Cryptocurrencies are peer-to-peer technology protocols that rely on the blockchain; a decentralized record-keeping mechanism that permits individuals to share unchangeable and indestructible information “coins” globally in little to no time with little to no fees – this translates into the exchange of money because these coins cannot be counterfeited or stolen.
What is Digibyte?
DigiByte is a publicly accessible decentralized international blockchain, and DGB is the native cryptocurrency used on the DigiByte Blockchain.
DigiByte is a perpetual digital property that cannot be lost; this makes it ideal for storing and protecting valuable items such as digital records, currencies, and so on.
Any transaction that occurs on the DigiByte Blockchain is permanently recorded on the blockchain.
DigiByte can be considered an advanced version of Bitcoin due to its functionalities, high security, and superior technology. The cryptocurrency has been around for more than four years, during which substantial research and development of its blockchain technology has been conducted. It is also the longest blockchain in the world, with over 6 million blocks and counting.
A Brief History of Digibyte
Jared Tate, an American developer, created the DigitByte protocol in 2013 to enhance the Bitcoin Core convention. In January 2014, the mining of The Genesis block was done, with no underlying coin offering. A feature from a USA Today article was incorporated, alluding to the blockchain’s protection and information obligation ideology.
Tate started working on DigitByte full-time after its launch and founded the DigiByte Foundation. By the mid-2010s, DigiByte gained traction, with Dutch shopkeepers using the token to pay suppliers in Hong Kong. This was the first time DigitByte was used in an institutional environment.
Working of Digibyte
Despite being a fork, DigiByte has a wide community and a dedicated team of developers. Since its inception, developers have introduced a slew of new features to Bitcoin’s initial protocol, and it now has three layers:
Applications Layer: The user-facing layer where everyone has access to Dapps from DigiByte and interacts with DGB.
Core protocol: This is the primary layer, and it serves as the backbone for the entire network. It specifies how nodes interact with one another. This is the program that runs on any DigiByte node.
The public ledger: This is the layer between the previous two. All blockchain data is saved on the ledger and accessed by the other two layers as required.
What Can You Do with Digibyte?
Like Bitcoin, it is possible to use DigiByte for payment or value transfer. DigiByte is also the power for running DigiAsset’s intelligent contract network. DigiByte works, for example, to pay for transactions or as a courier for other properties and codes to be sent and received; also, nowadays, used for investment, you can check DigiByte price prediction if you want to plan to invest in DigiByte native token.
The Future of Digibyte
To provide interactive and historical blockchain statistics, increase payment processing options, and build fiat and USDT stable coin combinations across exchanges in the fall of 2019, DigiByte launched DigiByte’s constantly evolving technological updates and enhancements to the core protocol.
The Foundation is currently focusing on securing and awareness-raising DigiByte collaborations for this initiative.
In July 2020, the project launched the DigiBee donation platform, enabling donors to pay for maintaining and developing DigiByte’s ecosystem and granting them the right to vote on decisions of the DigiByte Foundation that require participation by the group.
DigiAssets will emerge as the largest and most significant future DigiByte program. An entire app and ICO ecosystem will be an integral component of the network if all is done according to schedule.
DigiByte will gain prominence in the coming years, and in approximately five years, DigiByte may even outrank its famous contemporaries. The adoption rate of the DigiByte group could increase exponentially worldwide and may also outgrow when compared to the other crypto communities.