Today the founder of Digibyte, Jared Tate is answering your questions.
If you feel like joining or reading, check out the AMA on www.reddit.com/r/Digibyte/
With this AMA I felt like sharing my thoughts on Digibyte and the future.
So when it comes to Digibyte(DGB) a lot of hype and expectations was created around May. Everyone wanted a piece of the pie, but then as we have seen with most alt coins the pump ended and people started selling once again.
What was great for Digibyte was the exposure and marketing of reaching top 10 on coinmarketcap. What often happens when coins, shares or anything really becomes to hyped up, the reality catches up at some point. People in general had a certain view of Digibyte had the potential dethrone Bitcoin, on reddit, twitter and steemit people where making comparisons of BTC and DGB. Yes the tech behind BTC is old and not near optimal, but when it comes to evaluation and adoption BTC is just light years ahead of its contenders.
The thing is when it comes to cryptocurrency the theoretical possibilities are great and everything is possible. BUT crypto is no where near being adopted by the majority, and is no where near a useable currency. I can't pay my rent, groceries bill and so on with crypto. Let's face it, we just aren't there yet. For the most part the consensus on steemit is pro cryptocurrencies and blockchain tech in general, but for new comers to crypt in general it is all very overwhelming simply because the amount of information, alt coins, assets, tokens, wallets, use cases and so on.
For quite some time people in the Digibyte community has been very vocal about considering Digibyte a long term investment.
"The tech is solid"
Yes, we just have to wait, but for what? What will help DGB grow and be more adopted? Time?
In my opinion Digibyte needs more than just time. But first let's take a look at what is going on with Digibyte.
At the hearth of any crypto network the number of nodes decides the true value and decentralization of the network.
As of writing this post Digibyte has 13345 nodes(24/9-17), in 96 countries. This is truly impressive and witness that the network is strong and diverse. Compared to the Ethereum network which has 20761, Digibyte seems much more decentralized.
One of the more unique features of Digibyte is the mining algorithms. Instead of 1, Digibyte uses 5. This is more a theoretical measure of security, but it does mean in order for anyone to attack with a hardfork, the person/persons need 93% of the hashing power of Digibyte.
In conclusion, we have a solid cryptocurrency which does not have enough adoption, which hold the coin back. Moving forward the tech will be more and more relevant and hopefully push for a brighter future. So far Digibyte may be a great investment long term, but so might BTC, ETH etc. be as well.
What do you think, are you pro or anti Digibyte?
Thirdly I want to mention DiguSign. Which is a service to store and proce documents, contracts and so forth on the blockchain. The tech is amazing, and recently the DiguSign app for iOS was released. I won't comment to much on DiguSign, since I have no information on DiguSigns performance, state and users. I can say is the idea is solid and the potential is big.
Other than the previously mentioned features here are some highlights stolen from Digibyte.co
1st Major Altcoin to Activate SegWit (April 2017)
Pionereed DigiShield Difficulty Adjustment (2014, Now used in many blockchains)
MultiShield Algorithm Mining (2015)
UTXO, Proof of Work, Decentralized, Open-Source
Fair Initial Ditribution
Focus on Utility, Security & Real World Uses
Near future
So in the coming months the attention will be on a Citi bank challenge for "startup" companies back in June. What has been told so far is that the winners is announced the 2nd of October.
What will a possible award mean for Digibyte. At first not much, properly a short pump 'n' dump. Long term it hard to tell, but more the exposure and recognition is truly valuable and will help Digibyte grow.
A new website in October. A rebrand of Digibyte has been teased for a very long time, I even posted the new logo here on steemit. But to be frank, I does not mean that much. People compare NEO which formerly was known as Antshares, but the rebrand to NEO was more than just a name and design update. I wouldn't be to optimistic about the upcoming website.
Thanks for reading and if you found this interesting be sure to follow me @wessel and make sure to upvote!
An award means the opportunity to work with any company, government, bank ect. that was there looking at start up companies. Winning an award is a huge deal.
Just remember nothing is certain even if Digibyte wins an award. Thanks for reading, cheers!
Good points in this post. Interesting to see I'm not the only one that is thinking about this. The future is in blockchain. The issues is that people don't seem to care about the Trustworthiness of the current cryptos. This also happened in the internet boom. 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.