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DigiByte

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DigiByte
DigiByte-Blockchain-Logo.png
DigiByte Blockchain Logo
Denominations
PluralDigiByte
SymbolƊ
Ticker symbolDGB
Precision10−8
Development
Original author(s)Jared C. Tate
Initial release1.0 / 10 January 2014; 7 years ago (2014-01-10)
Latest release7.17.2.[1] / 4 May 2019; 2 years ago (2019-05-04)
Code repositorygithub.com/digibyte/digibyte
Development statusActive
Forked fromLitecoin
Written inC++
Operating systemWindows, OS X, Linux, Android
Developer(s)DigiByte Core Development Team
Source modelOpen source
LicenseMIT License
WebsiteDigiByte.io dgbat.org
Ledger
Timestamping schemeProof-of-work
Hash functionMultiAlgo
Block reward622.29 (1st January 2020) (Reduces 1% monthly)
Block time15 seconds
Block explorerDigiExplorer.info chainz.cryptoid.info altexplorer.co dgb.ccore.online prohashing.com explorer.dgb.zelcore.io dgb1.trezor.io digibyteblockexplorer.com testnet.digiexplorer.info
Circulating supply12,665,634,277 DGB (1st January 2020)
Supply limit21,000,000,000 DGB

Amazon.com Logo.png Search DigiByte on Amazon.

DigiByte (DGB) is a proof of work UTXO blockchain platform launched in January of 2014 inspired and based upon the Bitcoin cryptographic protocol. A peer-to-peer cryptocurrency, DigiByte is an open-source software project released under the MIT/X11 license. As an open source protocol, DigiByte's development and growth is supported by a world wide network of grass roots volunteers and developers. DigiByte is a completely decentralized blockchain. There is no central authority who can control its growth, distribution, development or usage. This is the foundation upon which the DigiByte blockchain is based. In 2019 the DigiByte Foundation was formed in Amsterdam, Holland in an effort to more formally support the adoption of DigiByte across the world.

History[edit]

DigiByte’s founder Jared Tate created DigiByte in Idaho Falls, Idaho. Having grown up a small town in rural Idaho, Jared developed values that are anchored in both scientific and technical learning and but also a strong sense of duty to America and his fellow man. He learned the basics of computer programming and web design at an early age from his mother, a computer scientist charged with maintaining sophisticated nuclear computer systems for the US Government, specifically the Department of Energy. After high school, Jared went to attend the United States Military Academy at West Point, before transferring back to Army ROTC at the College of Idaho and contracting with the Idaho National Guard. Coming of age during the Great Recession in 2008 he faced the same financial issues as many other millennials, including student loan debt, increased living costs, unexpected expenses, and a desire to save for retirement. The realization that his standard of living would be lower than that of his parents led Jared to push for a better alternative. Jared became focused on the emerging technology of Bitcoin and blockchain, which evolved into him creating DigiByte.

Blockchain Architecture[edit]

DigiByte was created by Jared Tate with the main goal to improve security, scalability and decentralization of a proof of work blockchain at the same time, which was once referred as a scalability trilemma [2] by Ethereum developer Vitalik Buterin. Digibyte aims to have a better speed, reliable transaction fees for everyday payments, while remaining highly decentralized UTXO proof of work blockchain with a smart contracts solution. [3][4]

DigiByte is an open-source blockchain based on Bitcoin that was developed in 2013 and released in 2014. DigiByte differs from Bitcoin in its confirmation speeds and protocol parameters that its creator, Jared Tate, deemed better for network decentralization and transaction security. The DigiByte blockchain was the second major blockchain to implement Segregated Witness via a soft work in April 2017. The first Digibyte genesis block was mined on January 10, 2014, and included the headline from USA Today: “Target: Data stolen from up to 110M customers," underscoring its motivation for digital security. [5]

Philosophy[edit]

Digibyte provides privacy and anonymity to its users, Digibyte doesn't collect any private information of its users, no email, phone number, name or ID number is required to use Digibyte. Providing high confidentiality to its users Digibyte is highly secure at the same time thanks to the blockchain technology of decentralization. Being secure Digibyte tries to accomplish another goal to be able to support a large amount of transactions making the blockchain more scalable, Digibyte is one of the few UTXO blockchains with pow algorithm that supports the highest possible transaction per second capacity.]

