The DigiByte crypto currency, also called DGB, is one of the oldest crypto currencies and still relatively unknown. Perhaps wrongly, because the DigiByte Coin development contains interesting technologies that have already been adopted from other crypto currencies.
The coin blockchain focuses on security, speed and decentralization. The DigiByte Coin forecast may reveal whether the unknown nature of the crypto currency could change.
Bitcoin Code – What is this crypto currency?
Like Bitcoin, DGB Coin is a digital means of payment based on a decentralised block chain. However, the crypto currency wants to be much faster, more secure and more decentralized. A new block of the blockchain of Digi/Byte is created approximately every 15 to 18 seconds. Creating the blocks is used to verify and execute transactions. Only when a block containing the latest transactions of coins is added, these transactions with Bitcoin Code are considered legitimate. With 15 seconds, the blockchain of the DGB crypto currency is about 40 times faster than Bitcoin and allows about 280 transactions per second. This makes it not the fastest crypto currency on the market, but the team wants to catch up with the faster blockchains in the course of development. Since new blocks are generated much faster than with Bitcoin, there would normally be problems with scalability. Because the more blocks are generated, the more the blockchain grows, becomes larger and slower.
In fact, the coin blockchain is the largest on the market to date. The blockchain owes the fact that the transactions do not last forever to „Segregated Witness“, or SegWit for short. SegWit separates the confirmation of the transactions from the transaction information in the block itself. This makes the blockchain more compact and slimmer.
There are supposed to be 21 billion DGB coins in total. No new coins are then distributed to the miners. Miners receive coins as a reward for helping their computers generate new blocks. Mining or „digging“ is an important incentive for many to deal with a crypto currency. Bitcoin has the problem that the hardware requirements for the miners are becoming too high to be affordable for most people. Five mining algorithms were introduced early in the Digi Byte development. These offer the prospectors five different ways to dig the DGB crypto currency. For example, one of the dig algorithms uses the CPU of a computer, the other uses the GPU. This technique is called „MultiShield“. These methods should be an incentive to buy DigiByte Coin for those who want to earn money by digging and thus ensure a constant increase in new coins. In the meantime, this technology has also been adopted by Dogecoin. Should one of the mining procedures become too successful and threaten to outstrip the others, the Digi/Byte team automatically adjusts the difficulty of the mining. The technology behind this balancing is called „MultiShield“.