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After the inception of blockchain and the birth of Bitcoin as a new form of alternate currency, cryptocurrency and blockchain technologies saw a huge boom with an immense amount of investments from enthusiasts who touted it as the next biggest thing of the 21st century. But most of the blockchain networks were plagued with low block time and transaction speed. Digibyte was created as an ecosystem that would be able to overcome these barriers and hence would be able to face mainstream cryptocurrency giants like Bitcoin and Ethereum head-on.Earn Free Digibyte
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Digital Gold of the Future, Digibyte is an asset that has provided financial freedom to millions across the globe. So if you believe in it, storing your Digibytes is a good option.
You can trade Digibyte for your other favorite Defi Tokens or Alt Coins to make short term portfolio advancements and higher profits as per your needs.
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Digibyte is accepted globally for financial transactions online at various e-commerce sites as a mode of payment.
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Digibyte was created on the basis of the Bitcoin blockchain while keeping in mind to create a decentralized network that specifically focused on speed and security. In order to create a foothold in the already crowded cryptocurrency market, the creators of Digibyte aim to tackle vital issues like slow transaction speeds and high block time rates, security loopholes in the blockchain, and implementing a blockchain that continuously evolves with time.
The DigiByte coin was developed in 2013 and released in January 2014. The first Digibyte block was mined on January 10, 2014. December 2017. DigiByte has a total market cap of over US$135 million.It is the longest public blockchain in existence.
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Digibyte has already created a name for itself in the crypto market by having the fastest block generation speed of all public UTXO blockchains (such as Bitcoin and Litecoin) that are currently on the market. The architecture of the blockchain network is also one of the oldest and largest among all UTXO blockchain networks and contains more than 100 thousand nodes that are spread all across the world. The developers of the network decided to focus the architecture on specific aspects of the network such as decentralization, scalability, payment security, and speed. The network achieves this herculean task by dividing the network into 3 individual layers and stacking them on top of each other.
The Core Protocol is the basic protocol on which the network operates and is spread along the entirety of the blockchain. Since the protocol is placed at the bottom of the network, it handles all the communication and the data transfers that occur throughout the system.
The Digital Asset and Public Ledger are considered as the treasury of the network and all the data that is present in the network is stored at this point. The node also stores the digital assets of the blockchain which cannot be duplicated or counterfeited and hence are eligible for representing and securing valuable data and currencies of the users. All the transactions are recorded on the public ledger which is also hosted on the network.
The Application Layer is used as the face of the blockchain’s architecture. The layer acts as an interface between the user and the network and is home to API’s and will also be able to host both decentralized (DAPPS) and centralized applications as well.
The main of developing Digibyte was to provide its users with unbeatable transaction speed and reduced block time that many cryptocurrency networks such as Bitcoin and Litecoin are facing on their platforms. Digibyte lived up to its promise of providing its users with faster transactions by creating the fastest block generation speed of all UTXO blockchains that are on the market. Other than that, the platform also released a Segregated Witness implementation, also known as SegWit, that helps in reducing and limiting the scope and size of transactions in order to maintain its efficiency. The Digibyte network is capable of bringing the block generation speed from 10 minutes to just 10 to 15 seconds. At the same time, the transactions are verified in 1 to 3 seconds. Based on this data, the Digibyte is extremely faster as compared to Bitcoin.
The developers also claim that the Digibyte blockchain network has left no stones unturned in their quest for having one of the most secure blockchain networks. The network claims to have plugged all previous loopholes that existed in blockchain security using its 2 lakh computers, phones, nodes, and servers. The developers also created their own security measures named DigiShield and MultiShield that helps in preventing any recurring malware attack on the platform.
Other than that, the platform is also looking forward to having an upper hand in the crypto market by introducing pricing plans that are supposed to bring down transaction costs to the bare minimum of $0.0003 USD per transaction. In order to bring the fees to a minimum, all the transactions that occur on the platform will be included in the mempool. The platform developers also realized that faster block generation can also lead to scalability issues wherein nodes are not able to verify the transactions that are occurring on the network. In order to eliminate this issue, the SegWit protocol was introduced to the network. The protocol helped in effectively separating the transaction verification and information that the transaction contained in different blocks. This resulted in making the ledger compact while conducting cross-platform transactions on the blockchain.
Till 2017, Digibyte wasn’t trading much on the exchange market and the Digibyte market cap hovered around a mere $2.5 million USD. But in June 2017, the value of Digibyte peaked and its market cap crossed the $600 million dollar USD mark. This huge leap is credited to the many innovative methodologies that were implemented into the system to make it almost 40x faster than its adversaries such as Bitcoin and Litecoin. During this point, the price of Digibyte in USD stood at $0.061 USD per Digibyte token. Till 2018, the value of Digibyte slumped again and fluctuated around $0.013 USD and $0.025USD. In January 2018, the Digibyte market cap broke records by crossing the $1.2 billion USD at a value of $0.12 USD per token. But due to the cryptocurrency market crash that occurred in the same year, Digibyte’s value dropped again and gradually reduced the market cap below $100 million USD. Since the turn of the decade, Digibyte developers and the community has been working hard to revive the cryptocurrency back to its old glory and through their efforts, the Digibyte market cap is gradually increasing and has already crossed $200 million USD mark. As of 16th July 2020, Digibyte market cap stands at $271,335,130 USD while the price of Digibyte in USD stands at $0.020 USD.