Design[edit]

DigiByte is a modification of the Bitcoin protocol design that adjusts confirmation speeds and security assurances when transacting on the base layer.

Digibyte is based on Bitcoin Blockchain standards of decentralization, proof of work algorithm generating coins via mining process. Similar to Bitcoin the Digibyte supply is fixed and it is at 21 billion coins with a 1000:1 ratio to Bitcoin. Digibyte aims to keep the decentralization standard and be a one of the few high standard PoW blockchains, while it had no premine that means founders didn't issue any amount of Digibyte to keep for themselves. There is also no founders reward, which means founders don't get any amount of coins generated via mining process. So that makes Digibyte totally decentralized when it comes to issuing new coins, a blockchain that anyone can participate in process of generating new coins.

Inflation[edit]

New DGB coins are being generated each ~15 seconds. Each month the inflation rate is reduced by 1%. The total supply of Digibyte currency will reach 21 billion coins in 2035 and no more coins will be issued after that.

Mining Algorithm[edit]

Digibyte uses 5 proof of work mining algorithms simultaneously on a single blockchain.

The amount of newly generated DGB coins in each block reduce by 1% each month. (or 48% in 4 years)

Smart contracts[edit]

Digibyte supports creating Digital Assets on the Blockchain, which can represent company shares, e-tickets, stocks, virtual currencies or any other type of digital asset.

Digiassets based on Digibyte blockchain are similar to Ethereum ERC20 tokens, the difference between both are that Digibyte is a UTXO based blockchain, and Ethereum is an account based blockchain.

Wallets[edit]

Digibyte is being support by most of the major multi-currency wallets.

Coinomi, Exodus, Abra_(company)

Anonymity[edit]

Digibyte was developed based on Bitcoin code, which is a peer to peer electronic cash system. It is called as a digital cash money system because it has got cash money properties. Same as cash you don't have to reveal your identity to own, transact: receive and send money or while creating an account for Digibyte cryptocurrency.

Being highly secure thanks to blockchain technology, Digibyte is a competitor to large Offshore financial centers and offshore banking which are often referred as tax havens.

Thanks to anonymity features Digibyte provides more privacy than Bank secrecy of Offshore Banks and having no limits on transferring funds, Digibyte can be used to store and send large amounts of money with near to zero cost, which may be very attractive to big capital that may want to move their funds to Offshore Banks.


Digibyte provides financial advantages as offshore banking.

• Greater privacy (see also bank secrecy, a principle born with the 1934 Swiss Banking Act)

• Little or no taxation (i.e., tax havens)

• Easy access to deposits.

• Protection against local, political, or financial instability.

Monetary Policies[edit]

Digibyte blockchain allows anyone to participate in generating coins, DGB maximum currency supply is limited and predetermined at 21 billion coins, the inflation rate is reducing by 1% each month. This way Digibyte supports Quantity theory of money which states that the money supply determines purchasing power of a currency. Digibyte fixed supply and inflation is being verified by blockchain nodes to prevent hyperinflation and it is designed to steadily appreciate in price by growing adoption.

Digibyte follows all the main characteristics of money such as. [6] [7]

•Acceptability

•Divisibility - DGB currency is highly divisible, there are 8 decimals.

•Durability

•Fungibility (uniformity)

•Limited supply

•Portability

History[edit]

2014 - 2015[edit]

DigiByte was released via an open-source client on GitHub on January 10th, 2014 by Jared C. Tate, originally Jared Tate was looking for a ways to improve the Bitcoin code, while he was looking at the Litecoin blockchain with the initial difference being a 60-second block timing[8] and lower fees, Jared wanted to create a version of Proof of Work blockchain with even faster block time confirmations, and he went into an idea of developing a multi algorithm PoW blockchain, where 5 algorithms generate blocks simultaneously on a single chain. Since it's launch, DigiByte has pioneered a number of blockchain technologies such as DigiShield[8], a realtime difficulty adjustment algorithm, and Odocrypt. [9], an ASIC resistant FPGA-friendly hashing algorithm that automatically changes every 10 days.

