The operation of a cryptocurrency like Digibyte is somewhat complex, since it does not find its value in assets or in currencies or currencies but in data. Behind cryptocurrencies we have a set or chain of data blocks known as Blockchain. This chain is responsible for the value of virtual currencies, hence their volatility.
Within the world of currencies we find different cryptocurrencies which operate with different types of technologies or variations of said chains. Here we will tell you more about an important virtual currency known as Digibyte which has focused on modifying this data chain.
✨ What is Digibyte?
This cryptocurrency is a unique virtual currency, since it operates through a UTXO Blockchain decentralized which works through a base of digital assets or Digital Assets. These assets are known as Digibyte which can not only own cryptocurrencies.
That is, Digibyte is not only a cryptocurrency but also a series of digital assets which can contain all kinds of properties and data. Due to the system that is responsible for protecting this data, as in a cryptocurrency, these assets and data cannot be hacked, which makes the security and protection high.
Using these cryptocurrencies or transaction vehicles offer a great advantage, since they allow you to carry out operations or movements with very low or even zero commissions. All backed by a community which is responsible for supporting transactions and giving value to the operation of the Blockchain.
This cryptocurrency is not centralized or controlled by a private party because one of its values is to make it free and universal, controlled by the same community. Today this is one of the oldest cryptocurrencies and also best known as it is in the top 50 of the most popular virtual currencies for its trading volume.
✨Differences between Digibyte and Bitcoin
- Improved structure: Digibyte has a structure based on the used Bitcoin Blockchain, one of the most popular cryptocurrencies on the market. Unlike the Bitcoin blockchain, the DGB has significant improvements such as reducing its volatility.
- Digi Shield: To reduce its volatility, Digibyte incorporates an anti volatility system which makes the mining process more complicated. In this way, excessive mining is reduced, which can affect its value.
- Mining time: Despite controlling cryptocurrency mining with an asymmetric algorithm, DGB has a much faster mining time than other currencies. For example, we can see that in DGB we have a block mined every 15 seconds versus Bitcoin's 10 minutes.
- Processing speed: Another plus point is that, compared to Bitcoin, the speed at which transactions are processed is much faster. Up to 560 transactions per second are handled here versus the 7 Bitcoin transactions you make per second.
The technology behind Digibyte is simple, as this virtual currency is based on Blockchain technology. Here we find a decentralized system which has more than 200 thousand servers in about 80 countries with many nodes and equipment interconnected to the network.
This decentralized network allows to operate different transactions both through the Digibyte cryptocurrency and through other types of assets or properties. For it, DGB's architecture is supported by a multilayer system which makes information processing much more efficient and faster, adapting it to change.
The 3 layers that make up the Blockchain have different tasks. Layer 1 focuses on running all Digibyte applications. In the intermediate layer we have the administration and security of digital assets, here also the mining and the public accounting book known as Public Ledger meet. In the last layer we have the neural part, the operating system.
It is also worth mentioning that DigiShield technology is perhaps the main point in favor of this system. This because of DigiShield enables you to reap the full benefits of mining while efficiently offsetting the volatility of cryptocurrencies.
Other technological factors that we have in this cryptocurrency is the use of MultiSchield, a system which reduces the risks of hacking through powerful security systems. Finally, we have the UTXO technology which makes the Blockchain much faster and more efficient.
Digibyte mining can be a bit more complex as this process relies on 5 different algorithms: SHA256, Scrypt, Groestl, Skein, and Qubit. To mine these cryptocurrencies it is necessary to have an adequate equipment for the speed and processing capacity of this Blockchain.
You should know that the total number of cryptocurrencies is limited to 21.000.000.000, so once that amount is reached, the mining process will close. Today the number of Digibyte stands at 9.850.000.000 and it is estimated that in 2035 this limit of virtual currencies will be reached.
If we consider the speed of block generation and the number of transactions generated, then mining is likely to turn out to be very attractive. We recommend that if you plan to mine this type of cryptocurrency
start now to take advantage of all the benefits that its efficient process and low volatility have for you.
✨How to get it?
There are two options to have this type of cryptocurrency in your virtual Wallet. The first option is to mine the virtual currencies following one of the 5 algorithms available for this. This process can be a bit complex, but also one of the most efficient.
Furthermore, you can find some important exchange houses which offer the possibility of trading with these currencies. In these Exchanges you will be able to exchange or access this digital currency easily, at least much easier and faster than it takes a miner to do it. This option, without a doubt, is one of the most frequently used.