DigiByte (DGB) is the fastest-growing and most decentralised UTXO blockchain in existence. It was created in 2013 and introduced to the market in early 2014. With an ability to process 1,066 on-chain transactions per second, DigiByte has surpassed long-standing blockchain platforms like Bitcoin and Ethereum. It is 40 times faster than Bitcoin and 10 times faster than Litecoin.
It has a highly scalable digital currency that facilitates fast transactions with negligible fees, making it one of the best means to execute digital transactions. You can use DigiByte for digital assets, cryptocurrency, smart contracts, and decentralised applications (dApps). DigiByte also caters to the Internet of Things and facilitates microtransactions between machines.
Unlike Bitcoin and other cryptocurrencies, DigiByte has never been funded by ICO — a fundraising method used by cryptocurrencies — which makes it truly decentralised. DigiByte is a community-driven project that is not run by a centralised authority.
Use our guides to Digibyte to make a more informed investment decision.
What is DigiByte?
DigiByte is a blockchain-based digital payment system that facilitates peer-to-peer transactions with minimal fees. It has a rapidly-growing UTXO database, a ledger used to store change from digital transactions.
DigiByte allows you to engage in digital transactions without revealing your physical location or IP address. It is mineable and uses a Proof of Work (PoW) protocol to validate transactions. There are 5 cryptographic algorithms in place to prevent mining centralisation and fluctuations in hashing power, the computational power used for mining.
There is a fixed quantity of 21 billion coins available which can only be created through mining. DigiByte block rewards are reduced by 1% every year, so all 21 billion will be mined by 2035.
The DigiByte blockchain uses three layers to enable secure and fast transactions.
- The first layer, DigiAssets, allows you to create all types of digital assets on the DigiByte blockchain including decentralised applications (dApps).
- The second layer is an immutable ledger that stores all transactions of DigiBytes, which is designed for administration and security purposes.
- The third layer is designed to facilitate communications between different nodes (computers, servers, or mobile phones) connected to the DigiByte blockchain.