DIGIBYTE — CRYPTOVERSE AMA RECAP
20TH October 2019
Guest: Rudy Bouwman — Chief Marketing Officer
Rutger Krijnen — Technical and Marketing consultant.
Q — Most of investor just focus on price of token in short term instead of real value of project.Can you tell the motivation and benefits for investors to #DGB long term?
What most effective things you brings for companies on #Blockchain?
A -People focussed on the price in short term are traders looking for a quick buck.
We are not focussed on short term movements in price. We are here since 2014 and our focus is on the development of the technology. We are always forward thinking, and that’s why DigiByte became the longest and most secure UTXO blockchain on earth. We are building a secure global decentralized framework for companies to build on. Our focus is on cybersecurity solutions, and there are already a number of real-life use cases, including commercial businesses like V-ID and AntumID using our blockchain technology.
Our focus on the future will create value over time, and a decent ROI for the long term investors.
Q — At the moment, all tokens go down in price even with great partnerships, hype, marketing, and working products, etc. So, what the challenges do you have and the plan to make Digibyte project strong popular? #DigibyteAMA
A — We are not being distracted by this bear market or short term price movements. We just keep improving, developing and building. As mentioned before, we have our focus on the longer term. We have faith that this is the only way to get sustainable growth in application, adoption and value.
During the whole bear market, the DigiByte community, awareness, integrations and adoptions have grown very rapidly. We will continue on this path of global adoption! Next to that we will keep innovating, like we have with Digi-ID and DigiAssets recently, we have just seen the huge amount of possibilities that those innovations will bring!
Q — User data is a sensitive problem right now while there are many leaked user data events recently. As Digibyte is mainly focused on storage how will you protect user data and provide smooth operation.
A — We are building the network / framework, and applications like Digi-ID will never store, or ask for personal data. It’s the commercial businesses using our technology and maybe ask for data. They should be compliant to local privacy rules.
DigiByte recently implemented Dandelion. Dandelion helps to protect your physical privacy by making it significantly harder to identify where your transaction came from. This prevents people from using the IP address that a transaction came from to attempt to locate you. Dandelion does not make transactions private in the way that RingCT (Monero)or zkSNARKs (ZCash) would, however it does help DigiByte take a major step forward towards protecting the privacy and security of our users. So Dandelion is about protecting your location by making it difficult to ascertain from a transactions source IP Address.
Q — Could you tell me which the unique characteristics of Digibyte that makes it different to the other projects? And what make you most proud of Digibyte?
A — DigiByte is no company, no ICO and no large pre-mine. DGB is mined over time. DigiByte is a truly decentralized project. A real grassroots movement. DigiByte is being developed and supported by a large global community of volunteers, and is still growing.
This is unlike any other project. All core members and developers are just volunteers. Most with day time jobs. They are working on the project because they are passionate about i tand believe in the bright future of the project. This has started 6 years ago and is very active and still growing.
DigiByte Technology is also unique, we have: DigiShield, MultiAlgo, MultiShield, DigiSpeed, Odocrypt mining and DigiAssets. That combination makes DigiByte the fastest and most scalable true decentralized, most secure POW UTXO blockchain in the world!
Q — Digibyte is synonymous to unhackable blockchain. What features makes DGB Blockchain the most secured and trusted Blockchain available in the space
A — DigiByte is 6 years old and is today the most globally decentralized UTXO blockchain with hundreds of thousands downloads and tens of thousands active nodes. DigiByte uses 5 different PoW mining algo’s. One of them recently has been replaced by Odocrypt. Odocrypt is an algo that recreates itself every 10 days, so it is ASIC resistant. The developers are looking already for protection against quantum computing. DigiByte is always looking to futher improve the network.
Q — What are the Milestones digibyte has achieved from the starting of this project? What are the Long Term future Targets of Digibyte ?
A — Here you can find all the milestones:
https://dgbat.org/roadmap-and-milestones/
We are focussing on building the perfect technology for cybersolution problems and partnering with companies building applications using DigiByte blockchain technology. We have already real-life use cases and partnerships in place. This will only grow over time.
Q — What were the major requirements needed for mining ? what will you do if you FAIL in your Roadmap or Whitepaper ? And in what way you will be back on Track ?