Digibyte blockchain was upgraded on December 4, 2015 by reducing the block time speed to 15 seconds for faster transactions, an upgrade was called DigiSpeed. [10]


Digibyte was mentioned on CNBC - in the article "How I'm dodging bitcoin's flaw" [11]

2016 - 2017[edit]

In 2016 an Icelandic cryptocurrency Auroracoin released a new codebase using a multi-algo architecture based on DigiByte Blockchain.

On June 8th 2017, DigiByte briefly entered the Top 10 cryptocurrencies (by market cap)[12] following interest in the Citibank Tech for Integrity challenge.[13] [14]

DigiByte became the first major Altcoin (In the top 100 market cap) to implement Segregated Witness in April 2017 [15], several weeks prior to other major players such as Litecoin and Bitcoin

DigiByte has also continued to improve upon the Core protocol since inception with several major milestone versions, the most noteable including DigiShield difficulty adjustment algorithm, the DigiSpeed upgrade to faster block timings (based on Microsoft Labs & ETH Zurich research)[16], MultiAlgorithm mining[17], Segregated Witness and Odocrypt. [18]

Brian Kelly [19] mentioned DigiByte on CNBC Fast Money in 2017 [20]

″After mentioning @DigiByteCoin last night on @CNBCFastMoney I forgot to say congrats to @jaredctate - one of the best in the biz! BK is long″ [21]

2018 - 2019[edit]

Digi-ID a blockchain based authentication system was build on top of Digibyte blockchain. [22] [23]

Jared Tate was interviewed by Ran Neu-Ner a founder and CEO of Onchain Capital, a crypto investment and advisory business & the CEO and founder of The Creative Counsel, one of South Africa's largest advertising agencies. [24]

An American news aggregator The Huffington Post wrote an article about cryptocurrency mining wasting energy in comparison with the traditional banking system, where Digibyte was mentioned as an example pointing out some advantages of 5 mining algorithm that is implemented on Digibyte Blockchain. [25]

Texas Bitcoin Conference https://www.youtube.com/watch?v=_cVAuKW_yb4

The Harvard Crimson a financially and editorially independent student newspaper wrote an article about Digibyte Blockchain. [26]

On 10 APR 2018 Jared C. Tate, founder of DigiByte Blockchain, was speaking at MIT Blockchain Club which was hosted by Massachusetts Institute of Technology (MIT). [27]

One of the largest American stock exchanges The Nasdaq Stock Market, which is ranked second on the list of stock exchanges by market capitalization of shares traded, after only the New York Stock Exchange, mentions Digibyte as one of the best 20 Cryptocurrencies to look into as an investment. [28] Also Nasdaq developed a cryptocurrency cix100 index for 100 top cryptocurrencies where Digibyte is also indexed. [29] [30] [31] [32]

Digibyte is included in the list of cryptocurrencies by Intercontinental Exchange [33] https://twitter.com/ICEDataServices/status/1106177919896948736?s=20

Digibyte is listed on Yahoo Finance DGB. Yahoo Finance Adds CoinMarketCap's Crypto Prices to Its Website. Verizon Media-owned Yahoo Finance and CMC confirmed their strategic partnership for cryptocurrency data and content in a press release to Cointelegraph on Nov. 21. [34]

One of major Digibyte developments Digi-Assets was released in 2019, it is a smart contract assets that can be issued on top of Digibyte Blockchain. Similar to Ethereum smart contracts and ERC20 token - digiassets provide a better solution to issue digital assets on a user friendly interface without programming knowledge, faster, with less fees and in a secure way with a difference that Digibyte is UTXO based blockchain network.

An extra layer privacy feature Dandelion++ was implemented on Digibyte Blockchain helping users to experience better privacy of data.

