What Is DigiByte?
DigiByte is an open-source blockchain, created in 2013 and released in early 2014 by DigiByte founder Jared Tate. Its network is based on three layers: smart contracts, decentralized applications (DApps) and customizable tokens. The middle layer, the public ledger, is where DigiByte digital assets exist in the network, while the third and bottom later hosts the decentralized nodes, the client software and their communication. A unique factor of DigiByte is its five mining algorithms — Sha256, Scrypt, Skein, Qubit and Odocrypt — whose advanced difficulty adjustment aims to keep the blockchain secure and protect it from malicious attacks. DigiByte has its own block explorer, DigiExplorer. DigiByte was the first major altcoin to activate Segwit in April 2017.
In May 2019, DigiByte launched DigiAsses, which is a scalable second-layer solution on top of the DigiByte blockchain that offers the decentralized issuance of assets, smart contracts, digital identity and other features.
Where Can You Mine DigiByte?
DigiByte is only created through mining, as no tokens were created at its launch. It has a limit of 21 billion coins, which will all be mined by 2035. You can mine DigiByte solo or in a pool, using one of its five mining algorithms.
What Is DigiByte Used For?
DigiByte can be used as a payment method, like a fiat currency, or a store of value. DigiByte coins are also similar to gas in Ethereum in that they run the DigiAsset smart contract network. DigiByte can be stored on an exchange, or in a DigiByte wallet. For the latest list of exchanges and trading pairs for this cryptocurrency, click on our market pairs tab.