A — In order to be able to mine DigiByte, you need mining equipment on one of the 5 mining Algos: DigiShield, MultiAlgo, MultiShield, DigiSpeed & Odocrypt That can be done with different types of equipment. For the Odocrypt you need FPGA hardware. Anyone can mine DigiByte. Check here for more information: https://www.dgbwiki.com/index.php?title=DigiByte_Mining_Breakdown
On the whitepaper: we cannot fail here, we already have the best POW UTXO blockchain in the world. All new innovations are extensively discussed in the community and we only publish results when they are actually there. No white paper promises here! Only real results!
Q — As Digibyte is working on Decentralized Payment systems ! So, How Can we accept Digibyte as payment from customers in stores ? Is Digibyte provides payment Gateway for Payments to Businesses ?
A — Yes! You can accept DigiByte both in an online shop and in a brick & mortar shop. You can either setup something like: https://www.digibytepay.us or use one of the many third party services like UTRUST or coinpayments.net. DigiByte is integrated with all the major crypto payment providers: https://dgbat.org/digibyte-payment-processors/ it is easy to setup. Check here for more information how to do it and what to think about: https://dgbat.org/2019/09/30/digibyte-accepted-here/
Q — What are the products that DigiBytes offers? What are the salient features of those products?
A — We offer a perfect blockchain technology with great features like security, speed, decentralization and scalability and applications for cyber security solutions, like digi-id, that can be used to login on websites without using usernames, passwords and 2FA.
Because of it’s speed (instant transactions) and very low fee, the DGB coin is suitable as currency for payments. We are already on a number of payment processors, like UTRUST, and DigiByte is seeing further integrations into many more payment processors.
Here you can see where DGB can be accepted:
Q — When worldwide payment is expected via dgb? As a significant goal payment which countries would be your priorities for payments in future can we expect payment via dgb in India?
In past 4 years digibyte devloped Digishield, Multialgo, MultiShield, SegWit and Odocrypt now if next 3–4 years what new can we expect from team?
A — DigiByte is already usable for payments globally through crypto payment service providers. Also you can use something like: https://www.spend.com to pay with DigiByte. If non of the services work in your country: https://www.dgbwiki.com/index.php?title=Payment_Processors : just use https://www.digibytepay.us to start accepting DigiByte now!
Q — Great opportunity for my questions + 9m of blocks is incredible: was there a block that had a special meaning for you? Looking at the structure of digibyte, do you think the protocol is ready to receive a massive adoption? like a banking crisis
A — 9 million blocks is great indeed! It was a special block for us. But all of our 7 generations of DigiByte were more special, they all meant a new important improvement to DigiByte!
On mass adoption: DigiByte can handle over 1000 transactions per second right now. And we can scale to over 200.000 transactions per second. So yes, we are ready for mass adoption for sure!
Q — 1. Not too many blockchain projects survived since 2014. DigiByte never stopped as i know.) What keeps you moving forward? If we talk about specific tasks and goals, what do you want to achieve as a result?
2. DigiByte blockchain utilizes five algorithms. Which ones and what for?
3. Please tell us more about DigiAssets. Whats the essence and what are the benefits of tokenization on the DigiByte blockchain?
4. What are DigiByte Foundation, DigiByte Holdings and DigiByte Awareness Team? What are they created for and what are they doing?
5. Do you believe in crypto mass adoption?
A — Great questions
1. It’s indeed amazing that DigiByte has been showing ongoing active development of its protocol since 2014. That’s because all the developers (volunteers) are very passionate about the technology and the future of DigiByte. For specific tasks and goals see answers to earlier questions
2. DigiByte currently uses 5 different Proof-of-Work (PoW) mining algos: SHA256, Scrypt, Odocrypt, Skein & Qubit.
These 5x algorithms compete with each other for every single block, increasing the security of the network, unlike others which simply choose a sub-algorithm at random
3. DigiByte doesn’t have the issues that Ethereum had back in 2017
For more info about DigiAssets see: https://www.dgbwiki.com/index.php?title=DigiAssets
4. DigiByte has no foundation. We are unincorporated. DigiByte Holdings got nothing to do with DigiByte anymore since Jared Tate (founder) left Hong Kong in 2017. The DigiByte Awareness Team (DGBAT) is founded in 2018 to do marketing for DigiByte by awareness, education and outreach.
