Focus Fire: DigiByte (part 2)
The Twittersphere has spoken! After an intensely competitive poll that involved a tight race between excellent candidates, our Twitter community has selected DigiByte as the first project we will examine in our “Focus Fire” series.
In this series, we take time to really get to know a project and focus on different elements of what makes the project great. We hope it provides a better understanding of the technology and its vision to the larger cryptocurrency and blockchain community.
Today, in part 2 of our DigiByte series, we look specifically at DigiByte’s blockchain technology and utilities that are being built on DGB for the future.
It’s really fast!
It’s really cheap!
You hear this over and over again in the cacophony of blockchain marketing speak blasted out over social media and forums across the Internet. In the gold rush of late 2017, many a blockchain project came out of nowhere as the next big thing; faster and cheaper transaction networks that would solve the scalability problems of blockchain technology were springing up everywhere.
This still rings true to some extent now, although the market is a little more subdued following its dramatic crash. Those following the steady progress of blockchain technology can see that it takes a little more than just having fast and cheap transactions for a project to succeed.
Of course, that’s not to say that scalability isn’t really important. Networks crippled by traffic have been a problem in the recent past and point to the limitations of current technologies. DigiByte has been attacking this problem for years now. In fact, it is indeed the fastest and longest UTXO blockchain (UTXO, or unspent transaction output, is the kind of blockchain technology used by many prominent blockchains including Bitcoin, Litecoin, and of course, DigiByte).
Since DigiByte resolves blocks every 15 seconds (as opposed to Bitcoin’s 10 minute block time, for example), it is much quicker and, therefore, also a much longer blockchain, proving to also be very secure and trustworthy. So not only is DigiByte’s blockchain very fast, it is also highly secure. The DigiByte blockchain is, in fact, the fastest of any public UTXO network, handling 560 transactions per second (compare this to Bitcoin’s 7 TPS, Bitcoin Cash’s 34 TPS, or Litecoin’s 56 TPS), with plans to scale up to an enormous 280,000 TPS by 2035 by doubling block size every two years — and this is with transaction fees of less than 0.0005 DGB. It’s important to note that all of these transactions are performed strictly on-chain; fully decentralised, and fully visible on the public ledger.
Clearly, DigiByte is a technically superior blockchain against its competitors. But again, while very important, it’s not just about being fast, affordable, and secure. The team at DigiByte has many plans for the utility of DigiByte beyond being a currency.
This is where it’s easy to get overwhelmed with all of the possible utilities of DigiByte technology. Because this project is developed by such a large community, many applications are being developed for a huge range of purposes. Despite often being viewed as such, DigiByte is not only a currency. In fact, it also serves as a Digi-App and DApp platform (both centralised and decentralised apps) with the capacity to handle smart contracts.
This opens a world of utilities to the DGB blockchain. Because blockchain technology offers security, privacy, and transparency on a level that is not otherwise possible, a world of possible applications lies before us. It’s hard to even do this justice since there are so many possible use-cases, but consider a few for a moment:
Digi-ID offers the possibility of identity authentication without the need for e-mails, passwords, and so forth, instead using the DigiByte blockchain as a private, secure identity authenticator that removes the threat of identity fraud.
The autonomous function of smart devices is becoming more prominent, resulting in a new cyber-landscape often referred to as the Internet of Things. DigiByte will offer better security against data-tampering and ensure privacy when data is exchanged between users.
DigiByte offers increased transparency of records and documentation in fields such as health care, insurance, and real estate. This significantly reduces the possibility of fraudulent behaviour and record-tampering while also reducing the need for intermediaries, thus saving on costs.
DigiByte technology even applies to areas such as education and human resources management, as users can prove the authenticity of educational credits and career credentials, thus streamlining the verification and recruitment process.
These are just a few possible use-cases for the DigiByte blockchain. There are many more, from car-leasing and ride-sharing to charity and energy management. Because of the size and diversity of DigiByte’s decentralised community, a constant stream of new solutions and innovations are being developed all over the world.
In our next article in the “Focus Fire” series, we will look a little more closely at this community of developers and the founder of DigiByte, Jared Tate. Please leave your comments and check back in soon!