DigiByte

Jared Tate, a programmer and entrepreneur created DigiByte in 2013. The first DigiByte block was mined on January 10, 2014. As of January 2018, it has a total market cap of over US$1 billion. It is the longest public blockchain in existence.

DigiByte coin is an open source cryptocurrency based on Bitcoin. It runs on the DigiByte blockchain, a decentralized international blockchain. DigiBytes are digital assets that cannot be destroyed, counterfeited or hacked. DigiByte pioneered asymmetrical difficulty adjustment mining with DigiShield and MultiShield. It uses Huntercoin as its multi-algorithm.

The cryptocurrency is a UTXO-based coin, meaning each coin has an identifier, similar to Bitcoin. Coins are considered unspent until sent to other users. The blockchain runs with five proof of work algorithms including SHA256 and Scrypt, and was the first block to utilize a Segregated Witness technology to maintain its scale.

DGB's network connects each individual node together, and maintains its data on a public ledger. There are over 100,000 nodes, across the world, that stand as a node on the block. Throughput on the block equates to 280 transactions per second (given the transactions are small). DigiByte maintains a blockchain that is over 5 million blocks long.

DigiByte (DGB) is an open source blockchain and asset creation platform. Development began in October 2013 and the genesis block of its DGB token was mined in January 2014 as a fork of Bitcoin (BTC).

A longstanding public blockchain and cryptocurrency, DigiByte uses five different algorithms to improve security, and originally aimed to improve on the Bitcoin blockchain’s security, capacity and transaction speed.

DigiByte consists of three layers: a smart contract “App Store,” a public ledger and the core protocol featuring nodes communicating to relay transactions.

DigiByte was created by Jared Tate, also known as “DigiMan,” who oversaw its metamorphosis from development to its current setup before announcing that he was temporarily retiring from his position in May 2020.

Tate has since returned, and as of September 2020 once again appears closely involved with DigiByte’s growth.

Tate’s biography states that he was involved with Bitcoin from 2012 onwards, and authored the first book written by a blockchain founder, “Blockchain 2035: The Digital DNA of Internet 3.0.”

DigiByte’s operations depend not only on developers, but also the DigiByte Foundation, a volunteer organization tasked with overseeing preservation of the project. A third group of volunteers, the DigiByte Awareness Team, is responsible for marketing and promotional activities.

DigiByte (DGB) is a proof-of-work (PoW) cryptocurrency, and miners earn tokens for validating blocks via block rewards.

In January 2014, 0.5% of the total DGB supply (105 million coins) was premined. 50% of the premine was reserved for development purposes, while the remainder was given away.

DGB has a hard supply cap of 21 billion tokens, with mining forming an emission curve with decreasing issuance — the block reward reduces by 1% each month.

DigiByte has stated that it purposely did not try to raise funds or give away tokens through instruments such as an initial coin offering (ICO) or similar token sale.

DigiByte uses a total of five proof-of-work algorithms to secure the blockchain and reduce the risk of double spending or 51% attacks.

Difficulty adjustments ensure resilience against hostile moves within mining circles, with DigiByte claiming to have the most advanced such difficulty setup among cryptocurrencies.

With roughly one block every 15 seconds, DigiByte’s blockchain has managed to prove the longevity of its PoW blockchain since launch, now having a much longer chain of PoW than, for example, Bitcoin.

DGB is a freely-tradable altcoin and is available on multiple exchanges. Trading pairs are available for cryptocurrencies, stablecoins and fiat currencies.

Bilaxy, Binance, Sistemkoin and OKEx had the lion’s share of volume for DGB trading pairs as of September 2020.