An in-depth introduction to DigiByte cryptocurrency

The boom of cryptocurrency made a lot of investors tap into the market of digital assets. But even with the abundance of numerous platforms, issues on security and scalability are still experienced by users. When a lot of people are utilising cryptocurrency, the burden falls on the blockchain to handle massive transfers that are tough to support. This issue is what DigiByte aims to resolve.

Specializing in security and capacity to withstand bigger sizes of transactions, DigiByte claims to be one of the fastest blockchains in operation. Are you curious to know more about cryptocurrency? Discover what DigiByte can offer and how big its role is in the crypto market here at BTC post!

DigiByte: All about the cryptocurrency

DigiByte is an open-sourced cryptocurrency in 2014 by Jared Tate that aims to provide fast and secure services to users across the world. According to Tate, DigiByte is more secure and can address the flaws of Bitcoin and Ethereum because it uses 5 algorithms to avoid hacking incidents.

DigiByte features three different layers that allow its system to run smoothly and achieve its purpose. Learn more about them here:

Application Layer – The first tier in the DigiByte blockchain enables users to make decentralized applications and customized tokens.

Consensus Layer – The Consensus Layer serves as the second layer where all the transactions are recorded.

Network Layer – Also known as the third layer, the Network Layer acts as the foundation layer of the blockchain. It consists of nodes and software that can communicate with one another through a chat feature.

DigiByte utilises Bitcoin’s Proof-of-Work (PoW) consensus mechanism. This PoW is used by nodes to keep the network secured, validate transactions and keep the native coin running in its system. Additionally, the PoW algorithm is used to validate transactions and add new blocks to the chain. 

DigiByte features: What to look forward to  

Here’s what DigiByte has in store for you when you start using it:

Digiassets

DigiByte allows users to utilise its blockchain in creating customisable tokens called Digiassets. This feature makes it easier for those interested in designing their assets without complex processes. 

Digi-ID

DigiByte doesn’t require its users to provide a username and password to authenticate their identity. Instead, it utilises an authentication system called the Digi-ID where cryptographic data can be shared without revealing the user’s personal information. With this, DigiBytes eliminates the need to go through complex verification processes. 

Digibroker 

DigiBytes has a platform that allows users to trade their assets with other users from various parts of the world. 

DigiAssetX

The DigiAssetX is DigiByte is a feature that allows users to generate tokens within the DigiByte blockchain. 

Fast transaction time

DigiByte is well-known for its fast transaction processing that can be compared to Bitcoin and Litecoin. DigiByte can perform 40x faster than Bitcoin and 10x faster than Litecoin and has a 15-second block timing. This allows it to have a fast block speed comparable to any other public UTXO blockchain. 

The UTXO blockchain refers to the amount of digital asset that was left on the blockchain after a transaction was completed. These unspent outputs are placed back into the system and are later used for another transaction.

Maximum decentralization

DigiByte operates on 5 algorithms to enable the mining protocol and prevent it from being hacked, as well as give the blockchain high computing power for seamless function.

Buying and storing DigiByte (DGB) 

DigiByte is available on various well-known exchange platforms, making it highly accessible to crypto users. Follow the steps below to purchase DGB:

1. Create an account on an exchange that supports DigiByte

You’ll find tons of available crypto exchange platforms that support DigiByte. The price of DGB on these exchanges can vary, so make sure to check with the platform first before creating an account. Here are some of the most trusted exchanges that offer DGB:

• Binance 

Binance is one of the top exchanges today, offering more than 500 coins including DigiByte (DGB), Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and more. Apart from altcoins, Binance also supports its own blockchain-based token, Binance Coin (BNB). 

• OKex

OKex supports more than 140 coins which include Bitcoin (BTC), Polkadot (DOT), Dogecoin (DOGE), Ether (ETH) and others. This Hong Kong-based exchange is known for its security, providing users with a safe and smooth transaction process. 

Once you find the exchange that’s right for you, create your account and provide the necessary information required by the platform. There are no guarantees as to what details you’ll need to provide since the process of creating an account will vary from one exchange to another. For security purposes, you might be asked to use Two-factor Authenticator (2FA) and complete the Know Your Customer (KYC) protocol.

2. Fund your account  

You can’t purchase DGB without funding your account first. Deposit the amount you want to spend for purchasing DGB. 

3. Store in DGB in your crypto wallet

Just like with crypto exchanges, there’s also a wide variety of crypto wallets you can choose from. However, if you want to be sure that your coins are protected, DigiByte has its own primary wallet called ​​DigiByte Core Wallet which is available for Windows, Mac and Linux.  

Here’s how you can store your DGB coins in your DigiByte wallet:

1. Download the wallet by going over to DigiByte’s website. 
2. Click on ‘Choose Wallet’ and install it on your desktop by following through the installation process.
3. After installing, open the wallet and wait for it to finish syncing.
4. Find your DigiByte receiving address or public key which you’ll give to other users to receive DGB coins.
5. Click on ‘File’ then ‘Receiving Address’.
6. Right-click on the ‘no label’ then choose ‘Edit’ to give your address a proper label.
   

Get started with DigiByte!

Make the most of your cryptocurrency investment when you invest in DigiByte today! Discover the advantages of its features and see what you can do with it once you purchase it. To provide secured and fast cryptocurrency, DigiByte will remain one of the most important digital assets in the crypto-sphere. Get started with DigitByte today!