What is DigiByte?
DigiByte is a cryptocurrency that prioritizes stability and scalability in order to deal with big cryptocurrencies like XRP and Litecoin.
Its software also includes features that enable users to create properties, launch apps, and use digital identities.
Furthermore, the protocol is designed to take advantage of various mining algorithms when enforcing a monetary policy based on a maximum supply of 21 billion DGB coins.
However, consumers are likely to notice elements of DigiByte that are duplicated in other cryptocurrency networks. For example, DigiByte’s cryptocurrency, DGB, is used to pay compensation to all that help run the network, as well as to promote transfers and power smart contracts.
How Does DigiByte Work?
DigiByte’s production and delivery schedules are set in stone. Within 21 years, a total of 21 billion DigiBytes will be formed. Since there was no ICO or Token Generation Event, new DigiBytes were and will continue to be produced by mining.
In 2014, the first DigiByte was released, and the final 21 billion coins will be mined in 2035.
DigiAssets, the top layer of the DigiByte blockchain that allows for smart contracts, decentralized apps, and programmable tokens, is DigiByte’s newest invention.
The team maintains that DigiByte is the best base protocol for a network like DigiAssets because of its increased protection and scalability.
The DigiByte network is maintained and operated with the aid of the DGB cryptocurrency.
DGB, for example, is used by the network to power the decentralized applications (dapps) developed on top of the blockchain, and users who possess DGB can openly engage in these applications.
In addition, each block generates new DGB tokens, which are used to reward participants who burn energy and link transaction blocks to the DigiByte blockchain.
DGB is a finite currency, similar to Bitcoin. Every month, the amount of DGB issued with each block is decreased by 1% before the network’s total supply of 21 billion tokens is reached.
Jared Tate, the creator of DigiByte, produced the first two DigiAssets in April 2019. Both the DigiTorch and the DigiFlame are intended to be passed down by members of the DigiByte group as they create new projects on DigiAssets.
What is the History of DigiByte?
Jared Tate, the company’s developer, and founder introduced DigiByte in January 2014.
At the start, DigiByte gave away 0.5 percent of the overall stock. The first half of these DGB coins went to early adopters, and the other half funded the project’s growth over the first 18 months.
How Do I Hold DigiByte?
You can hold DigiByte on the native DigiByte wallet or other wallets such as Ledger.