The potential of Bitcoin in India
Crypto currency for everyday
DigiByte (DGB) was officially launched on January 10, 2014 by the Genesis block of entrepreneur and programmer Jared Tate. The goal of DigiByte was to develop a faster and more secure crypto currency (as Bitcoin). However, the start of the project received little attention at the start. DigiByte caused the first major sensation with the DigiShield-Hard Fork in February 2014, which protects the DigiByte blockchain from the threat of multipools, which have dismantled large quantities of DigiByte at a low level of difficulty. This was achieved by adjusting the block difficulty between each block. DigiShield technology was then implemented in other 25 crypto currencies such as Dogecoin, ZCash, Mona and Bitcoin Gold.
DigiByte is a public, rapidly growing and highly decentralized blockchain. DigiBytes are digital assets that cannot be destroyed, counterfeited or hacked, making them ideal for protecting objects of value like currency, information, property or important digital data. DigiBytes can be sent over the DigiByte Blockchain and forever recorded on an immutable public ledger that is decentralized on thousands of computers across the planet.
Like Bitcoin, DigiByte is a UTXO (“Unspent Transaction Output”) -based cryptocurrency, which simply means that each individual coin has an identifier. According to the website, the DigiByte blockchain is “the longest, fastest and safest UTXO blockchain in the world”. The DigiByte blockchain is even larger (measured by the memory requirement) than the Bitcoin blockchain.
This can be explained by the fact that DigiByte does not create a new block every 10 minutes as Bitcoin does, but about every 15 seconds. This combined with over four and a half years of existence ensures that DigiByte has the “longest” UTXO blockchain currently available. The short block times also allow DigiByte a throughput of around 560 transactions per second (TPS), which is a significant increase compared to Bitcoin’s 3-7 TPS. The DigiByte team aims to achieve 2,000 TPS by 2020. In the year 2035 it should even be up to 280,000 TPS.
In addition, DigiByte transactions are extremely cheap. Transaction costs average $0.00000005 per transaction, which means that more than 1,000 transactions are required to pay only 1 cent.
To limit the blockchain’s memory requirements at least slightly, DigiByte was the first crypto currency (before Bitcoin) to implement Segregated Witness (SegWit) technology, keeping the ledger at least a bit more compact.
Author : Jake Simmons