About DigiByte (DGB)

Overview

DigiByte is a UTXO blockchain released by Jared Tate in 2014 with the aim of being more decentralized, secure, faster and reaching a wider audience than Bitcoin. Blocks occur approximately every 15 seconds, which is 40x faster than Bitcoin, and there are around five million blocks. DigiBytes use includes storing objects of value such as currency, documents, IOT data, etc. and they can't be destroyed or counterfeited. Over 21 years, 21 billion Digibytes (DGB) will be created, and each is divisible to 8 decimal places.

Technology

DigiByte engineered a now widely used asymmetrical difficulty adjusting mining technology, DigiShield, which is now the basis of several other blockchains. In 2017 Segregated Witness (SegWit) was implemented via a soft fork and paved the way for the Lightning Network which is a payment protocol enabling instant and cross-chain transactions. DigiByte also hard forked from a single mining algorithm and now uses five, equally weighted, mining algorithms to prevent centralization. Dapps and Digi-Apps can be built on the blockchain providing real-world uses. Users can transfer DGB to a WIREX debit card and used for off- and online shopping.

Future Focus

The DigiByte team are planning on applying their security to IOT services and devices and are also looking to combine DigiByte blockchain technology with artificial intelligence. In 2018, the focus is to expand the accepted wallets, including mobile ones, significantly, and list on more exchanges to make DGB easily accessible globally. There is also a planned upgrade in store for Algo Swap efficiency for DGB miners.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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