DigiByte (DGB) is more than a faster digital currency. The key feature of this ecosystem is the security and speed. The development of DigiByte started in October 2013, and the genesis block of its DGB token was first mined in January 2014 as a fork of Bitcoin (BTC). Digibyte uses a similar system as Bitcoin to keep track of transactions which is called the UTXO system.
Digibyte's most important features are:
Digibyte is an innovative blockchain that can be used for digital assets, smart contracts, decentralized applications, and secure authentication. This network could solve the problem of scalability and speed considerably.
In May 2018, Digibyte up the ante on digital security through Digi-ID. Digi-ID is a security protocol built on DigiByte blockchain technology that empowers users to effortlessly sign in to websites, applications, and even into the internet of things. This feature leads to the elimination of using username and password for accessing an account. This relies on private/ public key cryptography to help reduce the risk of using passwords and having them stolen.
In order to secure the blockchain and decrease the risk of double-spending or 51% attacks, DigiByte utilizes a total of five proof-of-work algorithms. This blockchain network is based on three layers:
It is the user-facing layer that everyone can retrieve DigiByte's dApps and interact with its cryptocurrency.
In this layer, the transactions get recorded, and that enables miners to manage the release of new DGB cryptocurrency.
The Network layer is the foundational layer of the blockchain which illustrates the communication and operating procedures for all devices running the software.
Also, it is notable to mention that the latest innovation from DigiByte is DigiAssets. It is the top layer of the DigiByte blockchain that allows for smart contracts, decentralized applications, and programmable tokens.
The first two DigiAssets were created by DigiByte founder Jared Tate in April 2019. The DigiTorch and DigiFlame are both meant to be passed on from different DigiByte community members as they build new projects on DigiAssets.
DigiByte's Return On Investment (ROI) over the past year was 94%, way below its similar projects' ROI that saw an average ROI of 1,165%. Also, it underperformed compared to the market's top 1500 project with an average ROI of 12,557%.
Projects with public Github account have more transparency and reliability. Generally, investing in projects with multiple contributors and commits is considered a safer and better investment (this means they are busy working and building the project). According to its Github account, there are 34 contributors to the development of DigiByte, who have done no commits over the last month.
Over the last five months, DigiByte's market capitalization rank followed an overall declining trend, starting at the rank of 80 on May 15, 2021, reaching 126 by the time of writing this post with an approximately $719 million market cap. Moreover, its liquidity score is 54% above the market's average score, making it relatively easier to sell in bear markets.
Another critical factor in the success of any project is gaining public attention. Our data shows that its Twitter account saw a growth of 6% over the last five months in the number of followers. Telegram and Reddit also saw an increase in DigiByte's popularity, with 19% and 14% during the same period, respectively.
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