Coin Spotlight - Digibyte

Monthly Coin Spotlight - Digibyte

What is it (in 50 words or less)

Digibyte is a Cryptocurrency built on the Bitcoin principles, it’s faster, more scalable and more secure. It has a 15 second block time (40x times faster than Bitcoin), built in future scaling mechanisms (block size doubling every 2 years) and 5 different mining algorithms.

 

What problem is it solving

Bitcoin’s original purpose was building a decentralised mechanism for digital payments, however, its ability to achieve this vision has been hindered as scalability, transaction costs and network speeds have not been able to keep up with adoption. Digibyte’s solution can be used to pay for everything from Coffee to cars to booking flights online. It can be scaled to exceed the transaction volumes of VISA/Mastercard (roughly 4000 transactions a second (TPS)), with its current capability of 1,400 TPS with a max capacity of 280,000 TPS. It also has low transaction fees (~$0.01) and is increasing usability.

 

Why do we like it

  • It’s fast, scalable and actually works really well
  • Jared Tate the head of Digi is a leader in the industry and highly respected
  • 21 Billion will be mined over 21 years
  • 0.5% was pre-mined for the Digi Foundation and has been spent to improve the network
  • Real time mining difficulty adjustment
  • Future scalability taken into account with block size increase programmed to occur every 2 years
  • Ability to execute smart contracts on the Digibyte blockchain
  • Network is globally decentralised
  • Function vs price its undervalue

 

Why do we not like it

  • The development team is sporadic and hard to identify
  • The platform has a dated UI and iOS wallet has been in the making for a long time
  • Digibyte is only listed on 3 major exchanges
  • Weak Marketing team
  • Weak Market presence

 

Final Verdict

With an improved marketing strategy and improved user platforms Digibyte could receive increased attention and adoption as a more efficient cryptocurrency than its competitors for everyday payments. MC give Digibyte an 8/10

Egor Sidelska