Benefits of the DigiByte Blockchain
DigiByte has existed for four years, but the recent boom has captured everyone’s attention.
After the 2008 economic crisis, the need for an alternative payment system gave birth to cryptocurrency and the blockchain technology that’s at the heart of the new system.
As the cryptocurrency industry takes flight, new challenges emerge, and DigiByte has placed itself in the best position to tackle these challenges through innovative and forward thinking.
What are the features that make DigiByte such an interesting prospect for investors? Let’s find out.
The key attributes of DigiByte blockchain technology
A relatively new industry and the prospect of making huge sums of money have the hackers circling like sharks. The first and the biggest challenge to the cryptocurrency industry is cybersecurity.
DigiByte is working to plug the existing vulnerabilities of blockchain by increasing decentralization. More than 200,000 computers, nodes, phones, and serves are part of the DIgiByte blockchain system.
Other blockchains employ only one mining algorithm. DigiByte, on the other hand, uses five advanced algorithms that are exceedingly secure.
DigiByte has added another layer of protection by developing the most advanced Difficulty Adjustment algorithm. The MultiShield and DigiShield will defend the blockchain network against hackers.
DigiByte blockchain has certain limitations in terms of size, throughput, and speed, but these limitations further help to secure the system from malicious attacks. That said; the transaction speed and confirmation times of DigiByte are comparable to other blockchains in the industry.
DigiByte has added Segregated Witness (SegWit) support to give a boost to single confirmation transactions and cross chain transactions. There are several benefits of SegWit – the ability to increase throughput without the need to increase the size of a block, the ability to develop Lightning Network and similar second layer protocols, and most importantly the ability to alter the scripts and signatures without touching the transaction id.
Each blockchain has its own block time, and the DigiByte network has the fastest block speed of them all. The DigiByte network has a block time of 15 seconds (i.e.) it takes 15 seconds to create a block.
The growth of an industry depends on the speed at which it innovates; the same is the case with blockchain. To explore new areas of growth, improve data analysis and automation, and develop new innovative technologies, DigiByte blockchain is working to incorporate Artificial Intelligence into its system.
Other sectors, fields, and industries could certainly benefit from better cybersecurity. DigiByte blockchain is certainly thinking about using its unique features to improve other technologies, especially, to improve the communication system.
As we mentioned above, the DigiByte blockchain has been around for close to half a decade. It has kept pace with the fast-changing industry, had its security and technology tested time and again, and adopted innovation not just to stay relevant, but to lead the blockchain sector.
12 Reasons to like DigiByte blockchain
- Jared Tate, the founder of DigiByte blockchain, became one of the earliest founders to go public
- DigiByte to have 21 billion units in 21 years; further divisible into 8 decimal places
- DigiByte blockchain has proven itself as a secure blockchain technology
- DigiByte blockchain has been quick to adopt new technologies to stay relevant in a fast-changing industry. DigiByte is also one of the first users of SegWit, MultiShield, MultiAlgo, DigiShield, and other advanced technologies.
- Scalability isn’t an issue as the technology has already seen an impressive growth of 7 million blocks.
- DigiByte has a better transaction speed than some of the other leading blockchains.
- The DigiByte community is growing by leaps and bounds, adding new members to its already large community every day.
- To stay true to its aim of decentralized digital future, DigiByte does not receive funds from any ICOs, public or private companies.
- Studied by governments, public, and private institutions to understand the advantages of decentralization
- One of the earliest digital currencies to be made available in decentralized exchanges
- DigiByte is the only blockchain to use five mining algorithms
- DigiByte’s security infrastructure is twice as strong as other blockchains
The above-stated benefits are just the tip of the iceberg, as DigiByte blockchain is constantly working on new innovations, looking to become faster and more secure. The future is bright for the cryptocurrency, the blockchain, and DigiByte; so, keep an eye on DigiByte.