Chief's Open-Source Overviews | Digibyte

chiefmappster (63)in #utopian-io • 7 years ago (edited)

This Chief's Open-Source Overviews analyzes the major benefits and advantages of the open-source blockchain , Digibyte (DGB), with the goal of helping provide value to the community about this open-source blockchain network.

Digibyte is a decentralized, multi-layered blockchain aimed at efficient, effective, and secure transactions and decentralized applications among many other attributes.

Currently priced at $0.017, DGB ranks #56 in terms of market capitalization of all cryptocurrencies and tokens.

This guide will explain four major reasons to pick Digibyte (DGB) out of all cryptocurrencies & blockchains:

Unlike "decentralized" Bitshares and NEO which have 12 and 7 servers respectively, Digibyte is a truly decentralized blockchain with over 190,000 nodes across 80 countries.

This is a huge benefit to Digibyte as it boosts long-term sustainability of the network as an outage of a few nodes would not diminish the networks capacity.

It also serves as a tremendous advantage as a central authority or organization cannot control the Digibyte network because they have the majority of nodes.

Also, Digibyte was not funded by an ICO and is not pre-mined.

That means Digitbyte's currency is not held by private companies or a centralized authority which is a huge advantage over other "decentralized" cryptocurrencies such as Ripple which has the majority distribution held by a centralized figure.

Also, Digibytes mining process is one of the most decentralized cryptocurrency mining in the space (more detail below in Reason Two).

This is part because the vision of Digibyte is a truly decentralized cryptocurrency and has proven that in the past four years.

In recap, Digibyte is a cryptocurrency and blockchain created with decentralization for the long-term. Everything from the hundreds of thousands of nodes to the decentralized mining process helps maintain long-term decentralization for this blockchain.

Unlike some other decentralized cryptocurrencies, Digibyte is a mineable cryptocurrency. It deploys a Proof-of-Work consensus mechanism which allows for the mining of DGB through a variety of mining options which serves as a great advantage for Digitbyte.

A major distinguishing difference related to Digibyte is the five (5) mining algorithms (seen below) that can be used by interested parties to mine Digitbyte. These algorithms mines a new block every one and a half minute and supports both ASIC and GPU mining.

These algorithums have a real-time difficulty adjustement built in thanks to Digibytes MultiShield which is an improvement over other difficulty adjustemtns like Bitcoin which take 2 weeks to adjust.

Not only does this flexibility with mining help draw more interest and attention to Digitbyte, but it helps create a more decentralized, secure network as it helps ensure a bad actor cannot compromise the network via a 51% attack.

Besides the advantages related to the decentralized and flexible mining process of Digibyte, Digibyte just released a new one-click mining program that simplifies the mining process even more.

This one-click miner program lowers the barrier of entry dramatically as anyone with a Nvida or AMD graphics card can mine Digibyte.

This is a tremondous advantage to Digibyte as it will draw more attention and people into the Digitbye community because of how easy the mining process of Digibyte is.

In recap, Digibyte's five mining algorithms and its new one-click miner makes it more streamlined and secure to be apart of the mining process of Digibyte and draws more attention to the Digibyte community.

Unlike other blockchains, Digibyte has multiple layers associated with its blockchain.

As you can see below, the layers of the Digibyte blockchain include an Applications Layer, a Digital Asset Layer, and the Core Protocol Layer

These three layers combine to create a blockchain that is built for mainstream adoption & use cases, provides security & accounting, and the necessary communication to maintain the decentralized blockchain.

This proves a tremendous advantage for Digibyte over many other blockchains which one have one layer or major use case for their blockchain.

Developers can create dApps (decentralized apps) using the application layer which allows for individual, businesses, and organizations to harness the security and transaction power of the Digitbye blockchain thru use cases created by the community.

Besides having access to the administration layer of Digibyte which is the Digital Asset Layer, Digibyte has another great advantage in the form of the Core Protocol which is the communications layer.

This core protocol allows all any computer, server, or mobile phone to become a node and communicate with other nodes to help in maintaining the Digitbyte network.

This is huge for Digibyte has it allows for the growth of nodes for the network as basically any device tapped into this layer can become a node and help the network.

This boosts the long-term longevity of the network as it doesn't limit individuals, businesses, and/or organizations from joining the Digitbyte community to help relay transactions and increase the effectiveness and efficiency of the Digibyte blockchain.