5. Yes, sure but it will take some more time and our current financial system needs to collapse.
Q — With fluctuation of crypto market, mining costs, risk of 51% attack as well as environment friendly problem, many blockchain projects has choose POS as a consensus algorithm solution. As a POW project which was in this market for 6 years, does Digibyte have a plan to change its POW to POS or to POW+POS?
A — The beauty of DigiByte is that it is secure against 51% attacks and hashpower attacks, so we are not afraid of fluctuations there! We have DigiShield: Activated in February 2014 this hard fork allowed for the DigiByte blockchain to protect against multi-pools that mine large numbers of DigiByte at a low difficulty. It achieves this by recalculating block difficulty between each block, allowing for a faster correction when a multi-pool begins or ceases contributing to DigiByte, rather than recalculating once every fortnight as is the case with Bitcoin. The DigiByte Core developers assisted the Dogecoin team to successfully implement DigiShield in early 2014 to help resolve the wild swings in chain difficulty. Since then DigiShield has been added into over 25 other cryptocurrency blockchains such as Bitcoin Cash, Dogecoin, Startcoin, Zcash, Aurora Coin, Bitcoin Gold, BitTokens, Creative Coin, Granite, Huncoin, Monacoin, Mooncoin, Nautiluscoin, Quatloo, Sakura Coin, Scorecoin, SmartCoin, StartCoin, SuperiorCoin and Ubiq
On Proof of Stake: that is not so secure compared to Proof of Work, a lot of security bugs are found in POS. Also POS tends to centralization as large holders take over the chain. So we see more value in POW!
Q — With digibyte being open source for anyone to contribute to the code, is there any security in place if someone codes a hack into the code to steal or create more digibyte like with what happened with bitcoin private?
A — DigiByte is based on the Bitcoin codebase. So that means if you trust the Bitcoin code base to be safe, you can trust DigiByte too. The difference is that DigiByte added a lot of extra security features and speed measures. The beauty of open source is that the code is reviewed globally, so it prevents unwanted bugs from coming in! just like Bitcoin.
Q.1 Does digibyte plan to launch POS for payments? Pos would be amazing for every merchant, retailers for accepting payment
Q.2 Currently on mazor gaming or v-id which third party payment processor BEING used to accept dgb as payments?
A — A1. We are already on different POS systems and reaching out to more payment processors to have DigiByte integrated.
See here: https://dgbat.org/digibyte-payment-processors/
A2: UTRUST is a great partner of DigiByte and bringing DGB as payment to many merchants all over the world.
Q — DGB is a currency born with the purpose of being a global payment currency, what achievement do DGB have got to reach this big goal?
A — DigiByte is more than payments alone. DigiByte seeks to pioneer and innovate continiuosly, when there is a real need. We just implemented Odocrypt mining for further decentralization of mining and home mining. Als we implemented Dandelion for privacy of your IP address. We have now 4 major pillars we focus on: payments, Authentication with Digi-ID, proof of authenticity of electronic content and DigiAssets. The DigiAssets innovation has just left the station and we can expect great things of that. Als we are looking into quantum computer resistant algos to be ready for the future.
Q — How verification for Digi-ID system works ! and How Digibyte’s Digi-ID can verify entries and removes fake ID’s / entries from its database ?
A — When you go to a website it generates what’s known as a “nonce” (Number once , a number or bit string that is used only once)
This is matched to the browser session that the user has open on their screen in front of them. This nonce is put into the QR code, along with the URL that the user is trying to log into. The user takes their private key and signs that nonce, and the URL, all into one message together. This URL is just the TLD (top-level domain). It’s because of this, that Digi-ID generates a unique identity for each website, and thanks to the magic cryptography, you can’t work out the identity of another website by knowing the user identity at one website.
Q- Do you think you’ve achived your goals in the 3 bases of Digibyte speed, scalability and security? Which one of them is for you more developed, and in the other hand, which one has had more trouble, or needs to be improved the most?
