As the world evolves and time goes by, digital assets have come to the forefront of a large number of transactions. These assets experience such level of popularity due to the extent of security and flexibility offered by them to real-time users. Digibyte falls among such digital assets and is, in fact, a cryptocurrency that focuses on speed, security, and decentralization.
This fantastic and revolutionary aspect of the cryptocurrency world was birthed in 2014 and has created notable marks in the sands of time and the world of investment. Despite its four years of existence, some people are still unaware of this cryptocurrency and its commendable advantages.
To set things right, discussed below is all you need to know about Digibyte.
What Is Digibyte?
In the simplest of terms, digibyte is a cryptocurrency that focuses on enabling transactions to be fast and smooth. It is most suited for payments that would be done digitally.
Fans of Digibyte are of the opinion that this cryptocurrency is best regarded as the sleeping giant of cryptocurrency. This is because it offers speed, marketability, scalable network and premium security unlike any other cryptocurrency and might in time overshadow bitcoin, Litecoin and other significant players in the cryptocurrency world.
Currently, it boasts of a steady community and about a hundred thousand nodes worldwide. One of its impressive features is the fact that it cannot be hacked or destroyed. So its digital assets such as data, currency, property and vital information are quite safe.
How Does Digibyte Work?
Digibyte is a platform used to transmit digibyte Blockchain. Every transaction to be transmitted is put down on a changeless decentralized public ledger.
The good thing about its decentralized nature is that it permits it to connect to at least 43,000 nodes and thousands of computers globally.
Furthermore, this cryptocurrency trumps bitcoin on all grounds. It does possess a 15 seconds block time while bitcoin works with a block time of ten minutes. Also, the user coins of investors in Digibyte has an identifier that prevents double spending, once a coin is sent from the user to another individual. This sent coin is regarded as spent.
The mining time of a Digibyte block is placed at a time frame of 15 to 18 seconds, and each block has transaction sizes that are strained. Another thing about this cryptocurrency is that it has five mining algorithms that complete mining a block in 1.5 minutes. The presence of these five proof of work algorithms does produce a secure and decentralized system.
Digibyte also stands as one of the first to give life to segregated witness innovation. This innovation ensures the scalability of Blockchain. In furtherance of this, Digibyte currently functions at 280 transactions in a second, while Bitcoins transactions in a second stand at four.
The Team Behind Digibyte
When it comes to who runs Digibyte, the founding member of this cryptocurrency is Jared Tate. He developed Digibyte in 2013 and launched the first block by January 2014.
At the time of its launch, Digibyte had little fanfare and zero initial token sales. It was, in fact, one of the very few Blockchain projects of a public nature. Soon after Digibyte hit the scenes, Tate devoted himself wholeheartedly to the development of Digibyte. From that moment, funding has been obtained by donations given to the Digibyte foundation.
Today this cryptocurrency stands as a potent threat to older cryptocurrencies; it surpasses their abilities on every front.
Overall, Digibyte came into the cryptocurrency world with the potential of shaking things up and making its mark. It stands as one of the best coins and is excellent for those who seek a long-term investment plan.
It quickly adapts to any market change, it's secure, scalable, and can, in fact, be used for purchases at shops amongst other things. With Digibyte, cryptocurrency is at a new peak.