Still so much to learn!
Now that I am slowly getting more Hive available again to possibly HODL', or to invest in another project such as more CRO, ... or something completely different. I also went to have a look at all the coins there are! There is still so much to learn in the ever-expanding crypto country with the supply of coins growing every day. And well, let's be honest. I also wish I could pick out that ONE coin that I can step into when it only costs 0.00001 cents. And that suddenly seems to shoot to about a 1 dollar coin or more. Especially when you have managed to get hold of a good number of them that you can even forget because you only paid a silly little amount to get that enormous amount coins.
No ... I haven't managed to do so ... NOT YET!
No, I haven't managed to do it yet. I think my knowledge of crypto and techniques is just TOO limited for that… although of course I learn a lot of new things every day that I browse through my brave browser. And with my blond mind, I manage to understand the technique better and better. I also feel more and more confident that I indeed understand the techniques GOOD, which will make it much more easy to go to trading … and I want to make the switch to daytrading soon, because I feel that there is a lot more to make with that. But I need more liquids AND understanding for that.
Somehow I have trust in DIGIBYTE
Anyway, I didn't want to talk about that at all right now. Because today during my browsing hour in my Brave little browser, I came across the DIGIBYTE again. And that is a coin that I myself have looked at before because I somehow have confidence in the future of this coin. The trust was not because I knew so well what Digibyte actually was, but more of a feeling.
So now today is the time to take a closer look at the Digibyte to see if my feeling is correct.
Should I consider buying Digibyte myself?
Longer-term limitations of the Bitcoin Network
DigiByte was created in 2014 by Jared Tate. He was born and raised in a small town in Idaho. He learned a lot about programming and web design from an early age. When he became acquainted with Bitcoin mining, he also saw the longer-term limitations of the network. He was convinced that this could be done better, and decided to develop his own network.
He used Bitcoin's code as the basis for his own new UTXO blockchain, with its own genesis block on January 10th 2014. DigiByte was born.
What is Digibyte
DigiByte is an open-source project. This means that the code is available to everyone and the technology and applications are free to use. Everyone can help with the development. No permission is required. There is no company behind DigiByte. DigiByte was not an ICO but the coins are mined over a certain period of time. The last DigiByte coins will be mined in 2035. The total supply is then 21 billion. At the moment, more than half of the coins have already been mined. The fact that there is no company behind it, and there are no pre-mined coins, makes the project quite unique. The people who work on the DigiByte project are all unpaid volunteers and are spread all over the world. A truly decentralized project. All people with different qualities, a common passion and with faith in the success of applying the DigiByte Blockchain technology.
Spread over 200,000 nodes
The belief in that success is partly due to the unique properties of DigiByte.
The blockchain is spread over 200,000 nodes and it uses 5 different mining algorithms. The transactions are being executed very quickly, and will reach a speed of no less than 280,000 transactions per second (TPS) by 2035. Moreover, the transaction costs are negligible.
At Digibyte, there is no money for paying listing fees to the larger exchanges such as Binance. So there is also no money to pay market makers who can generate volumes, so-called wash trades. The volumes and growth of DigiByte is organic.
There is also no money for expensive marketing campaigns. But the community has solved the latter problem by setting up the DigiByte Awareness Team with a number of members. They ensure good attention on various Social Media Platforms. They also have short lines of communication with the core team, they approach various companies in different branches and organize meet-ups. In this way they provide more "awareness" and a growing adoption of DigiByte technology and applications. The lack of financial resources and an official company structure may seem a disadvantage at first glance, but are a huge advantage in the long run.
Constant and sustainable growth, AND low risks
DigiByte has good chances of survival because of the constant and sustainable growth and the low risks. The community ensures further development, for the attention and applications of the DigiByte technology. The past year has shown that this form of organization and collaboration is extremely successful for the project.
DigiByte in payment processing solutions.