A- Speed, scalability and security needs to be put in the right order: Security first, that is the main goal of DigiByte and we never compromise on that! Speed second: the speed is very important to be able to be used on a daily basis. And speed also adds to scalability: the faster your chain, the more transactions you can handle. This is done with a combination of using fundamental research on the fastest global blocks propagation possible on a true decentralized blockchain and the use of 5 different mining algos in parrallel. This combination makes DigiByte ultrafast with 1 second wallet2wallet transactions and 15 second blocktimes.
The layers are build on top of each other, the DigiByte blockchain being the foundation. That never goes down and has been up from 2014 contentiously. It is globally run and 100% decentralized, no party can take it down! Just like Bitcoin. The other layers are using the base layer and will not affect the base layer.
Q — Will Digibite solve real world problem or problems with cryptocurrency? What that problem and how they will solve that problem?
A — DigiByte is already solving problems with real-world use cases.
i.e. AntumID has a password manager where you can use Digi-ID to login to all exisiting websites, like Facebook, LinkedIn etc without using username, password and 2FA. So even if a company gets hacked they cannot use data to login with your details.
https://www.openantumid.com/#ID1
In regards to regulations, DigiByte has a legal opinion stating that it’s not a security. So it’s safe for exchanges to list DGB
Q1. In the 5 years of development what was the most difficult part of building a security system as secure as you promise?
Q2. In your web page it says that you combined blockchain and AI , how difficult was this to pull off , and what Is the most exciting part of this feature?
A- The most difficult part is to innovate, but never to compromise security. So you cannot simply dump aal your innovations and see what happens, it needs to be carefully crafted and rolled out through hardforks and softforks: Hard Forks
History of hard forks of DigiByte:
DigiShield
Block 67,200. February 28th, 2014
Activated in February 2014 this hard fork allowed for the DigiByte blockchain to protect against multi-pools that mine large numbers of DigiByte at a low difficulty. It achieves this by recalculating block difficulty between each block, allowing for a faster correction when a multi-pool begins or ceases contributing to DigiByte, rather than recalculating once every fortnight as is the case with Bitcoin.
Block 145,000. September 1st 2014
Activated in September 2014 from Myriadcoin source code, this hard fork allowed for multi-algorithm mining. Its purpose was to create a number of different proof of work (PoW) mining methods to accommodate the different types of mining capabilities that exist, such as dedicated ASIC mining, GPU and CPU mining. This allows for a larger number of people to access DigiByte mining pools and therefore it creates a more decentralized blockchain with the coins reaching groups who were unable to mine the coin on its original single-algorithm (Scrypt).
MultiShield
Block 400,000. December 10th 2014
Activated in December 2014, this hard fork worked to activate DigiShield across the new MultiAlgo platform and accomplish the same goals on all five mining pools.
DigiSpeed
Block 1,430,000 December. 4th 2015
Activated in December 2015 this was a hard fork that focused on making the DigiByte coin Transaction speeds faster. Block time was reduced by 50% to 15 seconds and new block propagation code was added based on Microsoft Research. This allows DigiByte to handle up to 560 transactions per second. Every 2 years the DigiByte blockchain’s dynamic system doubles the number of transactions per second by doubling the block size. In 2017, capability reaches 560 transactions per second, with a maximum capability of 280,000 transactions per second to be reached in 2035.
Odocrypt
Block 9,112,320 July. 21th 2019
Activated in July 2019 this hard fork brought Odocrypt to life which is a unique FPGA-friendly hashing algorithm made specifically for DigiByte that changes itself every 10 days as an anti-ASIC method. This replaced the Myr-groestl algorithm with Odocrypt. Odocrypt uses the Keccak algorithm (SHA3) for its hashing function, as it is a relatively streamlined and low-memory requirements (Perfect for all common FPGAs). It changes the hashing details every epoch (10 day time-period) based on the new seed. This change occurs at midnight UTC. When the epoch changes, the miners must compile a new .sof file (analog of a binary executable for the FPGA CPU) and program it on to the hardware. During this time, there is a 2-hour period prior to the midnight of the epoch in which the blockchain will accept the new epoch settings and / or the old epoch settings. This gives all miners a chance to re-optimize their settings and reprogram their FPGA’s, without causing immediate issues in the overall hashrate for the algorithm, despite automated re-programming’s taking only a matter of seconds in most instances. Once reprogrammed the FPGA uses the new seed as its base, which is required in order to maintain the ‘optimized’ settings. Without this, the FPGA will be churning out invalid hashes and have an effective efficiency of zero.
