With a blockchain spread out over more than 100,000 nodes, Digibyte has taken the original idea of decentralization sought by Satoshi Nakamoto and created a truly decentralized public ledger. In doing so, Digibyte has created a blockchain network that can process 560 transactions every second, dwarfing that of almost every other cryptocurrency, and expects to be able to compute 280,000 transactions per second within the next 20 years. This is done through extremely fast 15 second block times and block sizes that double every two years as the blockchain scales. Digibyte has an interesting consensus protocol, in which blocks can be mined over any one of five different algorithms, contributing to a diverse and decentralized network of miners.
Digibyte is built on three layers, with the consumer-facing application layer allowing for a host of decentralized and centralized applications that expand the usage of the Digibyte blockchain for a variety of different uses created by developers. Many of these apps are targeted towards a millennial audience
One wide-reaching use case for the digital currency is in its DiguSign functionality, which allows users to digitally sign and embed PDF documents through smart contracts on the Digibyte blockchain. This has wide-reaching application in the legal, healthcare, real estate, insurance, and many other industries.
A series of hard forks have been implemented over time to prevent against large mining pools. Ultimately, DigiShield technology, which utilizes difficulty adjusted mining, was implemented to prevent mining pools from consuming large amount of the hash rate and in turn creating over-inflation as new coins get mined too quickly. Digishield is asymmetrical in its difficulty re-adjusting, giving difficulty enough opportunity to catch up in the case of a sudden spike in the net hashrate, but not too much in case two blocks are quickly solved back-to-back. Digishield prevents long block solving times by adjusting the difficulty every 60 seconds. The technology has been so successful it has already been implemented on Dogecoin and is expected to be used by more blockchains in the future.
Interesting facts about DigiByte:
- Creator Jared Tate worked as a programmer on Bitcoin since 2012 before creating Digibyte after seeing many technological improvements that could be made;
- Implemented Segregated Witness in April 2017, before Bitcoin, and becoming only the second digital currency to do so at the time;
- Digibyte is one of the few cryptocurrencies created with no prior whitepaper;
- The price of Digibyte rose 22,700% from less than $0.01 to $0.06 over the period January 1, 2017 to December 31, 2017.