Sunday, December 26, 2021

Digibyte – a Coin with Multiple-Algorithm Mining

What is DigiByte?

DigiByte is a highly decentralized cryptocurrency with a focus on security and speed. It was developed by Jared Tate and released in 2014, which makes it relatively old for a cryptocurrency. The project was inspired by Bitcoin but came with many improvements, including very little to no transaction fees and lightning-fast transactions. It has been tested over the years and has improved significantly since its launch.

What is DGB

Truly Decentralized Mining

Initially having a single Proof-of-Work (PoW) consensus mechanism, DigiByte quickly forked to add a novel feature called MultiShield. It rebalances the processing load between five different mining algorithms by adjusting the difficulty of each one so that none of the algorithms become dominant. Along with Bitcoin’s SHA-256 and Litecoin’s script, DigiByte employs more ASIC-resistant Skein, Qubit, and Grøstl hash functions. This keeps mining competitive and the network less vulnerable to attacks.

What is DGB

Speed & Scalability

With a block time of around 15 seconds, DigiByte is among the fastest cryptocurrencies and one of the first major altcoins to have implemented Segregated Witness (SegWit), which separates transaction confirmations from the transaction information in the block to solve the scalability issues on the blockchain. DigiByte is set to double the network’s capacity every two years.

What is DGB

Where to store DigiBytes?

You can send and receive DigiBytes to or from any DigiByte address in the world in a matter of seconds, and Magnum Wallet allows you to easily manage your DGB funds and exchange them instantly if you need to. Your data is kept safe in the Magnum Wallet, as no one but you has access to your private keys, and no personal information is collected.

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