Author: Andrei the Guru

WHAT IS DIGIBYTE?

DigiByte is fast growing and global blockchain focused on cybersecurity for decentralized applications and digital payments. Its major focus has been on the safest and most secure way to keep data, decentralization and how fast a transaction can be.

Being a digital asset, digibytes cannot be counterfeited, hacked or destroyed which makes it the best option to choose to protect valuable items like information, currency, digital data or even properties.

It is a cryptocurrency that operates its own blockchain i.e. an open source. Digibytes’ main goal is to develop a cryptocurrency which would get across to a wider community, fully decentralized than the bitcoin. It employs the use of the blockchain technology to achieve its purpose, developing secured apps that can withstand cyber-attacks.

DigiByte boasts of a network that is more scalable, faster and secured than almost all other cryptocurrencies. DigiByte has a goal to surpass the operational speed of operators like PayPal, western union etc. These operators have a processing speed capable of producing one million transactions in a day.

DigiByte has a block time limit of fifteen seconds which means that transactions are completed, verified and confirmed faster. Despite the scalability issues that come with processing transaction very fast, Digibyte did well by being the first to implement the SegWit protocol.

Initially, it was regarded as a gaming cryptocurrency but due to numerous controversies, the gaming feature was shut down. Today, DigiByte remains the first and only cryptocurrency to employ the use of multiple Proof of Work algorithms totaling five in number. The maximum number of coins to be distributed is 21 billion which is going to be distributed across 21 years.

WHAT IS THE PROBLEM DIGIBYTE AIMS TO SOLVE?

Digibyte was created just like many other altcoins to solve the shortcomings of bitcoin. The major problem digibyte aims to solve is the issue of cybersecurity. We live in a digital world where virtually all we do is related to the internet – information, data, money etc. happens online. Although, there have been numerous attempts through which other cryptocurrencies have tried to provide online security, it has never been adequate enough.

Issues like hacking have become the order of the day in the digital world with so many people trying to manipulate others for financial gain, although, other platforms are said to be secure because of the presence of the blockchain and the algorithm employed.

However, there have been cases of manipulation on these systems one time or the other. In essence, DigiByte aims to provide absolute security of things, information and resources.

Digibyte also aims to provide actual decentralization to the world at large. Most cryptocurrencies are not totally decentralized as they are controlled by individuals and private companies rather than the communities. This defeats the definition of the blockchain technology. Another issue DigiByte aims to solve is the issue of speed.

 

HOW DOES DIGIBYTE SOLVE THESE PROBLEMS?

As earlier noted, the most obvious problem that other applications face is the susceptibility to cyber-attacks.  Several valuable pieces of information are either lost or cease to be confidential as a result of this threat.  The following are solutions to the problems:

• Through their idea of a global decentralization, DigiByte as a presence of in over two thousand servers, phones, nodes and computers across the globe. This way, there is slightly any possibility of a hack as it is impossible to hack all of these devices all at once.
• The implementation of the five algorithms for mining is another perfect step to deal with insecurity. As opposed to other platforms that makes use of an algorithm, digibyte makes use of five. This ensures that centralization is impossible and as such, the aims of the platform is seen to actualization. The algorithm used includes: SHA256, QUBIT, SKEIN, SCRYPT, and GROESTL.
• Through the establishment of protocols like multishield and digishield, the blockchain is protected against any malicious attack. These protocols means that digibyte has the most sophisticated difficulty stability across the globe. This implies that the difficulty encountered in mining with any algorithm is improved upon anytime miners are already familiar with it. This way, the standard of the platform is maintained
• The speed of DigiByte is estimated to be 40 times faster than that of Bitcoin, which denotes that it has been able to solve the problem of slow transactions. Restriction in scope and size has helped to increase the speed, extent and the amount of data that are transferred over the digibyte network.
• Also, innovations brought about by the Segregated Witness have been a major factor in increasing the speed of operation. Such innovations include confirming a transaction or operation once, and not having to go through several unending processes.

 

WHAT MAKES DIGIBYTE BETTER THAN ITS COMPETITORS?

Digibyte since coming into the limelight has been known to be better than its contemporary blockchain. This is made possible by the improved sophistication employed in its development, as well as the purpose it serves which none other could.

