DigiByte project purpose and description
WHAT IS DIGIBYTE?
DigiByte is fast growing and global blockchain focused on cybersecurity for decentralized applications and digital payments. Its major focus has been on the safest and most secure way to keep data, decentralization and how fast a transaction can be.
Being a digital asset, digibytes cannot be counterfeited, hacked or destroyed which makes it the best option to choose to protect valuable items like information, currency, digital data or even properties.
It is a cryptocurrency that operates its own blockchain i.e. an open source. Digibytes’ main goal is to develop a cryptocurrency which would get across to a wider community, fully decentralized than the bitcoin. It employs the use of the blockchain technology to achieve its purpose, developing secured apps that can withstand cyber-attacks.
DigiByte boasts of a network that is more scalable, faster and secured than almost all other cryptocurrencies. DigiByte has a goal to surpass the operational speed of operators like PayPal, western union etc. These operators have a processing speed capable of producing one million transactions in a day.
DigiByte has a block time limit of fifteen seconds which means that transactions are completed, verified and confirmed faster. Despite the scalability issues that come with processing transaction very fast, Digibyte did well by being the first to implement the SegWit protocol.
Initially, it was regarded as a gaming cryptocurrency but due to numerous controversies, the gaming feature was shut down. Today, DigiByte remains the first and only cryptocurrency to employ the use of multiple Proof of Work algorithms totaling five in number. The maximum number of coins to be distributed is 21 billion which is going to be distributed across 21 years.
WHAT IS THE PROBLEM DIGIBYTE AIMS TO SOLVE?
Digibyte was created just like many other altcoins to solve the shortcomings of bitcoin. The major problem digibyte aims to solve is the issue of cybersecurity. We live in a digital world where virtually all we do is related to the internet – information, data, money etc. happens online. Although, there have been numerous attempts through which other cryptocurrencies have tried to provide online security, it has never been adequate enough.
Issues like hacking have become the order of the day in the digital world with so many people trying to manipulate others for financial gain, although, other platforms are said to be secure because of the presence of the blockchain and the algorithm employed.
However, there have been cases of manipulation on these systems one time or the other. In essence, DigiByte aims to provide absolute security of things, information and resources.
Digibyte also aims to provide actual decentralization to the world at large. Most cryptocurrencies are not totally decentralized as they are controlled by individuals and private companies rather than the communities. This defeats the definition of the blockchain technology. Another issue DigiByte aims to solve is the issue of speed.
HOW DOES DIGIBYTE SOLVE THESE PROBLEMS?
As earlier noted, the most obvious problem that other applications face is the susceptibility to cyber-attacks. Several valuable pieces of information are either lost or cease to be confidential as a result of this threat. The following are solutions to the problems:
- Through their idea of a global decentralization, DigiByte as a presence of in over two thousand servers, phones, nodes and computers across the globe. This way, there is slightly any possibility of a hack as it is impossible to hack all of these devices all at once.
- The implementation of the five algorithms for mining is another perfect step to deal with insecurity. As opposed to other platforms that makes use of an algorithm, digibyte makes use of five. This ensures that centralization is impossible and as such, the aims of the platform is seen to actualization. The algorithm used includes: SHA256, QUBIT, SKEIN, SCRYPT, and GROESTL.
- Through the establishment of protocols like multishield and digishield, the blockchain is protected against any malicious attack. These protocols means that digibyte has the most sophisticated difficulty stability across the globe. This implies that the difficulty encountered in mining with any algorithm is improved upon anytime miners are already familiar with it. This way, the standard of the platform is maintained
- The speed of DigiByte is estimated to be 40 times faster than that of Bitcoin, which denotes that it has been able to solve the problem of slow transactions. Restriction in scope and size has helped to increase the speed, extent and the amount of data that are transferred over the digibyte network.
- Also, innovations brought about by the Segregated Witness have been a major factor in increasing the speed of operation. Such innovations include confirming a transaction or operation once, and not having to go through several unending processes.
WHAT MAKES DIGIBYTE BETTER THAN ITS COMPETITORS?
Digibyte since coming into the limelight has been known to be better than its contemporary blockchain. This is made possible by the improved sophistication employed in its development, as well as the purpose it serves which none other could.
- The amazing thing about DigiByte is not only in the fact that it is fast. Its greatest feature lies much more in the tendency of even getting faster in a few times from now. This has made the digibyte more excellent than any other blockchain, Bitcoin inclusive. Its super speed of completing transactions in a few seconds is simply amazing and its long-term potential is high.
- The DigiByte network is heavily secured. Everyone wants the security and safety of their assets, properties and information. This is just the perfect piece of protection which DigiByte offers more than any of its competing blockchain. The ledger containing all transactions and operations on the network is resistant to hacking or cyber theft.
- Digibyte has algorithms which ensure that any attack on it is pretty impossible. It also cuts down the block time in comparison to Bitcoin, coupled with the five algorithms that ensure decentralization. This in turn gives a block time every 15 seconds that makes it impossible to hack into the assets or documents. This is a comparatively high advantage of DigiByte over any other blockchain.
