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Back when cryptocurrencies such as DigiByte, DogeCoin and many others were being created, large multi-mining pools would often point their miners at a variety of coins, mine a significant sum of the coin over the course of an hour or two, immediately exchange the coin for BTC or similar, and then run off to the next coin.
It was great for miners who just wanted to try and get the best bang-for-buck with their hashrate, but it would leave many start-up coins struggling after the hashrate had left. For example, Bitcoin retargets difficulty every blocks, which should roughly be every 14 days. This would mean that if Bitcoin were a smaller coin, it received a huge influx of hashrate for a little while as the difficulty was low from a multipool, difficulty then retargets and goes up, multipool leaves, and the hashrate then goes WAY down, leaving the remaining miners struggling to validate the next blocks.
So DigiByte comes up with DigiShield in Feb , which retargets after each individual block, so the difficulty can go up and down a lot faster, and any drop in hashrate on the network is minimized by an order of magnitude when compared to traditional difficulty retargeting as we see in Bitcoin etc. On top of this, the DigiByte devs are good blokes and helped a bunch of other cryptocurrencies to implement their tech that they came up with, such as DogeCoin, which is pretty cool of them!
Traditional coins just have one hashing algorithm that they use. As of , DigiByte is one of the most If not THE most decentralized cryptocurrencies in existence with approx , full node downloads between April and November Very similar to DigiShield, except, now it works with all 5 hashing algorithms.
This was activated in December , and again brings the protection from multipool mining in the same way DigiShield did in February of DigiSpeed halved the Block timing from 30 seconds seconds per algo down to 15 seconds 75 seconds per-algo. This means the next block in the blockchain is found more frequently 15 seconds for DigiByte vs 10 minutes for Bitcoin, a factor of 40x!
Transactions each take up a small amount of space data in each block, and so Bitcoin gets to fill up 1MB every 10 minutes, whereas DigiSpeed allowed the blocksize to increase up to 10MB with built-in future increases Doubles every 2 years.
That meant that as of implementation time in December , DigiByte had capacity for x the transactions-per-second TPS compared with Bitcoin. That will soon be doubling to x the capacity. Why does that matter? DigiByte can already handle 24 million transactions per-day, TPS with that doubling in a few months time at the end of DigiByte is well future proofed to handle any kind of huge transaction volume that may come from micro-payments and many other technological uses of the DigiByte blockchain.
SegWit fixes a couple of minor issues with the way the blockchain works, provides more security through the hashing for each address, smart-contracts, cross-chain transactions Think: Direct trading your DigiByte for another coin without having to go through an Exchange website and so much more!
You can read more about SegWit on the DigiByte. What else is happening? This has been in the works for a while, and can be checked out at digusign. This type of technology has huge implications for a variety of professional services, everything from the legal and finance through to corporate contracts, business workflows and more. This will allow an exchange between DigiByte and, say Bitcoin, without the use of any 3rd party exchange website.
So if I want to exchange 10, DGB for 0. BlockNet and Atomic Swaps will revolutionize the exchange of digital currencies, no longer requiring any form of trust with anybody. One of the core pillars of the original Blockchain notion was it operated in a completely trust-less manner, and BlockNet now fulfills this need.
Well, DigiByte has one fantastic track record as far as development, innovation and achievements go. The DigiByte community is super active allowing for that to activate in such record time. DigiByte also has the longest blockchain out there!
At the time of writing Late , DigiByte has 5. So, DigiByte is proving far faster than other coins that a long Blockchain can still be functional!
So aside from the 21 Billion DigiByte total cap, vs Bitcoins 21 million cap, means a Skip to content One of the more common questions I get asked when I talk to people about my mining is: What made you choose that over Bitcoin? DigiShield Back when cryptocurrencies such as DigiByte, DogeCoin and many others were being created, large multi-mining pools would often point their miners at a variety of coins, mine a significant sum of the coin over the course of an hour or two, immediately exchange the coin for BTC or similar, and then run off to the next coin.
MultiAlgo Traditional coins just have one hashing algorithm that they use. Activating MultiAlgo in September had a number of benefits: MultiShield Very similar to DigiShield, except, now it works with all 5 hashing algorithms. DigiSpeed DigiSpeed halved the Block timing from 30 seconds seconds per algo down to 15 seconds 75 seconds per-algo. DiguSign This has been in the works for a while, and can be checked out at digusign.
So what does all of this mean? Name one thing that Bitcoin does that DigiByte does not? No thanks, you can keep that one. This is why I have, and continue to, invest in, purchase, and mine DigiByte.