As I announced on Twitter and BitcoinTalk yesterday, we will start off the day with an article about DigiByte. It’s been a while since we talked about them, going back as far as January I think. So let’s see what they’ve been up to lately!
In case you have never read any of my previous DigiByte articles, and you should be ashamed in that case, let’s quickly recap with DigiByte is about, and how they want to bring crypto currency to the average non-techie person.
“You store & send data in megabytes & gigabytes, why not send money in Digibytes?” is the official DigiByte slogan. It makes a lot of sense, by keeping the terms rather familiar, and people can easily associate “digi” with “digital” or “online”.
When trying to explain the world of crypto currency, it is easier to not use the term “crypto currency” altogether. If you talk about DigiByte as a means to send payments online, like Paypal or Western Union, you will have a far easier conversation.
DigiByte also doesn’t aim to replace any existing payment methods out there, whether it is PayPal, Visa, Mastercard, OKPay, Bitcoin, or anything else. There is plenty of room for extra payment options in this space.
1) Speed: DigiByte is blazing fast! Much faster than Bitcoin & Litecoin, and fast enough to buy coffee from a merchant in just a few seconds with the press of a button on a smart phone!
2) Transactional Currency:With 21 billion coins, DigiByte will primarily become a worldwide currency traded for goods & services, and not a volatile speculative commodity like Bitcoin. DigiByte has a natural ratio of 1BTC:1000DGB to Bitcoin. This means that if Bitcoin is worth $1,000 DigiByte should be worth $1 -$10. A Perfect price for buying goods & services. No one likes to look in their wallet and see that they have 0.001 coins; 1,000 DigiBytes are much more appealing.
4) Fair Launch: DigiByte was announced more than 3 days ahead of time. It was delivered at the exact minute advertised with a countdown timer for a fair launch. Over a half million dollars in hardware were thrown at the network in the first few minutes alone.
6) DigiByte Name
As far as technical aspects of DigiByte go, one thing to take note of is that DGB block rewards reduce by 0.5% every week. A very interesting approach to combat the DGB inflation from day one, and it seems to be working out so far.
Over the course of the past few months, some major developments have occurred in regards to DigiByte. First of all, a working Android Wallet has been released, which can be found in the Google Play Store, and I have to say, it syncs very fast.
A feature called “DigiShield” has also been added, and I quote, “DigiShield re-targets a coin’s difficulty to protect against multi-pools and an over-inflation of easily mined new coins.”
“DigiShield was originally developed for DigiByte, but has since been implemented into Dogecoin and will soon be implemented into more coins. DigiShield re-targets a coin’s difficulty between every block or in the case of DigiByte & Dogecoin, every 60 seconds.”
Developing such a feature is one thing, but actually having other digital coins request to have you help them adding it, is quite amazing. I really wish there was a lot more collaboration between digital coin developers.
There are still a lot of features planned for the DigiByte team, including a DGB/USD exchange, guides for newcomers, a web version of the DGB wallet, and a DGB marketplace, just to name a few of the things planned.
You should really check out the official DigiByte website, as well as the DigiByte thread on BitcoinTalk for more details, such as which merchants accept DGB as a payment method, and much , much more.
Oh, and you should also check out the DigiByte presentation at the NYC Convention :
DigiByte Donations can be sent to : DCSGPvC3Fx4M6QVd2FQMu8aaUmmpVqHS6J