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DigiByte Crypto PNG Transparent Images

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Submitted by on Sep 3, 2021

DigiByte (DGB) is an open-source cryptocurrency based on the DigiByte Blockchain, a decentralized worldwide blockchain launched in 2013. The DigiByte coin was created in 2013 and launched in January of the following year. Despite being built on Bitcoin, changes to the code allow for better functionality, such as a 15-second block time and more security. DigiByte has a market capitalization of approximately $500 million as of July 2018. It is now the world’s longest, quickest, and most secure UTXO blockchain.

Jared Tate, the devoted founder and project leader of DigiByte, set out to develop a quick and safe cryptocurrency that could reach a larger and more decentralised audience than Bitcoin. On January 10, 2014, the first Digibyte block was mined. The headline “Target: Data stolen from up to 110M consumers” encoded into the Genesis block to emphasise the need for security in digital transactions. A premine was also incorporated to compensate developers and early adopters.

With DigiShield, DigiByte pioneered asymmetrical difficulty adjustment mining, which is now extensively utilised and the foundation of many other blockchains. It’s also the first blockchain to switch from a single proof-of-work algorithm to multi-algorithm mining, but it’s not the first cryptocurrency to do so (Huntercoin). According to reliable forecasts, the price of DigiByte will climb to 2.73$ in March 2021. ( In other words that will be about 94 times higher than May 2020 )

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DigiShield

This hard fork was activated in February 2014 to safeguard the DigiByte blockchain from multi-pools that mine enormous amounts of DigiByte at a low difficulty. It accomplishes this by recalculating block difficulty between each block, rather than once every two weeks like Bitcoin does, allowing for a quicker adjustment when a multi-pool starts or stops contributing to DigiByte. With the help of the DigiByte team, DigiShield has since been integrated into over 25 other cryptocurrency blockchains, including Dogecoin, Startcoin, Zcash, AuroraCoin, BitcoinGold, BitTokens, CasinoCoin, CreativeCoin, Granite, Huncoin, Monacoin, Mooncoin, Nautiluscoin, Quatloo, SakuraCoin, Scorecoin, SmartCoin, StartCoin, SuperiorCoin, and Ubi

MultiAlgo

This hard fork, which was activated in September 2014 from Myriadcoin source code, allows for multi-algorithm mining. Its goal was to provide a variety of proof of work (PoW) mining algorithms to accommodate the many types of mining capabilities available, such as specialised ASIC mining, GPU mining, and CPU mining. This allows a wider number of individuals to join DigiByte mining pools, resulting in a more decentralised blockchain with coins reaching organisations that were previously unable to mine the coin due to its single-algorithm (Scrypt) split.

MultiShield

This hard fork was activated in December 2014 to activate DigiShield throughout the new MultiAlgo platform and achieve the same aims across all five mining pools.

DigiSpeed

This hard fork was activated in December 2015 with the goal of speeding up DigiByte coin transaction speeds. With Microsoft’s cooperation, block time was decreased by half to 15 seconds, and new block propagation code was implemented.

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