Created in 2014 by a team of programmers led by Jared Tate, DigiByte Coin (DGB) seeks to solve the issues of Bitcoin and Litecoin, such as poor scalability, low bandwidth, excessive fees, and attack vulnerabilities, by creating the fastest, safest, and longest blockchain possible.
Although the DigiByte coin is relatively small when matched up against the big coins on the crypto market, it does come with several features that set it apart from others.
DigiByte Coin boasts a transaction speed that is only 15 seconds, making it far faster than both BTC and ETH (compared to 10 minutes on the BTC blockchain and 15 to 20 seconds on ETH).
DigiByte is also resistant to quantum computing attacks, making it one of the most secure cryptocurrencies available on the crypto market. The coin also has a large and active community of developers, constantly working to improve the coin.
The premier feature of DigiByte Coin is that it is based on its own custom blockchain. The digital coin employs a set of five algorithms (Scrypt [ASIC], Groestl [GPU], Qubit [GPU], Skein [GPU], and Sha-256 [ASIC]), making it possible to improve protection to the level where it becomes almost impossible to any system break or hack.
The DigiShield hard fork shields the DigiByte project from the threat posed by multi-pools that easily mine large amounts of this cryptocurrency while driving its value up.
The complexity of blocks is recalculated before each new block is added to provide this security. As a result, mining complexity can be adjusted every minute. The technology behind the DigiByte project has since been adopted by Dogecoin, Ethereum, SmartCoin, and other popular cryptocurrencies.
Compared to Bitcoin, the DigiByte network is 40 times faster and more flexible. DigiByte also has a bigger block size and can handle more transactions per second, and with five separate mining algorithms distributed among various sorts of miners, its network is also more decentralized compared to the Bitcoin network.
DigiByte also follows several features that affect the price of DigiByte Coin. The DigiByte network ensures decentralization through multiple algorithms, including GPU/ FPGA mining, on-chain scaling, educating the importance of running a full node, and embracing code contributions that uphold the ethos of DigiByte.
The network is also equipped with a Proof-of-Work blockchain, making it a permissionless network and also mineable bitcoin prime.
DigiByte Coin currently has a market cap of $148,180,656 and holds the 193rd position on the crypto ladder. The coin, at press time, was trading at $0.009446, up by 0.17% in the last 24 hours.
Although the current price of the digital coin is 94.7% lower than its all-time high of $0.178084, achieved on May 01, 2021, it is still a steal for newbies who are looking to diversify their crypto portfolio.
The team behind DigiByte has also scheduled an upgrade to its network which will see it add several new features, including Algorithm Improvements, Proof-of-Stake Consensus Mechanism, Staking Algorithm, and Memory Utilization Optimisation.