Blog post from Jared Tate (founder of DigiByte) regarding DigiByte v7.17.2 Odocrypt Algo Fork
Soft Forks
History of soft forks of DigiByte
DigiSync
In April 2017 DigiByte became the first major cryptocurrency blockchain (second only behind Groestlcoin) to implement Segregated Witness (SegWit) via the DigiSync soft fork. The technical milestone laid the foundation for cross chain transactions and atomic swaps, while also resolving the transaction malleability bug that affected all UTXO blockchains.
CSV
Also part of the BIP68/112/113 soft fork was the CheckSequenceVerify
Q — Q1. In the 5 years of development what was the most difficult part of building a security system as secure as you promise?
Q2. In your web page it says that you combined blockchain and AI , how difficult was this to pull off , and what Is the most exciting part of this feature?
A — opcode, which provides for relative locktime the same feature CLTV (CheckLockTimeVerify) provides for absolute locktime. When the CSV opcode is called, it will cause the script to fail unless the nSequence on the transaction indicates an equal or greater amount of relative locktime has passed than the parameter provided to the CSV opcode. Since an input may only be included in a valid block if its relative locktime is expired, this ensures the CSV-based timelock has expired before the transaction may be included in a valid block.
Source NVersionBits
There are a variety of things that miners may desire to use some of the nVersion field bits for. However, due to their use to coordinate miner activated soft-forks, full node software will generate false warnings about unknown soft forks if those bits are used for non soft fork signalling purposes. By reserving bits from the nVersion field for general use, node software can be updated to ignore those bits and therefore will not emit false warnings. Reserving 16 bits for general use leaves enough for 13 parallel soft-forks using version bits.
Dandelion++
In May 2019 Dandelion++ was implemented and released in to DigiByte Core 7.17.2 making DigiByte the first major UTXO blockchain to implement it (After Grin, Beam & ZCoin). Dandelion++ is a privacy-enhancement for the DigiByte blockchain that aids in obfuscating the senders IP address.
Innovations
History of implemented innovations of DigiByte
Digi-ID
In May 2018 Digi-ID framework was introduced. Digi-ID is an open protocol that allows for fast, simple and yet incredibly secure authentication based on the DigiByte Blockchain. Digi-ID utilizes public key cryptography much in the same way keyless SSH access works, just with a user-friendly wrapper around it.
DigiAssets
In May 2019 DigiAssets platform was introduced. DigiAssets is a secure, scalable secondary layer on top of the global DigiByte blockchain that allows for the decentralized issuance of assets, tokens, smart contracts, digital identity and much more. DigiAssets can be used to securely and cryptographically represent anything we find in the real world. From real-world assets such as real estate, airplanes, boats and cars to scarce digital pieces of art and music. Signed documents such as wills, deeds, and purchase orders to medical bills and advertisement data and info can be protected as DigiAssets.
Q -Have you performed fire tests on DGB?
How is the DGB team composed, how many people does it have and what role do they play?
A — DigiByte is proven and battle hardened over 6 years. The team is composed of the founder, Jared Tate, a group of core developers, and the DGBAT for the marketing.
Q — What is meant by Digibyte Awareness team ! Whats the wok and benefits of Digibyte Awareness team to Digibyte?
In my opinion, both Bitcoin and Digibyte works on same solution! Decenralized payments ! So whats the difference between Bitcoin and Digibyte ?
A — DGBAT is an organized group of people with different skills. All volunteers. Key activities are: awareness, education and outreach to encourage adoption of DGB as currency on exchanges and payment processors, and to encourage businesses to use DigiByte blockchain technology.
Q- Why Digibyte uses 5 Mining Algorithm instead of 1, any reason, benefits?
A- We use 5 mining algos for security: it prevents centralization of mining, because different types of hardware are being used. With Odocrypt we prevent ASIC centralization and we create the possibility for home mining again! Also the 5 mining algos bring speed to the network and still be secure and reliable. With 1 algo, you can never reach the speed of DigiByte!