• The amazing thing about DigiByte is not only in the fact that it is fast. Its greatest feature lies much more in the tendency of even getting faster in a few times from now. This has made the digibyte more excellent than any other blockchain, Bitcoin inclusive. Its super speed of completing transactions in a few seconds is simply amazing and its long-term potential is high.
• The DigiByte network is heavily secured. Everyone wants the security and safety of their assets, properties and information. This is just the perfect piece of protection which DigiByte offers more than any of its competing blockchain. The ledger containing all transactions and operations on the network is resistant to hacking or cyber theft.
• Digibyte has algorithms which ensure that any attack on it is pretty impossible. It also cuts down the block time in comparison to Bitcoin, coupled with the five algorithms that ensure decentralization. This in turn gives a block time every 15 seconds that makes it impossible to hack into the assets or documents. This is a comparatively high advantage of DigiByte over any other blockchain.
• Digibyte is developed separately on its own Blockchain network.. This distinctness is what ensures that DigiByte is unaffected by other networks around the world.
• Number of transactions completed per second also makes DigiByte a step ahead of other blockchain. It conveniently processes 560 transactions per second. This scalability is much higher than any other of its competitors. As a comparison, Bitcoin manages about 7 transactions in a second which is considerably low.
• No other blockchain has future plans of improving as much as digibyte does. Despite being a leading figure in all ramifications, digibyte seeks to improve on its efficiency and effectiveness. That sense of vision and planning is quite commendable. Digibyte plans to have several billions of coins mined in the future. This no doubts make digibyte an immensely better payment option than any competitor.

 

 HOW CAN DIGIBYTE BE CATEGORIZED?

Digibyte can be classified into the following

• Digital Currency and asset

Digibyte can be used as a means of exchange and also as a means for investment. To enjoy the value that the blockchain provides, there is a need to possess the coin. . Transactions, payments, and purchase of goods and services can be made in form of digibytes and are generally acceptable in the world. Without possessing this currency, no transactions or investments could be carried out. Trading of assets and properties are done in form of digibytes

• Security

The main aim of the platform is solve the numerous issues of cybercrime across the globe. Digibyte aims to provide a more secured means through which data could be stored and not tampered with.

Through the implementation of various algorithms, digibyte is referred to as one of the most secure blockchain platforms.

• Decentralization

The digibyte platform is a truly decentralized platform as it is not controlled by any private organization but rather by the community itself. Its implementation of five different algorithm is just to ensure no one is able to become a central power by dominating a single mining pool.

• Data Storage

The name digibyte denotes memory space like a gigabyte or megabyte. This means that valuable data can be stored on it. The good news is that it is not susceptible to hack or destruction. Once data is stored on it, it cannot be manipulated except the right access is given it by the owner.

 

WHAT IS DIGIBYTE VISION ON SECURITY?

Digibyte incorporates a heavy defence and security structure in safeguarding assets, information and transactions on its network. As much as digibyte currently runs a very high security level, its vision on improving defence and immunity against hacks and attacks is appreciable.

This shows the concern of Digibyte for the safety of assets.  Security is not a thing that Digibyte jokes about. Several other crypto projects have caught the fancy of several investors, yet involve a high risk and uncertainty of investment. Coupled with the fact that Digibyte ensures a huge profit on investment, it also ensures the protection and preservation of all assets and properties.

Digibyte is indisputably the safest and most secure UTXO blockchain, as it develops a distinct network of its own rather than the centralized one, Bitcoin.

In fact, it can be concluded that the separate and individual network of its own is what ensures the safety of digibyte assets. Some crypto currencies can be hacked based on the possibilities of a malfunction or centralization but digibyte is way different as it is quite sophisticated and immune to cyber-attacks.

Digibyte possesses a difficulty adjustment that adapts itself and changes at every point in time to protect the assets. This is as opposed to the Bitcoin that changes with a fortnight delay.

Digibyte has algorithms that are corresponding to the difficulty adjustments. It is practically impossible to break into Digibyte Blockchain as it is quite costly and expensive to carry out.

Likewise, the five mining algorithms do not permit a hacker to gain control of its network. Most notable vision of digibyte is how to combine the recent technological advancement in its development with artificial intelligence. This is so as to maximize the field of automation and data analysis more than ever before.

 

EXAMPLE OF DIGIBYTE USE CASES/APPLICATIONS

Digibyte can be used in different sectors and positions. Some of them includes:

• Governance: important information as regards government can be stored on the digibyte, kept secured and safe from external attacks this way, information, transactions can be transported from one place to another without any room for fraudulent practices
• Voting: The platform, through the use of the smart contract can be used for voting purposes. Voting data can be stored on the digibyte blockchain. This way, manipulation is totally impossible giving room for a free and fair election.
• Cryptocurrency: other cryptocurrencies like dogecoin have begun the implementation of some of digibyte features like the digishield and multishield. Most certainly, so many other cryptocurrency, both upcoming and potential platforms would employ its usage.
• Cloud Storage: digibyte allows its participants to store data offline. Private documents like a will, certificate of ownership, academic findings etc. can be stored on the digibyte. This avails the user peace of mind as there is no room for hack whatsoever.
• Financial Institution: considering how fast transactions are carried out, financial institutions can employ its use. Because of the safety it provides, transaction are more secured and users can trust the system more
• E-commerce: the blockchain allows for decentralized apps to be built on the platform. E-commerce can capitalize on this to provide a platform that would run without the need of a third party system. Payment, tracking, records keeping etc. would be done on the platform. Also, the transaction speed of the blockchain would be of great advantage to the e-commerce platform.

Digibyte has a lot of use cases ranging from the gaming industry, gambling and other related sectors.

WHAT IS DIGIXDAO?

DigixDAO is an Ethereum based platform that is backed by real gold. DigixDAO stands for Digix Decentralized Autonomous Organization and as the name suggests, it aims to decentralize buying, selling and storing of real gold with the exclusion of middlemen.

It is an organization that makes the buying and selling of real gold easier and more efficient through the use of a digital token. This means that Gold is stored somewhere in a vault and is represented on the digital space by a token.

Each token is worth a particular gram of gold. The token is given to investors as a proof of ownership. This platform is a product of Digix Global Company and it aims to increase the liquidity of gold thus giving investors an alternative of taking advantage of gold with minimal volatility and also being a beneficiary of the crypto ecosystem.

DigixDAO runs a double token system named DGX token and DGD token with both performing two different but important functions.

DGX is the actual token that holds value for a corresponding amount of gold. It is that which we can refer to as the gold invested token. This token is what is given to investors as a proof of gold which can be redeemed anytime by the investor in question.

DGD token on the other end is an administrative token of which the platform is governed by. If in possession of this token, the power to vote and to make other decision is vested on you. These individuals determine the fate of the ecosystem. Because of their labor, they are given DGX token as a reward.

The DigixDAO platform operates on a Proof of Asset or provenance algorithm. This algorithm is saddled with the responsibility of tracking the gold from the supplier to its final destination –the safe house.

The tracking process is done in a secure and transparent way through the use of the private keys and the documents sent to the blockchain and Inter Planetary File System (IPFS). This way, the database is kept secure, immutable yet decentralized.

The proof of asset creates what is called an asset card to be verified by the three participants of the platform – vendor, auditor, and custodian. The asset card is the only way a DGX token can be issued and it is always found in the Ethereum wallet.

 

WHAT IS THE PROBLEM THAT DIGIXDAO SOLVES?

The digixDAO aims to solve two major problems and they are volatility and centralization.

• Volatility

The major issue with most cryptocurrencies is that price cannot be determined as a result of high volatility. As a result, investing in these coins is rather very difficult since it is not backed by any stable or historical value.

For instance, most coins just exist on the digital world and as such, its value depends on its wide adoption, press, government, etc. making it difficult to give a specific value to it knowing fully well that it could change in minutes. This has scared many investors from participating fully in the blockchain and crypto world because they prefer the traditional options they have to invest in a coin that has a short-term value.

• Centralization

The platform aims to eliminate the possibility of a centralized system which befalls a lot of other cryptocurrencies. Most cryptocurrencies have the tendency of becoming decentralized due to the fact that the coins have to be mined or staked.

The individual who has a larger percent of the mining pool or stake can determine the fate of the platform if care is not taken. Again, this is due to the fact that these digital coins are not backed up by any asset. They just exist on there own, hence, they have to generate more which demands the participation of users of the platform.

HOW DOES DIGIXDAO SOLVE THE PROBLEM?

DigixDAO solves the above-listed problems by backing up its token with gold. When a token is determined by an asset like gold, there would be no possibility for volatility and as such, investors would be encouraged to participate in the platform. A token worth an amount of Gold and vice versa.

This implies that the value of the token is not just dependent on factors like wide adoption or government but on a physical asset – gold which has a historic and a stable value.

To deal with the possibility of centralization, the platform has employed the use of an algorithm called the proof of asset.

The Proof of Asset is responsible for tracking down gold between the three levels of custody with the help of the blockchain technology and Inter Planetary File System thus ensuring public and open verification of transaction. Also, the asset cards created by the proof of asset contains documents like Time Stamp of card creation, SKU of the gold bar, Bar Serial number, Chain of Custody digital signatures (Vendor, Custodian, Auditor), Purchase Receipt, Audit Documentation, Depository Receipt, Storage fees due that acts as Proof of purchase and uploaded into the smart contract in exchange of DGX Token.

This way, there is no dependence on the users of the platform to do a specific work or stake a particular amount and get rewarded. This further limits the possibility of a centralized system.

 

WHAT MAKES DigixDAO BETTER THAN ITS COMPETITORS?

DigixDAO possesses several merits over any other cryptocurrencies due to its exceptional features that stands out among all others. By a very far margin, DigixDAO platform could boast of its unparallel features such as:

• The platform possesses a high level of transparency which allows it to function even without the presence of a user. This feature coupled with its ability to closely monitor any transaction all ensure that Digix tokens can be involved in transactions with maximum track down and to vet every single process leading to a purchase of assets.
• Proof of Asset: This is indeed quite a remarkable feat in the history of blockchains and cryptocurrency platforms. Several other platforms utilize the system of rewarding work done as a result of contributions of CPU power. DigixDAO, however, utilizes the system whereby an asset card is created to serve as an evidence of a transaction has taken place. This has never been implemented by any other platform prior to this great innovation. Important details as touching the transaction and the individuals involved are expressly specified on the card. This way, there is no possibility of centralization.
• The sophisticated keeping of records on the ledger also assists in reducing and even much more eradicating errors that could have been introduced into the transaction. This enhances the security of the system, together with the smart contract feature that is devoid of operation error.
• DGX tokens are quite easily transferred from one transacting party to the other. In the same vein, the tokens are safely kept and preserved in Ethereum wallets. Digix has a safe vault that is responsible for storing assets, valuables and properties which are represented in the digital world as tokens.
• A complete sense of ownership: Users and holders of DigixDAO have the liberty of monitoring whatever happens during their transaction. The records of sales and purchases are available to the individuals involved in the transactions themselves. This is a major factor in having a very secure platform for their transactions.
• The log-in into the platform is not done via the website form. Each participant has to download the clients from Digix. This provides an advantage of having a reduced chance of attack as compared to the old system of web sign in.

 

HOW CAN DigixDAO BE CATEGORIZED?

DigixDAO can be put into different classes owing to the outstanding purposes and features that it has. The categories of DigixDAO include:

• Digital Currency:

Each blockchain network has their own distinctive cryptocurrency that is employed in its operation and in carrying out all sorts of transactions. Purchase of assets and valuables, as well as storage of assets, are all conducted in the form of Digix tokens being the currency of exchange and trade on DigixDAO network. Also, without this currency, the benefits of the platform cannot be extended to nonusers

• Gold backed:

DigixDAO cryptocurrency is made such that it tokenizes gold and as such can be rendered in terms of its equivalence with gold. That is to say, every token on the platform has an amount of gold it represents in the real world making the token valuable. This way, the value of the token is only affected by the gold itself and nothing external.

• Voting:

Everyone in possession of the DGD token gets to monitor the affairs of the platform by being vested with voting right and decision making rights. This is not like other platforms where this role is played for the creation of more coins but the better functioning of the system. However, the work done here is rewarded by giving these individuals a certain amount of DGX token gotten from investors for the maintaining of the platform.

 

WHAT IS DigixDAO’s VISION ON SECURITY?

Like any other cryptocurrency, the main and central focus remains security as transactions are carried out digitally.

Several other blockchains have a defence mechanism that prevents an attack on their platform. DigixDAO is no exception as it even boasts of a rock solid security system that has immunity against any form of attack.

In the bid to fully ensure the security of every individuals and more importantly that of assets and valuables, Digix has put into place proper and detailed vetting of each and every processes involved in a transaction. This even has led to the distinctive creation of a card that shows and affirms that a transaction has been completed.

Other processes such as the conversion of the asset card to tokens are well monitored all in the bid to ensure maximum security of all transactions on its network.

DigixDAO has a relentless pursuit of securing its network heavily which is why the Smart contract feature was incorporated into its features.

The smart contract allows for proper monitoring of all that each transaction involves. Shares, transfer of assets and storage of valuables as well are all closely examined using Smart Contract.

This has been quite successful in that errors by humans in the process of transacting have been greatly reduced, as well as the risk of fraudulency has been eliminated.

 

EXAMPLES OF DigixDAO’s USE CASES/APPLICATIONS.

The use cases of Digix blockchain is quite vast and numerous. Its several features are employed in several cases ranging from security, finance, and its digital security framework and a whole lot of other applications. Examples of such applications of DigixDAO blockchain platform include the following:

• Contact generation that Digix offers allows for the development of applications that make use of the card that shows the evidence of the completion of transactions. Other applications make use of the Digix token for developing applications and also for keeping records of logs and analysis.
• Transfer of values and assets can be carried out as allowed by Digix system. Wealth and values of assets can be transferred in the form of crypto assets and deposited in the Ethereum wallet.
• Escrow: Tokens offer more platforms for retaining and storing data and values For Escrow on Digix blockchain. An escrow refers to valuables and assets kept in the custody of a third party till specific conditions are met. Digix platform ensures that these valuables are stored and well guarded for as long as possible.
• Exchange of Crypto and applications that manage Wealth: The combination of Digix crypto with applications that manage wealth and assets result in a reduced level of debts or risk involved in any transaction. Financial profiles are better managed with the incorporation of Digix blockchain.
• Lending between peer-to-peer: Digix Gold can be utilized on some applications for lending between partnering individuals. An individual can place a request through the application for a particular amount of loan, and dialogue the rate of return or interest to accrue on the loan. Failure to pay on time would warrant a penalty on the borrower. The stability of the Digix Gold Token would be able to bear the implementation of this kind of service.