What is DigiByte?
DigiByte (DGB) is a rapidly growing worldwide decentralized payment network & digital currency, inspired by Bitcoin. DigiByte allows you to move money over the internet similar to PayPal & Western Union but with many improvements, including lightning fast transactions with minimal or no fees. You send & receive DigiBytes to or from any DigiByte address in the world in a matter of seconds with no required sign up, registration, or hidden fees.
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Mission statement
The mission of DigiByte is to bring the benefits of digital currency payment technology to merchants, consumers, & mainstream societies across the globe in the most easy to understand way possible.
Vission statement
We envision DigiByte becoming a decentralized payment network & digital currency used by millions of people across the planet to quickly & easily buy and sell good & services over the internet, in store, or person-to-person with little to no fees.
Core pillars
Absolute Security: Our number one priority will now and forever be network and user security.
Speedy Transactions: We strive to create the fastest possible decentralized transactions.
Worldwide Decentralization: Keep the network open, transparent and accessible at all times.
Ease of Use: Allow anyone to use and benefit from DigiByte in an easy to understand manner.
Flexible Innovation: Quickly improve, adapt and innovate as new technology and threats arise.
Key terms
DigiByte: Refers to the entire DigiByte network or a single monetary unit on the payment network. 21 billion DigiBytes will be created over 21 years.
Block: A grouping of all transactions sent over the DigiByte network within a 30 second time frame. Think of a block as an excel spreadsheet that lists the address location of all DigiBytes at a given point in time in history. New DigiBytes are brought into circulation as each block is discovered on the network through a process called mining.
Mining: Mining is how transactions are processed on the network. Anyone can become a miner by donating and using their desktop, laptop or mobile phone computing power to help process transactions on the DigiByte network. DigiByte has made this process even easier with our 3 click mining software for beginners.
Blockchain: The DigiByte blockchain is the entire history of all blocks discovered on the network & therefore all transactions made on the network. Each block references the proceeding block all the way back to the beginning of the network to what is known as the genesis block. By linking blocks (spreadsheets) together an accurate, secure accounting of all up to date DigiByte ownership is made by decentralized consensus.
Why use DigiByte?
Security: DigiByte uses five highly advanced cryptographic algorithms.
Speed: DigiByte transaction notifications occur in 1-3 seconds, blocks are discovered every thirty seconds and transactions are fully confirmed every 3 minutes. Future planned upgrades will make these times even faster.
Fees: Most DigiByte to DigiByte transactions are free or carry a very small network-mining fee to incentivize people to mine.
Worldwide: DigiBytes are already stored, traded and transacted in over 89 countries.
Decentralization: There is no need for a middleman or third party or central server.
Re-Spend: Send DigiBytes you received to someone else in as little as three minutes.
Finite Production: New DigiBytes are added to the network every thirty seconds through a process called mining as each new block (or grouping of transactions in a spreadsheet like format) is discovered by the network.
Scarcity: 21 Billion DigiBytes will be created in 21 years.
1% Monthly New Minting Reduction: New DigiByte production decreases 1% every month.
Mining: DigiByte mining is decentralized with five independent, highly secure mining algorithms.
Adaptable, innovative & flexible: DigiByte is constantly adding new features & services to remain on the cutting edge of digital currency technology.
Committed Development: DigiByte has been under constant, progressive development for over one year now with core development team members from all over the world.
Millennial Acquisition Potential: DigiByte provides merchants, banks & other legacy institutions with a new means of acquiring & connecting with tech savvy millennial users.
A Bright Future: DigiByte has many new & exciting projects underway to be released throughout 2015 to increase DigiByte utility and new user adoption across the globe.
DigiByte vs. Bitcoin
Security: 5 DigiByte mining algorithms vs. 1 Bitcoin algorithm.
- DigiByte mining is much more decentralized.
- DigiByte mining algorithms can be changed out in the future to prevent centralization.
Speed: DigiByte transactions occur much faster that Bitcoin transactions.
- 1-3 second transaction notifications.
- 15 second DigiByte blocks vs. 10 minute Bitcoin blocks.
- DigiBytes are confirmed after 1.5 minutes vs. 1 hour with Bitcoins.
Transaction Volume: DigiByte can handle many more transactions per second.
- Bitcoin can only handle 7 transactions per second.
- DigiByte currently can handle 280+ transactions per second.
- The 2015 DigiSpeed hardfork introduced changes that double the capacity of the network every two years.
Total Supply: More DigiBytes, lower price, more micro transactions, better price stability.
- 21 billion DigiBytes will be created over 21 years.
- Only 21 million Bitcoin will be created over 140 years.
- 1:1000 ratio. 1 Bitcoin for every 1000 DigiBytes.
Flexibility: Ability to quickly add new features.
- DigiByte can add new features & upgrades much quicker than Bitcoin.
- Future DigiByte upgrades will push transaction limit to several thousand per second.
Marketability & Usability: DigiByte is an easy brand to market to consumers.
- DigiBytes are much cheaper to acquire.
- $1 - $10 long-term price target per DigiByte.
- Send 5 DigiBytes instead of 0.005 Bitcoin.
Why did DigiByte switch to Multi-Algo mining?
1) To update DigiShield and speed the blockchain back up to normal.
2) It is the most fair POW mining option out there (embraces ASICs & GPU miners alike on an even playing field).
3) More secure than a single POW mining scheme (much harder to 51% attack).
4) Speed block timing up to 30 seconds to facilitate faster merchant transactions (ties in with DigiPay LLC development).
5) Tap into used Bitcoin ASIC miners market. (Use those old ASICS to help secure the DGB blockchain)
If you can think of another reason multi-POW is better, let us know!
Coin Facts
21 Billion Total Coins | 30 Second Blocks (2.5 Min per Algo) | 8,000 DGB Reward, Reduces 0.5% Every 10,080 blocks |0.5 % Pre-Mine (0%) | MultiAlgo, POW | 2.5 Min Re-target (Each algo, averages previous 10 blocks) Note: We are now a 0% pre-mine as the entire pre-mine has been given away or used for development.
Core DigiByte Team
- BitcoinTate (LinkedIn) - Founder, Windows Wallet, Linux Wallet, DigiByte.co Website, Servers.
- xploited - Android wallet & source code, servers.
- Sifu - Project/training management & quality control.
- Giggler - Alt-coin expert, IT support.
- EDOG - Legal & editor.
- Finchster - Expert programmer consultant.
- bman3 - DigiMan redesign, professional voice-over, 3d promo graphics and promo video.
- Instacash - Mac OSX wallet.
- creativecuriosity - Public relations, quality control, idea generation.
- Ice_Blade - IRC support, DigiBot developer.
- WutriCoin - DigiByteTalk forum operator.
- Cryos75 - Reddit tip-bot developer.
I have bought some DigiByte. The transaction speed is great.
No faster than DigiByte - bright future
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STOPGood points in this post. Interesting to see I'm not the only one that is thinking about this. The blockchain is here to stay. No matter what any crypto will do in the upcoming years. I think that's a conclusion we can make by now. I was wondering if anyone of you uses: https://www.coincheckup.com They seem to give this complete indepth analysis of all cryptocoins. Go to: https://www.coincheckup.com/coins/DigiByte#analysis For a complete DigiByte Investment research report.