What is DigiByte?
DigiByte is the longest, fastest, cheapest, most secure and most decentralized blockchain that currently exists. Spread over 200,000+ servers, computers, phones, and nodes worldwide, its superior transactions per second and security features make it one of the best blockchains for many decentralized applications. It has digital assets that are referred to as “DGB” that cannot be destroyed, counterfeited or hacked.
Why Haven’t I Heard of DigiByte Before?
There has not been a lot of “hype” around DGB for several reasons.
First, Jared Tate, the creator of the DigiByte blockchain, spent several years abroad after the genesis block was minted back in January 2014. Although this helped facilitate the development of DiguSign (an application that embeds, secures, and validates any document or contract) overseas, it slowed growth in the United States and other markets.
The second is that DigiByte was not an Initial Coin Offering – the community was never looking to launch an expensive marketing campaign and make a quick buck in the space.
The third is DigiByte has been focused on a strong, grassroots, organic approach to growth for long-term adoption.
Finally, we believe DigiByte to be one of the most decentralized projects in the space. This has come at a cost of growth; people have argued that having no central authority with a revenue to invest in marketing campaigns or other projects is a problem. However, its decentralization is not a weak point – this level of decentralization is exactly what blockchain evangelists in the space had envisioned at the beginning: a truly trustless global community, unfettered by domestic or international corruption, fraud, or greed.
Building a decentralized network organically may have slowed growth but a group of community members created the DigiByte Awareness Team (DGBAT) to spread the word and the vision of the community. DGBAT is the community-led “marketing company” behind DigiByte and is supported by the DigiByte Foundation and core development team.
Why Am I Hearing About it Now?
DigiByte is building a strong academic profile and following; the community is garnering interest from several major academic institutions. Graduate students at Harvard led the charge to research and publish some of its real world use cases. “I reached out to Jared because the DigiByte community was focused helping humanity, not pushing another ICO,” says Jake Keteyian, a graduate student at Harvard.
Keteyian continued, “I think the real value of blockchain is outside of the financial realm and DigiByte’s core development team is constantly pushing the boundaries of practical use cases.” Students have been getting involved in the community because Tate has been speaking at blockchain conferences across the United States; he has spoken at MIT, Harvard, and piqued the interest from several other universities where he plans to continue to speak in the Fall.
Current Use Cases
Current applications include DGB, DiguSign, Digi-ID, DigiShield, and a coming real estate application “powered by DigiByte’s blockchain” that is being built by Tate. Another exciting opportunity that the developers are putting the final touches on is the “Colored Coins” protocol, which will allow the DigiByte blockchain to be an easy-to-use platform for ICO launching.
For business owners, it is the most manageable cryptocurrency to be integrated in payment processing solutions for e-commerce platforms. Other uses or potential uses include being used as an incentive for miners and developers, as virtual money in the gaming industry, and as a potential store of value in countries suffering from hyperinflation.
What’s Next for the Community?
DigiByte is an underdog, undervalued, and has not gotten the appreciation it deserves. But this is slowly changing and people are starting to pay attention. It is already working its way to the top of Crypto Market Capitalization list and will finally get to fair value.
The development team recently released highly-rated mobile wallets; you can find the applications on the iTunes store for iOS devices and on Google Play for Android in 50+ languages.
The DigiByte community is without a doubt the most reliable, honest and self-improving community. Just like the technology itself, DigiByte decentralization delivers not only the most secure and trusted network but also the most secure and trusted community. The future for the project hasn’t looked any better than today and going forward, it’s going to very hard to ignore.
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Image Courtesy: DigiByte