DigiByte (DGB) is a cryptocurrency which was created in 2013 by Jared Tate, DigiByte’s lead developer, and it was released to the public in January 2014 without an Initial Token Sale. There is no private company or firm that controls DigiByte’s blockchain. Instead, the development team provides regular updates to the system to add more features. This cryptocurrency is decentralized and based on Bitcoin, however with some notable improvements. DigiByte’s code enables improved functioning and includes enhanced security and 15-second block time. In July 2018, DigiByte reached a total of $500 million in market cap. Also, DigiByte is known as the most secure, longest and fastest UTXO (unspent transaction output) blockchain available.
DigiByte (DGB) Mining Algorithm
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DigiByte utilizes five mining algorithms which assist in maintaining mining decentralization. By using five separate Proof of Work (PoW) algorithms, the burden of the DigiByte mining operations is divided which results in more secure and faster transactions. Multi-Shield technology re-balances the load on the five mining algorithms, adjusting difficulty for all nodes in order to avoid one algorithm dominating over another. It also helps to avoid smaller blockchains from being manipulated. DigiByte also integrates Segregated Witness technology to make the size of the ledger more compact, which provides scalability while enabling single confirmation transactions and cross-chain transactions.
The DigiByte software is made up of three layers:
- core communications and global network –
The core communications and global network layer links all network nodes and enables the transfer of basic data between nodes and the other layers.
- public ledger and digital assets –
The public ledger and digital assets layer are where the DigiByte network’s data is stored while providing protection from data manipulation.
- applications layer –
The applications layer is the topmost layer of the DigiByte network. This layer is the user-facing portion and it enables transfers as well as API. Users engage this layer in order to host and build decentralized applications as well as centralized applications.
The unique design of the DigiByte network provides a significant advantage over many other cryptocurrencies. Those looking to invest in the cryptocurrency market should take a serious look at DigiByte. Buying DGB now could result in significant profits from future appreciation. Of course, it is important to find a reputable source for purchasing or trading DGB before investing any of your hard-earned money. Here we will provide you with more information on how to buy and trade DigiByte.
Why Start Trading DigiByte (DGB)?
Since the advent of the first cryptocurrency, Bitcoin, in 2009, the cryptocurrency market as a whole has seen massive gains in value. To put it into perspective, Bitcoin reached an unprecedented historical high of just under $20,000 at the end of 2017. The rest of the cryptocurrency market also skyrocketed in value, including DigiByte. In fact, DGB continued appreciating even after Bitcoin reached its historical high. DigiByte finally reached its historical high towards the end of 2018.
So what is the the DigiByte success secret?
Part of the success of DigiByte is due to the advantageous design of the DGB blockchain network. Using five different mining algorithms helps to avoid data manipulation while also making DGB transactions more safe and secure. Also, the DigiByte network is highly decentralized with more than 100,00 computers, servers, nodes and phones across the world. Transaction confirmations and stored data are separated using Segregated Witness technology, thereby, increasing transaction speed. Users embed and validate documents and contracts using DiguSign before sending the data to the decentralized blockchain.
These features have made DGB superior to other coins in the cryptocurrency market. With a transaction time of only 15 seconds, DigiByte is much faster than most other cryptocurrencies. In contrast, Bitcoin has a 10 minute transaction time. DigiByte is also more efficient than other cryptocurrencies due to the size of transactions being limited in order to increase throughput. Also, this keeps the network secured against 51% of attacks, unlike many other cryptocurrency blockchains.
Along with the advantageous design and features included in the DigiByte network, the future of DGB is looking bright thanks to various opportunities in expanding the utilization of DGB in the marketplace. DigiByte is looking to offer DGB for worldwide payments systems. This will provide access to consumers and merchants all over the globe. Also, the gaming community has begun to show interest in DGB, allowing gamers to exchange DigiByte for their time spent playing specified games.
What does it all Mean?
DigiByte’s built-in advantages over other cryptocurrencies and the potential to expand its usage across the globe make DGB an attractive investment option with serious profit opportunities. Also, since DGB reached its peak on the 5th of January 2018, it has come off its historic highs along with the rest of the cryptocurrency markets. This means that there is now plenty of potential to profit from future appreciation. Therefore, if you are looking to capitalize on trading the financial markets, DGB has to be an essential part of your investment portfolio.