Due to its speed, availability, exchange options and many storage options, DigiByte is ideal as a payment method, which is why they see a growing application of DigiByte in payment processing solutions. DigiByte has mobile wallets available for iOS and Android. These are available in more than 55 languages.
The security aspects of the DigiByte technology make the blockchain suitable for Cyber Security applications. Developers are very active in developing the platform and applications. Various companies are already using the DigiByte technology and are helping with the development. An example of an application is Digi-ID, with which you can log in to a website with an app on your phone, without using username, password and / or 2FA. This technology can also be used, for example, for access control in buildings.
A project that is almost completed is the so-called DigiAssets protocol. With this protocol you can translate goods and documents into a digital asset (token) and thus very easily transfer this asset to other people. This transfer is permanently registered in the blockchain. A promising application of this is that it also provides a platform for an STO (Security token offering). Like ICO, STO is a way of raising funds but with certain rules where the issuer of the token can be held accountable for its actions.
Development & Roadmap
The technology has already proven itself over the past 5 years. DigiByte has existing products and use cases. DigiByte has an impressive long roadmap from the beginning of 2014 with various milestones. However, this roadmap has been updated to Q1 of 2019. A complete roadmap can be found on the website of the DigiByte Awareness Team (Roadmap).
The last thing to see on the roadmap is that Odocrypt has been implemented. Odocrypt uses the Keccak algorithm (SHA3) for its hashing function as it is relatively sleek and requires little memory (perfect for all common FPGAs). It changes the hashing details every epoch (10 days time frame) based on the new seed. This change takes place at midnight UTC. When the epoch changes, the miners have to compile a new .sof file (analogous to a binary executable for the FPGA CPU) and program it on the hardware. During this time, there is a 2-hour period prior to the midnight of the epoch in which the blockchain accepts the new epoch settings and / or the old epoch settings. This gives all miners the chance to re-optimize their settings and reprogram their FPGAs, without causing immediate problems in the overall hashrate for the algorithm, even though automated reprogramming takes only seconds in most cases. Once reprogrammed, the FPGA uses the new seed as a base, which is necessary to keep the 'optimized' settings. Without it, the FPGA will produce invalid hashes and have zero effective efficiency.
Because DigiByte is developed by volunteer developers, there is no clear picture of projects and the timeline in the future. Digibyte still has plenty in the pipeline. That much is certain. But since it is being developed entirely by volunteers, there is no "whitepaper" with a "roadmap" like many ICO-based projects have that many cryptocurrency investors unfortunately expect.
However, in terms of forward thinking, there are many things that individuals / groups want to implement in the blockchain space to move the DigiByte project forward. This can all be found on Digibyte's github instead of a whitepaper
This is why there is no timetable, or even a guarantee that these will ever be specifically implemented. Even if they are implemented (say DigiByte Core wallet), there is still no guarantee that consensus will be reached by the network. Given the past and the increasing attention for DigiByte, it can be expected that an increasing number of developers and companies will cooperate in the further development of DigiByte.
Projects led by companies, or projects without a working product, involve various risks. For example, there is a chance of bankruptcy, forced redundancies, corruption, single point of failure, etc. Risks that are impossible and unthinkable at DigiByte, due to its unique structure. DigiByte is therefore not a project that can be used to earn a lot of money very quickly, but it could be a project that provides more safety and security, and a project that can provide a long-term ROI that is far above average. As long as there are people who continue to believe in Digibyte, Digibyte will also be worked on. And because it is so completely decentralized and runs on volunteers, read here people who believe in the future of Digibyte, that there will probably always be people who want to push Digibyte forward and therefore continue to develop it.
My personal opinion
When the time comes that I have enough liquids to make an investment that I don't need to calculate in my personal goal, I sure would want to buy a big chunk of Digibytes because my feeling didn't change. It is precisely because there are volunteers working on this project that tells me that it is done by people who have faith in the future and that makes me believe that developments will not stop and that this project will survive in the long term. And most likely will also increase in value. As more and more people become more aware of the possibilities that lie here.
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