthcare, finance, and real estate keen on building DigiAssets on its blockchain.
Digi-ID is a free-to-use security protocol that can solve common security issues. Built on the DigiByte blockchain, Digi-ID can replace usernames and passwords, two-factor authentication, and other time-consuming procedures when logging into websites and apps. Since it is blockchain-based, Digi-ID uses private/public-key cryptography, which protects the user and the service they offer. There is no way for a hacker to harm your product or customers.
DigiByte joined the consortium of the COVID-19 Alert! along with Antum-ID, which is a password generator built on the DigitByte blockchain. The app warns users if they have come into contact or are in proximity to an infected person. It also shows you your risk of contracting the disease. The announcement, which came in April, is good news for DigiByte, proving the blockchain’s potential for real-world use cases.
It Is Truly Decentralized
DGB operates on an open-source UTXO-based blockchain with five proof-of-work algorithms. With 280,000+ nodes downloads, it is one of the fastest, safest, and most decentralized blockchains around. DigiByte has never been funded through an IEO or a significant amount of pre-mined coins, nor does it have a CEO or company controlling it.
Please note that this is not trading advice. We recommend you to carry out your own research before making any trading decisions. This article is for informational purposes only.