It was nearly 6 months ago and a colleague had pointed out that Digibyte (DGB) was a screaming deal. It wasn't the sub sat levels of years ago but at just a penny or two it was worth more than a glance. The Sleeping Giant Awakens - Digibyte Eyes Open
DGB Makes You Think What?
When you first hear about it, DGB probably doesn't lead you to think about what it's best suited for right? It's one those "that's been around for a while" cryptos that everyone knows about but you don't really know anyone who is a holder. Well the name of the game in this day and age is security, maybe even trustless security..
Cybercrime damages across the globe are in the billions of dollars every year and in many ways we just get used to it and try our best with the latest and greatest tool, practice or approach.
In someways, it is a head scratcher because it really doesn't need to be that way. Well when it comes to crypto, fortunate we are many many steps ahead in this area. Then DGB takes a step further.
Enormous Sums of Money
In 2021 as the Tesla's and Grayscale's of the world begin to gobble up the vast horizon or cryptographic currencies, namely Bitcoin, it will not be long before enormous sums of money have partaken in the one of the greatest wealth transfers in history.
For that to truly take effect and continue at the pace and scale we are seeing today, it is important to understand the various aspects of what is needed in the financial instruments that we are using today.
With that in mind DGB presents an interesting and forward leaning use case that is no doubt waking up and finding potential amongst the field.
Roots in 2013
Even though the project development officially started in 2013 it's first block was not released until 2014. No ICO, No Press, just released.
Noteworthy about the no ICO is that this keeps DGB out of the eyes of the SEC, at least for that issue.
The main developer who is behind DGB is Jared Tate. He has been at it for more than 7 years. Recently though he left his position in the DGB foundation but is still very connected to the crypto.
His reasons were largely focused on the community focusing on the the wealth of the crypto as opposed to the mission. Sounds familiar eh?
The Benefit
The benefits of Digibyte are many. Although to just get it out of the way, the crypto is still one that can be acquired for just a few pennies each.
Over the last 6 months the prices have moved from about a penny to nearly $0.07 that we see today as everything is launching upward.
Beyond just looking at price there are several other factors that make this project extremely attractive overall.
Security
While so far all of the "hacks" that are reported across the crypto space have to do with everything other than the blockchain itself. Wallet, exchange and seed phrase hacks are all on the list but the algorithm supporting the cryptocurrencies have yet to be compromised.
Now that's not to say it couldn't be done or that a 51% attack couldn't compromise the system overall, but what is really interesting about DGB is that it takes 5 algorithms to secure the network.
So in simplest of terms, anyone that could pull off a 51% attack would in essence only have 20% of the network hashing capability.
We are not talking about this yet in the bigger communities, but it is yet a foundational reason that DGB remains a sleeping giant, just beginning to wake from its slumber.
Scalability
Obviously, scalability is a feature that has been met head on through the implementation of smart contracts and adjusting everyones thinking about how transactions are recorded and executed.
Just to compare from BTC and put into context.
Digibyte has block times of 15 seconds whereas BTC is at 10 minutes. The Digibyte system has ~43,000 nodes versus the about 7,500 nodes that Bitcoin has. The expectation is the block size will double every two years which effective amplifies the numbers of transactions per second.
By 2035 this would increase to nearly 280,000 transactions per second. Even at todays rates, 560 Tx per second is nothing to shy away from. Especially compared to BTC at 7 per second
Between security and scalability, is not that what most are looking for?
Looking Forward
As we march forward in 2021 and keep looking to the future, it would appear that DGB is still greatly undervalued. There will always be new projects that seek to remedy an ailment.
Often times there is a solution that is staring right at us which has yet to be grabbed onto and implemented.
It sure seems that Digibyte is in that type of position. While the transaction amounts are not up to the level of the different credit card companies, like let's say Visa which is in the thousands per second, the platform is set in a way to be adopted and deployed that would scale quickly. It's just a matter of time.
So maybe 2022 ends up being the year to see DGB shoot through the roof, but it's hard to not to think that possibly 2021 is the time in stead.
