Digibyte — The Future of Blockchain
To someone like me that is just getting into cryptocurrency, I’m finding a lot of people talking about this little thing called Digibyte. DGB is a very advanced form of cryptocurrency, but the Digibyte technology goes far beyond a simple exchange of money. I thought I would take some time to delve further into the history (and the whitepaper specifically, which also is not white…) and share with you guys where Digibyte came from. And maybe where it’s going…
Digibyte was started on January 10, 2014 by founder Jared Tate. Originally designed with the Litecoin code-base, it had an independent blockchain and Genesis block. Digibyte focused on speed, security, and scalability. The block time clocked in at 15 seconds, which was the fastest time to date. The 0.5% pre-mine was used as a way to help users gain interest in the project, being given to it’s community members within the first month.
The initial creation was a Scrypt-only blockchain, which boasted a 60 second block time. Even back then, this timing was considered to be far advanced to anything else. At the time, mining pools would regularly cause irregular spikes in block production due to what’s called “Multipools”. Miners would regularly pool from multiple blockchains, dip out of one that increased in difficulty to find one that’s more profitable. This created an instability in the market, causing some blocks to not be found for days at a time. It was at that point DigiShield was created, allowing a stable reinforcement of mining and removing this erratic behavior. Dogecoin, Zcash, and others have implemented DigiShield to maintain their mining potential.
Part of what makes Digibyte so forward thinking is the way it utilizes 5 different algorithms (SHA256, Scrypt, Qubit, Myr-gr, and Skein) to maintain security as well as creating an ease of mining to the average user and still keep that decentralization. No longer would a user need a souped up mining computer, instead relying on just the average PC.
If DigiShield can help to regulate single algorithm blockchains, it only makes sense to have something to address multi-algorithm blockchains. Enter MultiShield! MultiShield allows for an increased difficulty of one algorithm while reducing the difficulty on the other algorithms. This helps to prevent a single algorithm takeover and also helps to prevent double-spending on blocks as well.
So if this super fast, super secure blockchain technology exists…where can it be utilized? For starters, there is a project called “Threefold”. This peer-to-peer internet reduces the amount of checkpoints and potential interception of data from one point to another. This incredible project is a collaborative effort that includes companies like Hewlett Packard as well as other blockchains like Stellar and Tomochain. I highly suggest you guys check out this project. The possibility of autonomous and decentralized internet is a lot closer than you might think…
Just recently, Digibyte’s parner “V-ID” worked with IBM Cloud and Watson technology to create a seemless validation of certificates in what is being called the “Internet of Environments”. A video demo was created for IBM Think Digital Summit and can be viewed on YouTube here.
Digi-ID is an asset that’s developed to completely remove the use of user ID and passwords. No longer will you need to remember which password needs to be used on your social media or email, and no data is stored on the blockchain for the user (so no worry about someone else possibly getting a hold of it). This technology utilizes QR codes generated by the website, a confirmation that it is you via a PIN or thumbprint, and a ping back to the source website that says “Yup, that’s him!”
With all of this good, we are unfortunately seeing a growing trend of centralized apps and companies embracing the blockchain technology. PayPal and Venmo recently announced the ability to purchase Bitcoin through their website, for example. So it’s not a total shock that founder Jared Tate stepped down from his daily operation, stating on his Twitter feed that the centralization of crypto will ultimately be it’s downfall.
“All 90% of the people care for is cashing out when a coin moons,” he said. “It’s a primal force. I get that. But everyday I see this tech being used to enrich the few at the expense of the long term good of the many.“
Over the course of 2 months, Digibyte rallied upwards of 600% which then followed a crash of one-third it’s value. But the community that follows Digibyte are some of the most dedicated I have seen since I started doing research into this a few months ago. There are some that would build up a certain currency until it peaks, but those that support DGB understand that this is about more than the currency value. There is more value in the technology and it’s ability to implement into the future.
As Jared stated ““A decentralized project must stand on its own merit. Not it’s founders’ opinions.”
If you enjoyed this summary of Digibyte, I strongly encourage you to follow the links in this article to all of the projects involved. There are some incredible projects in the works and could be a glimpse into the future. If there are other currencies you would like to see explored, feel free to leave a comment below. Also, I am always willing to accept contributions to the website by using the QR code below. The manual address is listed below as well.