B- The biggest achievement of 2019 is: Dandelion security protocol: Dandelion++ is a privacy-enhancement for the DigiByte blockchain that aids in obfuscating the senders IP address.
C- And DigiAssets: DigiAssets is a secure, scalable secondary layer on top of the global DigiByte blockchain that allows for the decentralized issuance of assets, tokens, smart contracts, digital identity and much more. DigiAssets can be used to securely and cryptographically represent anything we find in the real world. From real-world assets such as real estate, airplanes, boats and cars to scarce digital pieces of art and music. Signed documents such as wills, deeds, and purchase orders to medical bills and advertisement data and info can be protected as DigiAssets.
Q — On which algorithms, Digibyte Blockchain runs ? Is it PoS or PoW or anything else ? How we can mine DGB ?
A — Great question! you can mine on all 5 mining algos in parallel: SHA256, Scrypt, Odocrypt, Skein & Qubit check our wiki how to set it up. And also for the right mining pools! https://www.dgbwiki.com/index.php?title=Pools
DigiByte is purely Proof of Work because that is the only true secure way of running a blockchain globally. If you want to start mining, read here! https://www.dgbwiki.com/index.php?title=Start_Mining_DigiByte
Q — Are there any future developments for #digibyte other than the services currently offered?
A -We are forward thinking and already looking for further development of the protocol taking into account the possibilities of quantum computing in future. In regards to marketing we keep reaching out to commercial businesses and looking for ways to get them involved building real-world solutions using DigiByte. A lot can be expected from this in future.
The DigiByte Awareness team is building the bridge between investors, community, developers and core team. It’s indeed very important. It takes all of us.
Q — If DGB made a lot of transactions, wouldn’t they be worried about the size of the chain? Would you face this? Why did you implement segwit if you already had fast transactions at a very low cost?
A — Segwit is very good because you can put more transactions in the same block. We used segwit to make over 1000 TPS possible for DigiByte. The size of the chain will grow for sure. But Moores Law dictated that also the costs of storage will keep getting lower in the future. That is true for sure, so as the chain grows, the costs of storage drops too. We dont see this as a problem in the future anytime soon.
Q — I saw that DigiAsset on the DigiByte blockchain can be both fungible or non-fungible tokens. So, why is NFTs in Digibyte support? In your vision, how long will NFT become more popular in blockchain industry?
A — DigiAssets are not fungible, they are hardcoded on the blockchain for security reasons. If you would like to secure a contract with a DigiAsset, you need to be absolutly sure that it is immmutable. You can create DigiAssets with a fixed number or with a number that you can enlarge later on. That is also visible on the blockchain.
Q — What is future plans of your community And which problems are your community is facing now and how will solve them?
A — The problem is that we are all unpaid volunteers and most of us have day time jobs. It is difficult to find a healthy balance between family & friends, work and DigiByte. This also means that all the people working at DigiByte are not in it for the money, but truly passionate about the project.
The other problem is we don’t have money. We’re no company, no ICO and depending on affeliates and donations. So our funds are very limited. That makes it hard to do a large marketing campaign or pay large listing fees. But we have proven to become very far without money! we’re listed on 120+ exchanges without paying anything, and the community is doing great in helping promoting DigiByte worldwide.
Q — What important additions have been made in Digibyte that bitcoin and ethereum was lacking?
A — 1) Speed: DigiByte is 1 second wallet2wallet and has 15 second blocks, This is usable in the real world for payments.
2) Scale: Digibyte can handle way more transactions compared to ETH and Bitcoin.
3) Simple smart contracts: Ethereum is very complicated and it is dangerous to make smart contracts on ETH if you are not a very good programmer. With DigiAssets, this is wat more easy and can be done by normal people. Yes, you have less functions compared to ETH, but also you cannot make mistakes like you can easily do with ethereum.
4) Decentralization: with the 5 mining algos and Odocrypt we have a truly globally decentralized blockchain. Bitcoin is not fully decentralized and is mined in China.
5) DigiByte has Dandelion privacy: you can hide your IP address when you are sending DigiByte.
