With so many coins to cover, it’s always tough to determine which one should be next on my coin write-ups. I tend to go with the one that peaks my interest from a development and innovation point of view, but every now and then I make my selections based on the people involved and what they bring to blockchain and cryptocurrency. I was watching an interview with DigiByte’s founder, Jared Tate (video at the bottom of the blog) and was impressed with the many ideas he had on both the technology of blockchain but also the importance of decentralization.
DigiByte was founded by Jared Tate, and officially launched January 10th, 2014. Unlike a lot of coins that are set up as a “for-profit” company, DigiByte has a foundation that develops and runs the day to day operations, all as unpaid volunteers. (DigiByte Foundation Team) Along with the listed volunteers who help in outreach, development and partnerships, DigiByte has many who help with the project that remain anonymous. Given the lengthy history of DigiByte (4 years is a long time in the cryptoworld) I believe DigiByte’s Foundation and approach as a non-profit organization is one of success, and unlike a lot of companies, actually practices what it preaches when it comes to decentralization.
One of DigiByte’s strong suits is that they have not pigeonholed themselves into just a single product and being that they are one of the older coins on the block, this is just an added bonus. The ongoing development of DigiByte has given them opportunities to stay fresh, yet have the benefit of their tech being tried and tested.
DigiByte has three blockchain layers: Applications, Digital Assets and Core Protocol. The Application layer allows for anyone to build DApps and Smart Contracts on its platform. Digital assets for use as currency and mining, and the Core Protocol that connects the network with over 200,000 nodes.
One of the things that tend to stand out with DigiByte is a strong consensus algorithm that runs 5 different mining algorithms that are equally rated. DigiByte refers to this as their MultiShield. Unlike most Proof of Work (PoS) consensus that rely on just one algo, (Sha-256) DigiByte runs five, evenly distributed at 20% each. If for some reason one type of mining is lost, the others can easily pick up the slack without affecting operations. Add in the real time difficulty adjustments for mining and you have a truly dynamic process that shows how DigiByte continues to improve on its product.
At the time of this blog, DigiByte sits at #53 on Coin Market Cap with a price of $0.04, reaching an all-time high of $0.12 in January of 2018. It has a total max supply of 21 billion $DGB, with a current circulating supply of 10.2 bilion $DGB. With a resurging market, $DGB will have no issues breaking its previous ATH in 2018.
There is a ton of value in being one of the early blockchain digital assets. If done right, you are able to continually fine tune your product; strengthening the weak points and improving on the technology so that it does not become outdated. And while the newer blockchain startups talk about what they will bring to cryptocurrency, an established coin like DigiByte is able to say what they have actually delivered. There is a stark contrast in saying what you will deliver and actually doing it. There is always a gamble with newer coins development: Will it be as fast as they say, will it be secure, will it actually work? DigiByte has the history and track record to prove that they are here for the long term, and with the mindset to create new innovate ways to expand on their platform, it’s only a matter of time before this sleeping giant decides to wake up.
Cryptolark’s interview with Jared Tate: