Introduction to DigiByte Cryptocurrency

Jared Tate created DigiByte in 2013. The network mined the first block of its blockchain, the DigiByte blockchain, on January 10, 2014, five years almost to a day after Satoshi Nakamoto mined the first block of the Bitcoin blockchain.

The first block of the Bitcoin blockchain also known as the Genesis block contained a quotation from the January 3, 2009, issue of The Times newspaper. The exact quote it includes is “The Times 03/Jan/2009 Chancellor on brink of the second bailout for banks.” Most people think that Nakamoto included this quote to prove that he mined the first block of the Bitcoin blockchain not earlier than January 3, 2009. Just like Nakamoto did with the Genesis block of the Bitcoin blockchain, Tate included a quotation from a newspaper in the first block of the DigiByte blockchain. The quotation was from USA Today. It said: “Target: Data stolen from up to 110M customers.”

The similarities between Bitcoin and DigiByte do not end here. Just like Bitcoin, DigiByte is a decentralized blockchain-based digital currency. Tate created DigiByte with a vision of a cryptocurrency that could gain mass adoption.

The biggest issue that prevents Bitcoin from becoming more popular is that the Bitcoin network can only process between 3 and 7 transactions per second. Bitcoin blockchain creates a new block every 10 minutes. The blocks are 1 megabyte in size and this is where the 3 to 7 transactions per second limit comes from.

DigiByte creates blocks every 15 seconds, which is why it has the longest blockchain of all the digital currencies. The DigiByte network can process over five hundred transactions per second. The network doubles the number of transactions it can process every two years by doubling the size of its block. This is how Tate designed the network from the very beginning, which means that in 2019 the network would be able to process over 1,000 transactions per second. By 2035, this number will reach over 250,000 transactions per second.

The maximum number of DigiByte coins is one thousand times bigger than the maximum number of Bitcoins. In total, there can be 21 billion DigiByte coins.

As of January of 2018, the DigiByte blockchain had over 5 million blocks and over 6.5 DigiByte coins in circulation.

In 2015, DigiByte started focusing on the online gaming market with the goal of becoming a preferred cryptocurrency for online gamers. This strategy was based on reports that predicted the rise of the online gaming industry from about $65 billion in 2012 to over $100 billion in 2018 because of the continuing proliferation of mobile devices. It also made sense because of the natural connection between the computer in general, online gaming and online payments. Computer gaming stores were some of the first businesses that started accepting bitcoin and other cryptocurrencies as a form of payment.

DigiByte first released DigiByte Gaming Wallet in 2015. Just like other cryptocurrency wallets, DigiByte Gaming Wallet can securely store multiple addresses and keep money organized and protected. DigiByte Gaming Wallet also makes it easy to create new in-app wallets.

In November of 2015, DigiByte has also launched a beta-version of DigiByte Gaming Platform. The idea behind the platform was to use blockchain technology for digital advertising. Users who play games on the DigiByte Gaming Platform get the rewards for the performance in computer games in DigiBytes. The DigiByte network sends the rewards to the DigiByte wallets of the users.

In 2016, DigiByte gaming received a permission from Riot Games, the creator of League of Legends, to use their API to improve the DigiByte platform.

As of the writing of this article, DigiByte plans to create its own foundation that will be focused on supporting the blockchain through development and education.