Hooked on DigiByte! – greentermite
Hooked on DigiByte!
This article contains opinions of the author and has been written for information purposes only. The information should not be considered as financial or investment advice. It is always important to do your own research. All decisions come with risk and you should never purchase or invest more than you are willing to lose.
If a faster, cheaper, more secure and greater decentralised version of Bitcoin was available would you be interested?
Bitcoin benefits from being the first cryptocurrency ever created. It was a pioneer and ground breaking project for a decentralised economy, a digital form of payment and an immutable record of blockchain transactions.
Bitcoin has developed a few interesting challenges limiting its practical use for everyday payments. As Bitcoin has increased in popularity, it has shown it is less capable of handling the thousands of transactions needed for an everyday digital payment platform. Instead Bitcoin shines as a store of value. You may have heard of Bitcoin being referred to as digital gold.
There are a few other projects that have improved on the fundamentals of Bitcoin in one way or another. Enter the other main UXTO blockchains with similar DNA to Bitcoin, but with a few genetic enhancements. These include Litecoin, DigiByte and Vertcoin.
Litecoin is the most similar to Bitcoin with a larger supply and faster transactions. It is often referred to as digital silver. Bitcoin and Litecoin are certainly two of the most well known cryptocurrencies. They have benefited greatly from first mover advantage in the crypto markets. However, both Bitcoin and Litecoin allow specialised and expensive mining equipment called ASICS on their networks which could be argued to reduce the level of decentralisation.
Achieving decentralisation on the network is very important because it improves blockchain security and minimises the chance of any one entity (or bad actors) trying to gain control of the network. You may have heard about 51% attacks which can occur if a bad actor gains 51% or more of the hashing power on a network.
Enter DigiByte and Vertcoin. Both of these cryptocurrency projects strive for true decentralisation, where everyone has an opportunity to contribute to the hashing power of the network. DigiByte comes with some groundbreaking technology called DigiShield a multi-algorithm approach to mining and securing the network, whereas Vertcoin specifically works at eliminating all ASICS from its network allowing anyone to GPU mine on a home computer. Vertcoin has a similar maximum supply to Litecoin and DigiByte has a larger maximum supply. For all these cryptocurrencies the supply is limited. There will never be anymore after the maximum supply is reached.
Bitcoin, Litecoin and Vertcoin are all great cryptocurrencies, but Digibyte is certainly a favourite. DigiByte comes with some great technology improving blockchain security, privacy (e.g. Dandelion IP location privacy) and transaction speed (40x faster than Bitcoin). Payments are processed almost immediately with near zero transaction fees. DigiByte will also scale on chain to continue processing many thousands of transactions making it a superior option for digital payments now and into the future.
DigiByte may not be as well known now as Bitcoin and Litecoin but its popularity is quickly expanding. Hundreds of exchanges are now listing DigiByte and more and more people are discovering its benefits everyday. Digital payments is only the beginning – the DigiByte blockchain also has a digital applications layer and a digital assets layer (DigiAssets) both with enormous use case potential.
Why not take a look at DigiByte for yourself? At the very least you may be pleasantly surprised at what you find, but be careful you might get just hooked on DigiByte.
Published at Sun, 04 Aug 2019 02:12:22 +0000
Bitcoin Pic Of The Moment
✅ Marco Verch is a Professional Photographer and Speaker from Cologne. ? This image can be used under Creative Commons 2.0. Please link to the original photo and the license.
By wuestenigel on 2018-11-06 14:01:30
