DigiByte has had a rough road, with the currency battling to break even in the first few years. In 2021, however, everything changed for the cryptocurrency, as it saw a bullish run that resulted in a new all-time high.
DigiByte (DGB) is a cryptocurrency and blockchain platform that works peer-to-peer. DGB coins are used to exchange for DigiByte blockchain-based decentralized apps (dApps) and smart contracts. The DigiByte blockchain is built to be scalable, with the ability to execute many transactions per second. It’s an older crypto alternative to Bitcoin, founded on the Bitcoin network.
Many experts have already recognized that the currency has the potential to flourish due to its own DGB token. However, you may need some guidance if you’re beginning your crypto journey. The Safetrading team provides a detailed DigiByte price prediction evaluation. The data can help you determine if it’s worth your investment.
What Makes DigiByte Special?
DigiByte was founded in 2013 to develop a quick and safe cryptocurrency capable of reaching a larger and more decentralized community than Bitcoin. Because the DigiByte platform is open source, anybody may examine and contribute to the project’s code.
DigiByte supports several cryptocurrencies’ characteristics, including the ability to transmit and receive DGB coins globally in irreversible and permissionless transactions. Furthermore, the network’s software users may utilize its unique smart contracts to create decentralized applications (dapps) for consumers. The DigiByte blockchain is divided into many levels to fulfill its lofty goals:
- Application Layer. The user-facing layer through which anybody may access DigiByte’s dapps and interact with DGB, the company’s cryptocurrency.
- Consensus Layer. That’s the layer where transactions are logged, allowing miners to govern the production of new DGB coins.
- Network Layer. The blockchain’s core layer sets the communication and operation protocols for all devices running the program.
DigiByte employs the proof-of-work operating mechanism, which generates new DGB tokens and processes DGB transactions through a process known as mining. Multiple mining methods are supported by the DigiByte blockchain, which is designed to be adaptable. DigiByte supports five mining algorithms: Sha256, Scrypt, Skein, Qubit, and Odocrypt. Furthermore, look at the several elements that distinguish DigiByte as a blockchain platform:
- Multi-algorithmic mining process. By implementing five alternative mining algorithms, DigiByte is more decentralized and secure than a system that supports only one mining process.
- Changes in block difficulty. By varying the amount of computing power required to mine each block, the DigiByte blockchain reduces the chance of a network takeover by a centralized number of miners.
- No ICO. Several cryptocurrencies use an initial coin offering (ICO) to raise funding for developing and launching a blockchain platform (ICO). DigiByte was founded without an ICO and is exclusively controlled by volunteers.
These are the features that make this crypto so unique. While DigiByte has remained relatively unknown compared to other coins, the blockchain platform’s scalability may allow DigiByte to be employed in various applications.
Why Should You Consider Investing In DigiByte?
Investing is a personal decision influenced by your financial objectives and the money you have to invest. It’s critical to conduct studies and communicate with people who are well-versed in cryptocurrency. When it comes to buying any coins, there are many reasons why they might become mainstream shortly.
All in all, DigiByte is one of the earliest digital currencies, and it’s inexpensive and widely available on multiple exchange platforms. It’s also relatively safe in transaction security due to its proprietary algorithms. However, DGB trading gains may be lesser when compared to others. Remember that cryptocurrencies may be volatile, so never invest more than you can afford to lose.