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Coinplan Coin Spotlight: DigiByte

Coin Spotlight: DigiByte Designed to secure the next generation of digital applications.

What is DigiByte?

DigiByte is a rapidly growing decentralized, global blockchain focused on building state-of-the-art, sophisticated applications to protect objects of value such as currency, information, property, or important digital data. Its three-layer blockchain network separates smart contracts, processing, and decentralized applications and their technology also features cross-chain compatibility making it a serious competitor in the blockchain race.

DigiByte is one of the older cryptocurrency projects, launched in 2014, and lays claim to having one of the fastest, 15 second block times, networks currently available. Faster block times mean transactions get processed and confirmed much quicker, however, a major drawback is that it usually comes with scalability issues as each node on the network must maintain the entire history of the blockchain in order to confirm new transactions. DigiByte is the longest UTXO blockchain in the world with over 8,000,000 blocks and over 200,000 nodes. The project is supercharging their processing capacity via block size doubling every two years thus rapidly scaling the number of transactions per second.

To counter the drawback of scalability and transaction malleability, DigiByte was the first cryptocurrency to implement segregated witness (SegWit) where transaction confirmations are separated from the transaction information in the block. This makes the transactions more compact and allows for innovations such as cross-chain transactions and single confirmation transactions.

The Three Layer Blockchain

Applications Layer — Think of this as an App Store with clear use cases. This is DigiByte’s user-facing layer that enables transfers and access to the API. Users can also build and host both decentralized and centralized applications as well as smart contracts on the blockchain.

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