What is DigiByte?

Sep 13, 2022
4 min read

This blog post will cover:

  • What is DigiByte?
  • Where did DigiByte come from?
  • What are the advantages of DigiByte?
  • What are the disadvantages of DigiByte?
  • How to buy DigiByte on SimpleSwap?

What is DigiByte?

DigiByte is a public, well-established and highly decentralized blockchain. Its digital currency DGB can not be hacked, falsified or liquidated that makes it perfect for protecting value objects such as currency, important digital data, and information. DigiByte is a cryptocurrency that provides high speed (very high speed) coin transfers.
DGB uses 5 (five) advanced mining algorithms to prevent production centralization. Those are SHA256, Scrypt, Groestl, Skein, and Qubit. The proportion of each of which is 20%.
In April 2017, DGB has become one of the first cryptocurrencies that received SegWit support. The system can handle up to 280 transactions per second.
The product range of DGB consists of three main applicable scopes: Digiexplorer, DigiByte Gaming, and Digibot-Telegram. Digiexplorer is a kind of search system for the entire DigiByte database; DigiByte Gaming is an opportunity to earn DGB coins by playing Counter Strike, League of Legends or World of Warcraft. Therefore, DGB is also called gamers’ currency and blockchain; Digibot-Telegram is a product of cooperation between DigiByte and Telegram news messenger.
Moreover, it is planned to produce 21 billion coins by the year 2035.

Where did DigiByte come from?

There is not much information about the DGB team in the public access. It is known that Jared Tate is the founder of DigiByte. Information about his career is controversial. It is said that Jared has been involved in the Bitcoin community since 2012. In the fall of 2013, he decided to make several improvements to the basic Bitcoin protocol, which ended with the release of DigiByte on January 10, 2014.
One of the system developers, Jared Morgan, is a professional programmer. The rest of the team members prefer to remain anonymous. To promote the project, an institution of ambassadors was created - system representatives in different countries. Currently, DigiByte Ambassadors are working in several countries in Europe and North America, as well as in New Zealand.
The currency is widespread and, at the moment, is available for use in about 80 (eighty) countries.

What are the advantages of DigiByte?

  • Cybersecurity
    DGB is the most secure existing UTXO blockchain.
  • Quite fast
    DigiByte developers pay much attention to the transaction processing speed.
  • Developing
    Technology that is tested and tried over all the time of DGB existence (5 years). Its creators do not stop on developing it and making it more functional and more attractive to the users.

What are the disadvantages of DigiByte?

  • Lack of promotion
    It seems that DigiByte has a lack of marketing and promotion. There are many people who have not heard about DGB.
  • No use cases
    Many investors believe that DigiByte has no real advantage in use compared to other popular cryptocurrencies.
  • PoW only
    As the con, it can also be the fact that DGB uses only PoW (Proof of Work) for its mining.

How to buy DigiByte on SimpleSwap?

Let’s say you want to buy DigiByte. What should you do? We suggest you go to the SimpleSwap homepage and follow the instructions below:

  • Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
  • Select DGB in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
  • Enter the Recipient’s Address. DigiByte will be sent to this address. Be careful and make sure you use the correct address.
  • Check all the information you have entered. If everything is correct click the Exchange button.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

This is everything you need to know to buy DGB.

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