Q — I would like hear from you about the following obnoxious statement : RoadtoRoota thinks #DigiByte can’t scale, or why the security is insufficient?
A — I think Bix Weir don’t know enough about DigiByte. Josiah (our team member) has invited him to have a discussion so he can explain.
I’m trying also to get these two people talking and explain why DigiByte is secure and scalable.
Q — How did you guys survive in this long bear market and what difficulties have you encountered during this period? Does DigiByte have enough money to servive in this long bear period ?
A — We are not being distracted by bearmarket or short term price movements. Our focus is on the longer term. We are building a technology that is sustainable for the future. True value will come over time.
Q — Can you explain what UTXO blockchain is? Why it’s better compared to dogechain and litecoin?
A -UTXO stands for Unspend Transaction Outputs, you can look at it like a giant open ledger where all transactions are stored. Your balance is that which you have not yet spend. DigiByte is faster, more secure, more scalable and more decentrelized compared to Litecoin a Dogecoin. And DigiByte has more innovations like Dandelion, DigiAssets and Digi-ID.
Digi-ID is a very secure method of Authentication. It uses the same cryptographic signing methods as used for securing the DigiByte transactions. The beauty of it is that you dont need any usernames and passwords. So they are also not stored on any server. So they cannot be exposed when a third party is hacked as we have seen so often, leaving all usernames and passwords exposed! See: https://www.digi-id.io/ You can use Digi-ID in any country and for free. Antum ID has leveraged DigiByte’s Digi-ID to make it easy to integrate and perfect for commercial use.
Please see this link: https://www.openantumid.com
Q — How the DIGIBYTE project planning process is ensure? The market needs constant progress of project! How to avoid the DIGIBYTE Project idleness?
A — We have been active for 6 years and all developers are volunteers. It’s an open source project so every developer can help with the project. That has been the case the last 6 years, and because DGB is growing, it will for sure be in future.
It’s different when being a company and have to pay for developers. If they go away or there are lay offs because of a crisis, then the project has a problem.
So that’s not the case with DigiByte! :)
Q — How DGB users are able to mine by using 5 different mining algorithms. What makes this feasible? What are the counter challenges of this?
A — Because they all mine for the same next block. You can look at it as 5 mining networks, that work together and compete for the next DigiByte block. There are no counter challenges compared to 1 algo. It is much better for security that is why we implemented it!
Q — As competion in the cryptocurrency world is becoming more severe and there are so many competitors So What plans Digibyte make for competing with other projects in the future?
A — We are not competing. We are building what we believe in. We don’t think there will be one winner. Every project has his own features, and purpose. It can be working perfectly together. The market is big enough.
There are 2000 projects and a lot are dead or dying. The true working projects will always survive. DigiByte, over 6 years old, with continued development and a growing team and community, with real-world use cases will always be here.
Q — What are the 3 important pillars of Digibyte sir and why are they important?
A — There are actually 4 important pillars:
First: DigiByte is the ultimate merchant coin: you can actually use it at the point of sale, because its so fast and cheap to use. While still maintaining the utmost security possible. Next to that, the global DigiByte community is growing fast, creating adoption for DigiByte. We also work together with parties like https://changeangel.io/ that do great for global crypto adoption and parties like: https://www.acceptcryptoz.com to create further adoption!
Second: Authentication: Digi-ID is a very secure method of Authentication. It uses the same cryptographic signing methods as used for securing the DigiByte transactions. The beauty of it is that you dont need any usernames and passwords. So they are also not stored on any server. So they cannot be exposed when a third party is hacked as we have seen so often, leaving all usernames and passwords exposed! See: https://www.digi-id.io/
Third: Proof of Authenticity: proof of authenticity of electronic content. You can use the DigiByte blockchain to put a checksum of any electronic content on it to proof that is is the original.
Fourth: DigiAssets. The DigiAssets innovation has just left the station and we can expect great things of that. DigiByte has recently develloped and released DigiAssets! https://www.dgbwiki.com/index.php?title=DigiAssets that is a simple form of a smart contract, yes, its limited, but it is highly secure and fast. The use cases for DigiAssets are just starting to show and will amaze us in the future. Als we are looking into quantum computer resistant algos to be ready for the future.
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