Go to any cryptocurrency and Blockchain circles and you will seldom hear of Digibyte. In fact, there has been a lot of confusion about what Digibyte actually is with most people thinking it’s a new token. Well, Digibyte has actually been in the crypto game for over 4 years and unlike most cryptocurrencies that are forked from popular Blockchains such as Bitcoin or Ethereum, Digibyte boasts of its own proprietary Blockchain. There is more, as old as Digibyte is in the crypto space not once has the Digibyte team raised money through an ICO.
Basically, Digibyte is a decentralized Blockchain that is rapidly growing its Digibyte assets (digital assets on the Digibyte Blockchain that cannot be hacked destroyed or counterfeited thanks to cryptography). The Digibyte can be used for more than just finance. It’s designed to be a digital asset that can securely protect information, digital property or any other important digital data.
Digibyte now ready for cross Blockchain dApps
Yes, that’s right. The announcement first appeared in a tweet by Blocknet. Blocknet is built to be the “internet of Blockchains.” The Blocknet protocol has a peer to peer protocol that enables cross chain interactions between nodes of different Blockchain networks. This means that data between different Blockchains can be exchanged with ease. For decentralized application and exchanges, this feature is quite powerful such that it can allow users to trade all their cryptocurrencies and tokens on a single decentralized exchange.
By allowing for this level of interoperability, Blocknet is enabling growth in the crypto community and also allowing for the development of decentralized applications and exchanges that are free from centralized control. This has been a major issue in the Blockchain space especially between the Bitcoin Cash community and the Bitcoin core (the original Bitcoin community). The lack of interoperability has centralized governance in the Blockchain space making it hard to come up with progressive developments.
DGB sticking to the original principle of decentralization
Although the original principle of Bitcoin and Blockchain technology was built on democratizing control, the opposite has become true in the last few years. For a Blockchain to process transactions on its network, nodes (miners) have to confirm and verify transactions while adding them to the block. Over time, however, Bitcoin’s Blockchain network has had millions of miners such that the competition to earn new Bitcoins by mining has skyrocketed.
This has attracted the attention of top-tier hardware manufactures and as a result, their more powerful technology has given them an edge over everyone else in the network. This is the problem that Blocknet and Digibyte are trying to solve. By adopting a protocol that promotes centralization and interoperability, governance over the network cannot be controlled only by those with powerful equipment as the cryptocurrency (in this case DGB) becomes acceptable on other Blockchain networks. Going forward DGB can be used on multiple Blockchains and on multiple decentralized applications, therefore, giving control over the digital asset to those that own and hold the DGB.
Although Bitcoin is still at the top as the most valued cryptocurrency, coins such as DGB are making huge technological advancements by solving the problems that are currently top of mind of most crypto enthusiasts. After all, the possibilities for a cross Blockchain cryptocurrency are endless and Digibyte in conjunction with Blocknet are at the forefront of this new revolution.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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