Blockchain 2035 conference Jared Tate https://www.youtube.com/watch?v=xsLQ61hnht8

DigiByte interview with Brian Foote from Block 30 Labs. https://www.youtube.com/watch?v=Iug0VlcQcFY

BLOCK 30 Labs - DigiByte Summit Amsterdam 2019 https://www.youtube.com/watch?v=_pjQssKyNI4

2020[edit]

In 2020 Tech Company that developed a cryptocurrency wallet "Exodus" released an interview with in detailed explanation of a Digibyte Blockchain [35]

Coinbase a digital currency exchange headquartered in San Francisco, California, United States, has announced the exchange is exploring support for 18 new digital assets including VeChain, Synthetix and DigiByte. [36] [37]

One of the largest cryptocurrency exchanges Binance listed Digibyte on 06/22/2020. [38] Binance also made their own research on Digibyte blockchain. [39]

Fundraising[edit]

Mine4Mud[edit]

In March 2014, DigiByte founder Jared Tate began the Mine4Mud charity fundraiser to support victims of the Washington State mudslide raising several thousand dollars in cryptocurrency which was given to the NCFS Relief Fund.[40]

Miners were encouraged to support the initiative at the time by mining Bitcoin, DigiByte, Litecoin and Dogecoin for 24 hours to specific addresses where the funds were then given directly to NCFS.

Aid for Venezuela[edit]

In March 2018 following a proposal about the use of DigiByte in Venezuela[41], Donations were crowdsourced by the DigiByte community [42] [43] to be sent with David Hay on his next visit to Venezuela.[44] This was donated to an orphanage, feeding 160 children for a month, along with a thousand bottles of water to be given to immigrants crossing the border.[45]

Later in July 2018 followin another round of fundraising [46], the second round of crowdsourced donations were used to supply several community lunches, repair a local hospital building, replace their air conditioning, and repair their refrigerator allowing them to keep chilled medicines locally in Adicora.[47]

Criticism[edit]

DigiByte founder Jared Tate was criticized by Binance CEO Changpeng Zhao on Twitter regarding the listing fees in September, he was dismissive, yet did not deny the allegations, stating he was “not gonna waste any time on these types of guys.” [48]

Later on, CZ admitted it was a misunderstanding, and listed Digibyte on Binance exchange. https://www.youtube.com/watch?v=YuUnhY2BTRw


Poloniex Axes Digibyte After Founder Criticized TRON [49]

See also[edit]

References[edit]

