Article - DigiByte DigiByte



What is DigiByte?

DigiByte (DGB) is an open source blockchain and asset creation platform. Development began in October 2013 and the genesis block of its DGB token was mined in January 2014 as a fork of Bitcoin (BTC). A longstanding public blockchain and cryptocurrency, DigiByte uses five different algorithms to improve security, and originally aimed to improve on the Bitcoin blockchain security, capacity and transaction speed. DigiByte consists of three layers: a smart contract "App Store," a public ledger and the core protocol featuring nodes communicating to relay transactions.

Who Are the Founders of DigiByte?

DigiByte was created by Jared Tate, also known as DigiMan, who oversaw its metamorphosis from development to its current setup before announcing that he was temporarily retiring from his position in May 2020. Tate has since returned, and as of September 2020 once again appears closely involved with DigiByte growth. Tate biography states that he was involved with Bitcoin from 2012 onwards, and authored the first book written by a blockchain founder, "Blockchain 2035: The Digital DNA of Internet 3.0." DigiByte operations depend not only on developers, but also the DigiByte Foundation, a volunteer organization tasked with overseeing preservation of the project. A third group of volunteers, the DigiByte Awareness Team, is responsible for marketing and promotional activities.

What Makes DigiByte Unique?

DigiByte is a modification of Bitcoin which aims to diversify security, speed and capacity possibilities. Its first incarnation was as an open source blockchain and associated cryptocurrency, DGB. The network has five separate algorithms which help to maintain security and help prevent ASIC miners from commandeering too much power. Later, another offering, DigiAssets, appeared, with DGB as its native token. DigiAssets appeals to those developers looking to launch digital assets, decentralized applications (DApps) and encode the necessary corresponding smart contracts. All governance structures for DigiByte are run on a voluntary basis, in line with the thesis that the network should be open source and publicly accessible. Transaction fees in DGB are paid to miners for validating the blockchain.