What is DigiByte (DGB)?
by LCX Team · June 19, 2021
LCX Educational Content Series: DigiByte DGB Token…
DigiByte is a truly decentralized UTXO blockchain that was fairly launched on January 10, 2014. DigiByte is also truly permissionless, since there is no central controlling authority. Accordingly, this Community Infopaper is written without requiring authorization from any single individual.
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Sign InWho Created $DGB?
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. DigiByte never held an ICO, but was fairly launched in an open and transparently planned manner. DigiByte does not take a percentage of block-rewards for a founders fee. The minimal 0.5% pre-mine was given away in its entirety to community members in the first month of its existence in order to incentivize early client downloads, ensure the survival of the blockchain, and to develop the original Android/iOS applications.
How $DGB Work?
The three layers are the most innovative parts of the DigiByte blockchain providing the network infrastructure, security and communications to function with cutting edge speed.
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Applications / DigiAssets.
The top layer is like an app store with clear real-world uses. All types of digital assets can be created with the DigiAssets protocol on top of the DigiByte blockchain.
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Digital asset / Public ledger.
The middle layer provides security and administration. A Digital Byte of data, a representation of larger data or a unit that holds value, and cannot be counterfeited, duplicated or hacked.
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Core protocol / Global network.
The bottom layer provides communication and operating procedures. A very low-level way nodes on the DigiByte global network communicate. Thousands of people are running DigiByte software all across the planet.
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Open source / Permissionless.
DigiByte blockchain is completely open source and free to use released under the MIT license, which gives you the power to run and modify the software.
Benefits of $DGB?
The DigiByte currency DBG is used to make payments and fuel smart contracts on its network. DigiByte also allows users to receive and send DGB coins worldwide in irreversible and permissionless transactions. Along with the ability to build DApps, users can also build smart contracts on the DGB network.