In recap, Digibyte's three layer blockchain serves as a great advantage for Digibyte as it provides growth opportunities through dApps, accounting through its Digital Asset Layer, and the ability for almost anyone to become a node on the network due the Core Protocol Layer. All contribute to the increased long-term stability, security, and sustainability of the Digibyte open-source blockchain.

Like the popular Bitcoin and Litecoin, Digitbye is an unspent transaction output (UTXO) blockchain.

One benefit of an UTXO blockchain is that it allows transactions to be processed in parallel. This combined with its blockchain rigidity and innovative technology has made it the longest UTXO blockchain with over 6 million blocks.

As a result, the Digibyte blockchain has already had to deal with scalablity issues that other blockchains haven't because they have not been tested like Digibytes.

One benefit Digbyte implemented to deal with scalability issues is that Digibyte transactions are limited in scope and size to increase the efficiency and effectiveness of the network.

This is one of the reasons Digibytes network runs 560 transactions per second currently with aims of 2,000 transactions per second by 2020.

Not only is it the longest UTXO blockchain with over 5 million blocks, but it is the fastest UTXO blockchain with block speeds of 15 seconds

Digitbyte was also the first blockchain to implement Segwit to ensure Digitbytes confirmation speed stays as efficient as possible.

In recap, Digibyte has already dealt successfully with scalablility issues and have implemented many technologies and techniques to ensure that its blockchain stays at the top of the UXTO blockchains in terms of efficiency and effectiveness.

So why pick Digibyte out of all the cryptocurrencies and blockchains?

It:

is a truly decentralized blockchain,
an efficient and effective mining process,
has a multi-layered blockchain, and
is a scalable, UTXO blockchain.

This concludes Chief's Open-Source Overviews of the the major benefits & advantages of Digibyte.

Hope this provides value to yourself and please feel free to use this as a resource to help answer questions and bring awareness to the open-source blockchain.

Series

Here are links to the other overviews part of this series, Chief's Open-Source Overviews:

Sources:

Image Sources:

Blog headers created by myself
Screenshots by myself from www.digibyte.co
https://coincentral.com/what-is-digibyte/

Namaste

@chiefmappster

Posted on Utopian.io - Rewarding Open Source Contributors

#cryptocurrency #digibyte #dgb

7 years ago in #utopian-io by chiefmappster (63)

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practicaleric (66) 7 years ago

Excellent write-up on digibyte; it is really great to learn more about it. What stood out for me is the true decentralization digibyte offers. Given the other 3 advantages I think at $1 cent, it is largely undervalued and has great potential in future. Thank you for sharing :)

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chiefmappster (63) 7 years ago

Righttttt it is a truly decentralized crypto so excited I found out about it. And righttt at one cent how can you wrong with it. And their founder Jared Tate seems like a @dan type leader. Awesome to see.

You're very welcome bud. Thank you for your time and attention :)

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jzroa (48) 7 years ago

I'm glad that my article was been a part of your post, I thankfully honor that, As a fan of Digibyte for almost 4 years Digibyte existed in the market I never stand down and still give me competitive spirit to the world of cryptocurrency, for now DIgibyte created a 1 click miner that really helps me a lot, keep up posting this kind of content, it truly gives people knowledge and make them realize that this coin is a sleep giant the can rule the cryptos in the near future

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chiefmappster (63) 7 years ago

Amennnnnn man wow you found DGB earlier props to you. The potential and the fundamentals with this one are incredible.

And thank you for your awesome information and inspiration. I am sure one day it will rise. Till then :)

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roj (61) 7 years ago

Your contribution cannot be approved because it does not follow the Utopian Rules.

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chiefmappster (63) 7 years ago (edited)

That's unfortunate because I know these Overviews provide value to the open-source environment. So If I would have written an article about the new feature, the One-click Miner, that would be okay?

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Chief's Open-Source Overviews | Digibyte

This guide will explain four major reasons to pick Digibyte (DGB) out of all cryptocurrencies & blockchains:

So why pick Digibyte out of all the cryptocurrencies and blockchains?

It:

This concludes Chief's Open-Source Overviews of the the major benefits & advantages of Digibyte.

Series

Sources:

Image Sources:

Namaste

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