  1. "DigiByte v7.17.2". Josiah Spackman (Chilling_Silence). Retrieved 2020-01-01.
  2. "The Scalability Trilemma in Blockchain". Surya Viswanathan. Retrieved 2018-10-20.
  3. "DigiByte, the Scalable PoW Smart Contracts Platform". BTCmanager. Retrieved 2020-05-16.
  4. "DigiByte @ CryptoCurrency Convention NYC 4/9/14 - Jared Tate". Cryptocurrency Convention. Retrieved 2020-01-01.
  5. "Digibyte". Messari. Retrieved 2020-01-01.
  6. "Functions of Money". St. Louis fed. Retrieved 2018-07-14.
  7. "6 Characteristics of Money". Unlocked Success. Retrieved 2018-07-14.
  8. 8.0 8.1 "What is DigiShield & How it Works to Retarget Difficulty". Jared Tate. Retrieved 2020-01-01.
  9. "DigiByte's OdoCrypt Mining Algorithm Goes Live". Coinspace (John W.). Retrieved 2020-01-01.
  10. "What is DigiSpeed?". DGBAT. Retrieved 2020-01-01.
  11. "How I'm dodging bitcoin's flaw?". CNBC. Retrieved 2014-05-01.
  12. "CoinMarketCap Historical Snapshop - 03 June 2017". Retrieved 2020-01-01.
  13. "Digibyte Finalist in Citibank's Tech for Integrity Challenge". Partiko News. Retrieved 2020-01-01.
  14. "Why DigiByte's price is soaring: $DGB, Minecraft, Memes, and Citibank". Slashgear. Retrieved 2020-01-01.
  15. "5 Best Altcoins That Activated SegWit On Their Blockchain". Coinsutra. Retrieved 2020-01-01.
  16. "Information Propagation in the Bitcoin Network" (PDF). Christian Decker & Roger Wattenhofer. Retrieved 2020-01-01.
  17. "DigiByte 2019 Review (By an Ethereum Developer)". The Daily Chain. Retrieved 2020-01-01.
  18. "DigiByte Algo Swap". Coinpaprika. Retrieved 2020-01-01.
  19. "Brian Kelly "CNBC"". CNBC. Retrieved 2020-06-01.
  20. "Brian Kelly from CNBC mentions "DigiByte"". CNBC Fast Money. Retrieved 2017-06-08.
  21. "Brian Kelly tweets about Digibyte". Brian Kelly. Retrieved 2020-06-09.
  22. "Digi-ID". Digi-ID. Retrieved 2018-07-14.
  23. "What is Digi-ID". Josiah Spackman. Retrieved 2018-07-14.
  24. "DigiByte on CNBC CryptoTrader - Jared Tate Interview 2018". CNBC Africa Cryptotrader. Retrieved 2018-07-14.
  25. "Does Cryptocurrency Mining Waste More Energy Than The Traditional Banking System?". The Huffington Post. Retrieved 2018-03-28.
  26. "How One Blockchain's Vision and Technology Separates Them from the Pack". The Crimson Brand Studio. Retrieved 2018-04-02.
  27. "MIT Blockchain Club". Massachusetts Institute of Technology. Retrieved 2018-04-10.
  28. "20 Cryptocurrencies to Bet the House On!". NASDAQ. Retrieved 2018-05-29.
  29. "Cix100 index". NASDAQ Cryptoindex. Retrieved 2019-05-29.
  30. "Nasdaq Cix100 index". NASDAQ. Retrieved 2019-05-29.
  31. "Nasdaq adds crypto index". Bitcoinexchangeguide. Retrieved 2019-05-29.
  32. "Cix100 index". QB Exchange. Retrieved 2019-05-29.
  33. "ICE Cryptocurrencies". ICE. Retrieved 2019-03-14.
  34. "Yahoo Finance Adds Crypto". Cointelegraph. Retrieved 2019-11-21.
  35. "What is DigiByte DGB?". Exodus Wallet. Retrieved 2020-05-16.
  36. "Coinbase Exploring Support for 18 New Digital Assets". Cointelegraph. Retrieved 2020-06-11.
  37. "Coinbase continues to explore support for new digital assets". Coinbase. Retrieved 2020-06-11.
  38. "Binance Lists DigiByte DGB". Binance. Retrieved 2020-06-22.
  39. "A Decentralized UTXO PoW Blockchain with SegWit and Smart Contract Support". Binance. Retrieved 2020-06-22.
  40. "DigiByte, Dogecoin, Bitcoin: Help victims of the WA mud slide! #mine4mud". Jared Tate. Retrieved 2020-01-01.
  41. "The case for DigiByte to be used in Venezuela". Josiah Spackman. Retrieved 2020-01-01.
  42. "Aid for Venezuela". The Harvard Crimson. Retrieved 2018-11-05.
  43. "Initial Venezuela aid / relief". Josiah Spackman. Retrieved 2020-01-01.
  44. "Goal for Cucuta Venezuela reached!". Josiah Spackman. Retrieved 2020-01-01.
  45. "David Hay donates the DigiByte in Cúcuta, Colombia". Josiah Spackman. Retrieved 2020-01-01.
  46. "Initial Venezuela goals surpassed, here's why we want to reach higher!". Josiah Spackman. Retrieved 2020-01-01.
  47. "Venezuela initative Oct '18 update". Josiah Spackman. Retrieved 2020-01-01.
  48. "DigiByte Listing on Binance". Cointelegraph. Retrieved 2019-12-19.
  49. "Poloniex Axes Digibyte After Founder Criticized TRON". Bitcoinist. Retrieved 2019-12-05.


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Category:2014 software Category:Cryptocurrencies Category:Currencies introduced in 2014 Category:Computer-related introductions in 2014


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