Bitcoin and Ethereum are the clear market leaders today, but the competition is stiff, with developers working on various alternatives to better the existing top cryptocurrencies. However, most of these alternatives have fallen short of user expectations in terms of scalability, security, regulatory policies and compliances, customer support, features, etc. However, there’s one specific cryptocurrency that has openly argued that Bitcoin and Ethereum aren’t safe or scalable enough and that this currency is better – DigiByte. DigiByte isn’t just another crypto coin, it’s an entire three-layer blockchain network on which its coin – the DGB coin, is built. Let’s learn the key things about DigiByte and how to swap DigiByte at the best rate.
Jared Tate founded the DigiByte project in 2013 and subsequently released it in 2014. The code is loosely based on Bitcoin’s code, but from DigiByte blockchain size to security and other features, many aspects are different.
Just like Ethereum, DigiByte was created to suppress the disadvantages of Bitcoin. The network has three layers in all and is said to be highly decentralized. The plan is to create an entire decentralized app and tokens that run on top of the network. The three layers have different functions and are interdependent.
The top-most layer is the reason smart contracts can be developed on the network. These smart contracts can be designed for Dapps and tokens. This layer is accessible to all users to transact and access dApps. It’s also known as the Application layer.
This layer is where the public ledger lies. This means all transactions of the native token DGB coin are stored here. This layer also allows miners to manage the release of each DGB coin to gain mining rewards. You can alternatively call it the consensus layer as well.
This is the base layer responsible for client software integration, nodal support, etc. It defines operational protocols. This layer is also known as the network layer.
DigiByte boasts better security and faster transactions per second. Its market reputation was significantly boosted when it announced that it would be the first-ever token to integrate SegWit on the network. This ensured all DGB transaction speed is much higher than its competitors. Bitcoin implemented SegWit after DigiByte did.
While DigiByte claims to be a better version of Bitcoin and Ethereum, it does share some traits with these two. For instance, a maximum of 21 billion DGB coins can be mined from the DigiByte blockchain. On the other hand, one aspect where Bitcoin is better is the number of nodes.
Bitcoin has 11,000 nodes globally compared to the 10,000 DigiByte nodes – which is not a very big difference, though an advantage of Bitcoin without a doubt. DigiByte also makes use of interesting concepts like Digiassets and Digi-ID that complement the DBG coin.
Similar to BTC, DigiByte also works on a PoW (Proof-of-Work) mechanism where computers are used to secure and validate transactions and mine new DigiByte coins. However, the biggest advantage of DGB is that users can use consumer-grade computers that we normally use, unlike with Bitcoin where high-end, specialized systems are mandatory.
These are just a few general aspects, the specifics of the DGB coin will leave you wondering why you didn’t come across this token earlier. These are its security and efficiency aspects and stand-out features.
The blockchain network is spread over 10,000+ servers across the globe, so you can expect the DGB rate to always be updated in real-time and available wherever you are. These servers are present on several devices, from computers and monitors to phones and nodes all encompassed within the network. This ensures trading the DGB coin and the availability of smart contracts and dApps for all.
Bitcoin uses just one algorithm, so when a blockchain uses five mining algorithms, you have something to look forward to. They make an immense ffort to decentralize the mining process and give equal opportunities to miners of all kinds, so they aren’t restrained by hardware or software configurations. The algorithms used are:
Difficulty Stability is an aspect that shields the network and every DGB coin present in the ledger against hackers. DigiByte achieves this through DigiShield and MultiShield. This is by far the most advanced difficulty stability in the world.
Simply put, SegWit is a process wherein unnecessary data is removed from the DGB blocks. This allows users to leverage the speed and efficiency to carry out innovations like cross-chain and single confirmation transfers.
Each new Bitcoin block appears every 10 minutes or so. If you’ve read DGB DigiByte news, you know it’s known for speed – every new DGB block is generated in 10 seconds. That’s a significantly less amount compared to BTC blocks.
DBG blocks are limited in size and scope to ensure high-security standards and maintain efficiency.
DigiByte DGB may be a reputed cryptocurrency, but it’s also one of the most futuristic ones out there. The future is bright, and users could, in the future, leverage the DigiByte security to safeguard and integrate their own IoT devices.
The transaction speeds of DGB trading and other features on the DigiByte blockchain make it one of the fastest options you could choose.
DigiByte is the longest blockchain in the world. To put things into perspective, Bitcoin, the world’s first major cryptocurrency has over 683,000 blocks, while DigiByte, launched about six years later, already has five million blocks produced.
If you’re like most people, you might want to shift from BTC to DGB now that you’re aware of facts. Chances are, you already own Bitcoin, and need to look for a secure, reliable Bitcoin to DigiByte swap. Swapzone is a world-class, non-custodial exchange aggregator that makes crypto-to-crypto trading smooth and secure.
With an auto aggregator to help you pick the best DGB rate and no service fees, it’s one of the most affordable, secure, and trustworthy platforms out there. Some of the key features of Swapzone are:
When you hear about DigiByte, you wonder how, despite all that is offered, it still lags behind the likes of Ethereum and Bitcoin. The answer is simple – reputation preceded the performance. There is no doubt the technology, security, and everything in between make DigiByte a world-class cryptocurrency, perhaps even the best in the world. The time, therefore, is now – invest while people are still getting to know the platform, for once they do, the DGB rate may catapult by a significant margin.
An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.
There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.
Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.
If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.
Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.
The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.
The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.
To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.
There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.
If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.
There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.
To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.
Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.
Learn how to exchange cryptocurrency with the lowest fees or zero fees as well as how to find the best crypto exchange rates and choose the safest cryptocurrency exchange provider.