What is Digibyte? A Short Guide on Investing in DGB Coin

Digibyte is an open-sourced platform, focusing on asset creation. The blockchain architecture is built in such a way that it could compete against major cryptos like XRP, Litecoin, or even Bitcoin. Other than cybersecurity and scalability the platform offers other features like enabling users to issue assets, launch applications, and digital identities. 

Digibyte works on a Proof-of-Work consensus mechanism and is designed to be adaptable, and support multiple mining methods. Unlike Bitcoin, Digibyte supports smart contracts which are extremely important to handle transactions of more than a hundred per second. The platform aims to build an entire ecosystem of tokens and dApps much similar to Ethereum. 

The network is backed by its native token DGB which is used to pay for transactions and smart contract computation fees. The tokens are mined by the miners using PoW where-in the miners are rewarded. It has a limited supply of 21 billion tokens and with th decreasing issuance, the block reward also reduces by 1% each month. 

Read more: Crypto Listing Festival by CoinDCX – Rewards worth 20lakhs up for Grabs!

Who Are the Founders of Digibyte?

Digibyte was initially founded in October 2013 by Jared Tate who is also called ‘DigiMan’ but the genesis block was mined in January 2014 as a fork of Bitcoin.  Interestingly, Tate announced his retirement from his position in May 2020 and again returned in September 2020 and is closely associated with the developments of the platform.

Tate’s biography affirms that he was closely associated with Bitcoin since 2012 and also wrote a book called ‘Blockchain 2035: The Digital DNA of Internet 3.0”

During the launch, Digibyte released 0.5% of the total supply in a giveaway, and half of the remaining tokens were distributed among the early users. The other half of the tokens were kept reserved to support the network’s development for the first 18 months. 

How Does Digibyte Work?

The Digibyte network handles multiple functions, being highly scalable at the same time. It also processes huge transactions per second at very affordable rates To achieve this ambition, the Digibyte platform is broken into multiple layers, 

• Application Layer:- it is the layer that enables the users to access dApps and interact with its crypto DGB.
• Consensus Layer:- Here, the transactions get recorded and allow the miners to manage the mining of new DGB tokens
• Network Layer:- This layer defines the communication and operating procedures for all devices running the software.

Besides the layers, the Digibyte blockchain uses a variation of Bitcoin’s Proof-of-Work consensus mechanism, where-in transactions are validated by the miners and earn newly mined tokens. The blockchain uses five different algorithms, Scrypt, SHA256, Groesti, Qubit & Skein to decentralize the mining network. 

Read more: Proof of Stake vs Proof of Work blockchains

What Makes Digibyte Unique-Uses Cases?

• The most unique feature of Digibyte is it requires consumer-grade hardware which allows wider mining adoption
• It also features the most advanced difficulty stability where-in adjustments are done to protect the chain from malicious attacks and also improvise security. 
• Digibyte is the first-ever blockchain to integrate SegWit. It is a technology used to enhance the speed of transactions by reducing the amount of information stored in each block
• Much similar to Bitcoin, Digibyte also uses the UTXO scheme to keep track of the transactions 
• The most innovative use case of Digibyte is the Digiassets, which are the digital form of traditional financial assets such as gold or equities or any legal documents such as notarized papers or land deeds. 
• Yet another unique use case is the Digi-ID which is an authentication system for applications that diminished the need for usernames and passwords. As per the Digibyte team, this ID can share cryptographic data without revealing any personal information to the applications.

Digibyte Price Analysis

Source: Tradingview

• Despite the recent fallout, the DGB price is striving to lay down a firm upswing, while the dropped volume could lower the pace
• With the diminished volatility, the Bollinger Bands begin to get compressed and ignite a parallel consolidation
• As the price remains close to the upper band and the RSI being incremental, Digibyte price is believed to undergo a bullish breakout after the bands undergo extensive squeeze
• With a breakout, the price may reclaim its initial levels at $0.01 and if the bulls maintain their strength, the token could rise close to $0.015 else remain consolidated around $0.013 to $0.0125 for sometime
• Meanwhile, as the trade approaches the yearly end, the volatility could increase that may compel the price to undertake a larger price action 

Prices as of December, 2022

Read more: Crypto Price Predictions

How to Buy Digibyte in India?

Buying or selling Digibyte or any other cryptos is very easy and safe on CoinDCX. We are the leading bitcoin and crypto investment app in India, besides being the leading crypto app for beginners. To register, all you need to do is follow the below-mentioned steps, 

• Download the CoinDCX App
• Enter the required details 
• Complete KYC
• After your profile is verified, fund your wallet and buy DGB token.