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18 December 2018 23: 30 & nbspUTC
| updated:
18 December 2018 at 23: 30 & nbspUTC
As we have often written, the cryptographic sphere is a crowded place to cross. While Bitcoin threw the cryptocurrency model in general about ten years ago, many new cryptocurrencies have emerged since then. Although they were not able to dethrone Bitcoin, they managed to make their presence felt by overcoming the various qualities of Bitcoin. The Digibyte blockchain and its cryptocurrency were an addition to the cryptic market. In this beginner's guide to the Digibyte cryptocurrency, let's take a look at what it is and what sets it apart from the other Bitcoin spin-offs that have invaded the market.
You can also read: Best Altcoin to invest in 2018
What is Digibyte Cryptocurrency?
The Digibyte cryptocurrency has inside the blockchain technology, the Digibyte Blockchain. Now, the Digibyte blockchain is a decentralized network that tries to facilitate faster and faster transactions, as well as hosting dApp and blocking smart contracts on it. It claims to be the largest UTXO blockchain. UTXO refers to the output of the unspent transaction or to the indivisible names in which the cryptocurrencies are stored in the portfolios.
You can also read: How to protect cryptographic portfolios?
The DGB currency or the Cryptocurrency Digibyte is the native currency of the platform. It can be extracted using a rather innovative and unique mining algorithm that maximizes both security and decentralization. The MultiAlgo system is called.
It breaks the entire extraction process into 5 different cryptographic algorithms, that is to say; SHA 256, Skein, Groestl, Scrypt and Qubit. Since each of these five algorithms has to deal with only 20% of the network, the possibilities for centralization are kept at bay.
The DGB cryptographic currency is used for transactions within the Digibyte blockchain network and is a fairly fast means of transaction.
Salient features of the Digibyte cryptocurrency
The following are some of the key features that make Digibyte different from its numerous competitors on the market:
1. Digibyte is incredibly fast
Digibyte blocks are processed every fifteen seconds, which means that transactions take place very quickly, adding to the user experience.
2. Digibyte has a very high power plug
While Bitcoin has an offer limit set at 21 million, Digibyte has set its own up to 21 billion.
Despite having a high supply means that it will be around for much longer, it also slightly decreases the chances of increasing its price.
3. Highly decentralized
As described in the previous section, Digibyte is highly decentralized because it spreads the network's tasks on about 200,000 nodes and 5 algorithms.
The MultiShield layer also helps to achieve the goal of decentralization.
4. An enthusiastic community
Digibyte is supported by an incredibly loyal niche follower band. These community members are extremely interactive and constantly engaged, able to guide adoption.
Digibyte still lacks popularity and adoption, and its price still remains quite low. Even so, it is a promising cryptocurrency to which we should pay close attention.
Here are some other articles for you to read:
5 things you should know about Blockchain
10 reasons to buy Bitcoin in 2018
How to sell your Bitcoins?
Rushali Shome
Rushali Shome is a history student with a keen interest in word games, politics and beyond. When you do not type furiously in the "Notes" section of your phone, it can be found by trying to capture the servers' attention in restaurants or weddings for a second help.
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