Greetings everyone.

I much honored to take part in the second week of crypto academy lesson by our noble professor @levycore. This week, we have been given great knowledge on everything we need to know about NFTs that’s Non-Fungible Tokens. As a result of that we have been task to write an article on a popular NFT project.

In a way of showing how well I have understood the lessons thought by our noble professor, I will like to write on what NFTs are before solving the actual task for the week.

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WHAT ARE NON-FUNGIBLE TOKENS

Breaking down the key words, Non-fungible is a term that is used to describe items like music, computer, table ,chair and so on , that’s is they can’t be changed with each other because they all have specific properties. We all know tokens to be coupons that are used for the exchange of goods and services. Bringing them together gives as the description of NFTs to be tokens that are used to show ownership of specific items. That is it they portray only one owner. NFTs are the final output of a specific cryptographic token which cannot be interchanged.

HISTORY OF NFTs

A lot of people believed that NFTs made together with Ethereum which isn’t a real fact. They have been in the system way back at 2012. The first NFTs known to exist are the colored coins. We also have the Rare peeps, also another first example of NFTs. These took place with Bitcoin Network.

USES OF NFTs

NFTs are used in the creation of so many stuff. Their existence has helped prevent people from copying one another works without the permission of the original owner. They are used in the creations of games, items that can be physically touched and seen, digital stuff, domain names and so on.

HOW NFTs OPERATES

The operation of NFTs is very interesting. They operate on the Ethereum blockchain in which they are can be traded on any Ethereum-based NFT market. They can’t be interchanged directly for one another. Let’s say one Ethereum is the same as another, for NFTs it does not work that way. Each token has a specific owner and the information of the owner can be simply confirmed. Also they take in information in code forms as digital forms. To simply operate a NFT you need to get yourself a good popular NFT platforms such as Chiliz, DigiByte, Rarible, and Decentraland and so on.

There are so many Popular NFTs projects as stated above, I will like to write on DigiByte.

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WHAT IS DIGIBYTE

DigiByte was launched officially in the year 2014 in January by Jared Tate.
It is a decentralized blockchain that is used to make transactions very fast with any stress. With DigiByte one does not need to go to the bank to join long queues and go through a lot of stress just to make transactions. That is no intermediary is involved with DigiByte. They are finite DigiByte in the system just like that of the dollar or euro. It is an open source project and does not need a permission before using the DigiByte. It is a very fast way of sending and receiving funds.

Also it is a peer-to-peer digital currency that allows faster transactions with minor fees. It is the best way of making payments digitally.

DigiByte is mineable because it is a 100% Proof of Work blockchain. It can be mined with algorithms numbering up to five, these are; Sha256, Scrypt, Skein, Qubit and Odocrypt. Also,
MultiAlgo mining contributes the security of DigiByte and allows the users to use any hardware’s of their choice. Such hardware’s like; ASIC, FPGA,GPU and so on.

DigiByte is not from an ICO or from any pre-mined coins. There isn’t any CEO or any company controlling the blockchain this makes it a decentralized blockchain as I stated above.

HOW IT WORKS

DigiByte works on a very faster rate. It does not also require any permission before using. There are no limits in the operations of DigiByte as well as the need to sign-up. The personal details of the users are also required in DigiByte. Any amount of funds can be used to make transactions in DigiByte project. There isn’t also anyway to freeze the funds of users in DigiByte of filling of long forms.
The price of DigiByte as at the time of my research was at $0.13453

ADVANTAGES OF DIGIBYTE

The description alone of DigiByte is enough evidence to see how the strength of DigiByte is.

1. It is easy to use; the usage of DigiByte is simpler than that of sending a SMS. Sending and receiving of DigiByte can be done on any device of your choice. What you just need to only do is to install a DigiByte supported wallet then scan the QR code then you are good to go.
2. DigiByte is much faster; a transaction made in DigiByte project is 40 times faster than that of Bitcoin and 10 times faster than that of Litecoin. It is takes a time of 15 seconds approximately to make a transaction in DigiByte blockchain.
3. High security in DigiByte; it has been built on technologies that can’t be hacked. These technologies are that of Bitcoin blockchain, DigiShield guard, MultiAlgo mining and Odocrypt algorithm. In addition, users IP addresses are kept save with the help of Dandelion++.
4. It is a decentralized network; as a result of the usage of the multi-algorithm mining the DigiByte project is a decentralized one. No permission is needed before an individual makes a transaction.

DISAVANTAGES OF DIGIBYTE

1. It lacks use cases; despite the faster rate of DigiByte, most investors still condemns this project stating that it is very weak as compared to other cryptocurrencies.
2. Less Demand; even though DigiByte can be found on the market, come 10 years’ time it still cannot be compared to that of bitcoin and Litecoin. That is there is less demand for this project.
3. Weak storage; the storing of the entire DigiByte coin blockchain is been done in one wallet which is a full node one. This is the only wallet available on the website. This makes is very weak.

CONCLUSION

Non-Fungible Tokens is a very interesting aspect of the crypto world which I have really enjoyed making researched on and also going through the lesson of our noble professor @levycore.
It is my hope that there will a time to come whereby DigiByte will be recognized in the crypto market because it’s a very great project.

Thank you for your humble attention.