Buy DigiByte (DGB) From Exchanges
A cryptocurrency exchange is one option to purchase DigiByte in order to profit from its future appreciation in value. Cryptocurrency exchanges are businesses which facilitate the buying and selling of cryptocurrencies between users. Those looking to purchase DGB or any other cryptocurrency from an exchange can usually buy DigiByte using other cryptocurrencies or fiat currencies.
Exchanges have historically been centralized, starting well before the advent of cryptocurrencies. This type of exchange has one organization which governs and operates the exchange. This means setting rules regarding what data is required for participants to share. Also, the governing organization will decide on withdrawal limits and which assets are allowed to be traded through the exchange.
How Does Exchanges Work Today
However, nowadays, a new type of financial exchange has become more common in the cryptocurrency world. The decentralized exchange does not have a single governing organization or firm which operates and sets rules for the use of the cryptocurrency exchange. The rules of the exchanges are set on smart contracts.
Another difference between decentralized exchanges and centralized exchanges is that decentralized exchanges do not store the funds of users on their exchange. This makes decentralized exchanges more resistant to issues related to security as experienced on centralized exchanges. On the other hand, decentralized exchanges tend to have lower trading volumes. This can negatively affect trading results due to not being able to fill orders at preferred pricing.
It is important to note that regardless of whether you decide to use a centralized or decentralized exchange, you should make sure you can purchase DigiByte through the exchange before signing up. You will not want to miss out on the lucrative future opportunities in DGB. Of course, you should also ensure the exchange is reputable and secure in order to avoid becoming a victim of potentially fraudulent activities.
Buy DigiByte (DGB) from Brokers
Cryptocurrency brokers are another option for you to buy DigiByte. Brokers are different from exchanges in that the brokerage firm is the organization which sets the price to buy cryptocurrencies. The brokerage firm also sets the price it is willing to sell DigiByte and other cryptocurrencies and it will set its desired fees for facilitating trades. Many times, brokers will make a profit from setting a margin spread. When trading with a broker, you are not actually buying and selling DigiByte, instead, you are simply speculating on the price movement of the crypto. This is referred to as CFD, contracts for difference, trading. This is much cheaper than actually purchasing DigiByte.
Cryptocurrency brokers work with buyers and sellers with large amounts of cryptocurrencies and they bring them together to facilitate sales. In this way, cryptocurrency brokers usually have more liquidity and trading volume than cryptocurrency exchanges. This means that the time required for a trade to be settled is usually significantly shorter than with cryptocurrency exchanges. Also, increased liquidity helps obtain better price fills on orders. This will result in improved profits from trading.
Is It Faster to Buy From a Broker
Registering with a cryptocurrency exchange may take longer than with a cryptocurrency broker. With a reputable brokerage firm, it usually only takes around a few minutes or so to verify your account and provide you with access to trading. However, a cryptocurrency exchange can take significantly longer to complete the verification process for your new trading account. Cryptocurrency exchanges may take up to a few hours or even as long as several days to complete the verification process to let you start buying DigiByte and other cryptocurrencies.
Another advantage brokers have over exchanges is a more streamlined deposit and withdrawal process. Many times, exchanges charge higher fees and commissions for withdrawals and deposits. On the other hand, the process is generally faster, with less hassle, with brokers compared to cryptocurrency exchanges. However, whether it is through an exchange or a broker, it is a good idea to capitalize on the future appreciation of DGB.
Overall, the future of the broader cryptocurrency market is looking bright. With the increasing adoption of cryptocurrencies in the mainstream global financial system, you can expect more demand for cryptocurrencies broadly. This will also include the potential for DigiByte, which has many advantages over Bitcoin and other cryptocurrencies.
DigiByte’s technical advantages of faster and more secure transactions than Bitcoin and other cryptocurrencies warrants serious consideration from investors looking to capitalize on future bull markets in the crypto markets. This stems from many technical features, such as using five different mining algorithms to facilitate transactions. Also, interest in DigiByte from the gaming community as well as the future integration of worldwide payments systems, are positive signs for DGB. You will not want to miss out on this lucrative opportunity to make a lot of money investing in DigiByte.