Even though Bitcoin is the world’s leading cryptocurrency, it’s not necessarily the best form of digital money in existence. Over the years, we have seen hundreds – and subsequently thousands – of altcoins trying to do things better. Digibyte is one of those altcoins which has been around for quite some time. Its team has focused on creating a more secure, faster, and forward-thinking blockchain technology. Only time will tell whether or not they will be successful in this regard.
Although it would be easy to say Digibyte simply aims to dethrone Bitcoin, that is not entirely correct. The team hopes to bring their blockchain technology to the masses sooner rather than later. The project has been in existence for over four years now, and it is the longest, fastest, and allegedly most secure UTXO blockchain in existence. Putting security first has also been one of the main objectives for Digibyte, and it seems that will not change in the future.
With Digibyte becoming such a rapidly growing public decentralized blockchain, it is evident this project has a lot of technology to make this all possible. There is a core protocol layer, combined with a digital asset layer, and an application layer. The core protocol layer is capable of supporting all kinds of infrastructures, and is mainly used by nodes as a means of communication. Moreover, any computer or mobile device connected to this network becomes a node to help automatically relay transactions.
The digital asset and public ledger layer is what most Digibyte users will interact with on a regular basis. It is the main source of the DGB asset, which cannot be counterfeited, duplicated, or hacked. The project’s public ledger is also immutable, as there is no history of rollbacks or controversial decisions on the part of the developers. It is also worth mentioning Digibyte uses five different mining algorithms as of right now, which only improves the overall security of this layer.
Last but not least, there is the application layer, which can be thought of as an app store for Digibyte. More specifically, this layer allows for the creation of decentralized applications. Additionally, it is also possible to create centralized applications on top of the Digibyte blockchain, which will be of great interest to a lot of companies. Furthermore, this layer also supports smart contracts, which leverage the security of the blockchain as a whole.
According to Digibyte’s website, there are some interesting things on the horizon between now and 2020. First of all, there’s the Digibyte Foundation, which will focus on education, outreach, and development. There are also partner programs, the ambassador program, and the board of advisors. Among the projects to look forward to are DigiHash, Digibot, Digi-ID, the Emma AI, and DigiMessenger. It is evident there is a very active community behind this project, and big things will come to market in the future.
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