- Digibyte is developed separately on its own Blockchain network.. This distinctness is what ensures that DigiByte is unaffected by other networks around the world.
- Number of transactions completed per second also makes DigiByte a step ahead of other blockchain. It conveniently processes 560 transactions per second. This scalability is much higher than any other of its competitors. As a comparison, Bitcoin manages about 7 transactions in a second which is considerably low.
- No other blockchain has future plans of improving as much as digibyte does. Despite being a leading figure in all ramifications, digibyte seeks to improve on its efficiency and effectiveness. That sense of vision and planning is quite commendable. Digibyte plans to have several billions of coins mined in the future. This no doubts make digibyte an immensely better payment option than any competitor.
HOW CAN DIGIBYTE BE CATEGORIZED?
Digibyte can be classified into the following
- Digital Currency and asset
Digibyte can be used as a means of exchange and also as a means for investment. To enjoy the value that the blockchain provides, there is a need to possess the coin. . Transactions, payments, and purchase of goods and services can be made in form of digibytes and are generally acceptable in the world. Without possessing this currency, no transactions or investments could be carried out. Trading of assets and properties are done in form of digibytes
The main aim of the platform is solve the numerous issues of cybercrime across the globe. Digibyte aims to provide a more secured means through which data could be stored and not tampered with.
Through the implementation of various algorithms, digibyte is referred to as one of the most secure blockchain platforms.
The digibyte platform is a truly decentralized platform as it is not controlled by any private organization but rather by the community itself. Its implementation of five different algorithm is just to ensure no one is able to become a central power by dominating a single mining pool.
- Data Storage
The name digibyte denotes memory space like a gigabyte or megabyte. This means that valuable data can be stored on it. The good news is that it is not susceptible to hack or destruction. Once data is stored on it, it cannot be manipulated except the right access is given it by the owner.
WHAT IS DIGIBYTE VISION ON SECURITY?
Digibyte incorporates a heavy defence and security structure in safeguarding assets, information and transactions on its network. As much as digibyte currently runs a very high security level, its vision on improving defence and immunity against hacks and attacks is appreciable.
This shows the concern of Digibyte for the safety of assets. Security is not a thing that Digibyte jokes about. Several other crypto projects have caught the fancy of several investors, yet involve a high risk and uncertainty of investment. Coupled with the fact that Digibyte ensures a huge profit on investment, it also ensures the protection and preservation of all assets and properties.
Digibyte is indisputably the safest and most secure UTXO blockchain, as it develops a distinct network of its own rather than the centralized one, Bitcoin.
In fact, it can be concluded that the separate and individual network of its own is what ensures the safety of digibyte assets. Some crypto currencies can be hacked based on the possibilities of a malfunction or centralization but digibyte is way different as it is quite sophisticated and immune to cyber-attacks.
Digibyte possesses a difficulty adjustment that adapts itself and changes at every point in time to protect the assets. This is as opposed to the Bitcoin that changes with a fortnight delay.
Digibyte has algorithms that are corresponding to the difficulty adjustments. It is practically impossible to break into Digibyte Blockchain as it is quite costly and expensive to carry out.
Likewise, the five mining algorithms do not permit a hacker to gain control of its network. Most notable vision of digibyte is how to combine the recent technological advancement in its development with artificial intelligence. This is so as to maximize the field of automation and data analysis more than ever before.
EXAMPLE OF DIGIBYTE USE CASES/APPLICATIONS
Digibyte can be used in different sectors and positions. Some of them includes:
- Governance: important information as regards government can be stored on the digibyte, kept secured and safe from external attacks this way, information, transactions can be transported from one place to another without any room for fraudulent practices
- Voting: The platform, through the use of the smart contract can be used for voting purposes. Voting data can be stored on the digibyte blockchain. This way, manipulation is totally impossible giving room for a free and fair election.
- Cryptocurrency: other cryptocurrencies like dogecoin have begun the implementation of some of digibyte features like the digishield and multishield. Most certainly, so many other cryptocurrency, both upcoming and potential platforms would employ its usage.
- Cloud Storage: digibyte allows its participants to store data offline. Private documents like a will, certificate of ownership, academic findings etc. can be stored on the digibyte. This avails the user peace of mind as there is no room for hack whatsoever.
- Financial Institution: considering how fast transactions are carried out, financial institutions can employ its use. Because of the safety it provides, transaction are more secured and users can trust the system more
- E-commerce: the blockchain allows for decentralized apps to be built on the platform. E-commerce can capitalize on this to provide a platform that would run without the need of a third party system. Payment, tracking, records keeping etc. would be done on the platform. Also, the transaction speed of the blockchain would be of great advantage to the e-commerce platform.
Digibyte has a lot of use cases ranging from the gaming industry, gambling and other related sectors.