DigiByte | 12 Million Crypto Transactions & Counting  

DigiByte Wallet Downloaded 200,000 Times

Digibyte (DGB) is a cryptocurrency that was founded by Jared Tate in January 2014. Since that time, its wallet has been downloaded 200,000 times and over 12 million transactions have been completed on its network. Its platform/network uses proof-of-work (PoW), where miners are rewarded with DigiByte for maintaining and securing the network by cryptographically hashing transactions into blocks, which are then added to the blockchain.

In order to increase decentralization of the mining network, DigiByte utilizes 5 different cryptographic hashing algorithms, with each one accounting for 20% of the blocks mined. These algorithms include SHA-256, Scrypt, Qubit, Skein, and Groestl. Application-specific integrated circuits (ASICs) can be used for SHA-256 and Scrypt mining, while Skein, Groestl, and Qubit can be mined with a graphics processing unit (GPU). After 21 years, the coin supply will reach its maximum of 21 billion DigiBytes.

Super Fast Transaction Times

The block time/transaction confirmation time is a blazing fast 15 seconds, orders of magnitude faster than Bitcoin, making DigiByte an attractive choice for cryptocurrency traders who want to move their money fast to profit off of arbitrage and market fluctuations. The crypto-platform facilitates the creation and execution of smart contracts, and its network can be used to create decentralized blockchain-based applications. Nothing about DigiByte is particularly unique when it comes to its capabilities and uses; a lot of other cryptocurrencies integrate smart contracts and applications on their blockchains.

Each DigiByte is currently worth $0.018, and with 10 billion coins in circulation, this yields a market cap of $182 million. This is the 62nd highest market cap out of the thousands of different cryptocurrencies, and daily trading volume is in excess of $1 million. Both of these factors indicate that DigiByte is a fairly popular cryptocurrency and important to know about if you are a crypto investor, trader, or enthusiasts in general.

Highly Unstable Prices

Despite this relatively high market cap, DigiByte is actually down over 90% since hitting a record high 14 cents in early January. This peak value occurred at the time the rest of the cryptocurrency market hit all-time highs; Bitcoin briefly neared $20,000. This was a speculatarly fueled bubble, and almost every cryptocurrency has lost significant monetary value since the peaks in January, although DigiByte has been hit particularly hard.

Since DigiByte lacks unique features, there might not be a very good chance of its price rising in the long term. As money flows into Bitcoin and the rest of the cryptocurrency market in the future, it is quite possible that speculators will invest in DigiByte. This could be simply because they are wanting to diversify their portfolios, which could perhaps cause DigiByte’s price to increase with time.

If you like this article, please check out our magazine!

This is not advice.  Advice should be accepted by your chosen legal counsel only and financial advice should come from a licensed or certified financial professional. As always – do your homework and make decisions based on your own education.  Seek information and look into projects before adding to or diversifying your portfolios.