Digibyte (DGB) –Hundreds of cryptographic currencies are scattered all over the cryptosphere. As days become weeks and weeks months, more decentralized platforms are coming up and with its token.
The quest to topple Ethereum had birthed many cryptocurrencies, and even at that, there exists rivalry among them.
For years now, users have only used their digital currencies online – there were no devised means of implementing same in reality. While accusations are coming from different fronts on the reliability of cryptographic currencies, many financial experts are of the opinion that the currency is quite huge and has lots to offer.
Global acceptance is yet to be attained because many governments are threatened by the possibility of losing their monopoly on the banking system that is still in vogue. DigiByte is one out of many cryptographic currencies that makes a huge difference.
A Global Currency in the Making
Commercialization of cryptographic currencies had been a great problem and saddled with the hurdle of scaling government and financial regulations, these currencies are yet to get widespread acceptance. Suspicions surround the generality of these currencies and analysts are yet to fathom its category – currency, security or asset.
Hence, many cryptographic currencies are making concerted efforts to get recognition as security and as believed, that is the shortest way of getting global recognition. I’ll however shock you with this information – DigiByte is set to become a global currency.
If available feelers and analysis making rounds is anything to go by, DigiByte will have an easy walk to global acceptance. Governments are against cryptographic currencies because of its threat to their existing monopoly of the financial sector.
There are however few governments that have actually bought the idea. Venezuela for instance announced its plans to launch a state cryptocurrency and made good the plan when it launched its cryptocurrency known as Petro in February, 2018.
Cryptocurrencies are gradually getting accepted and here are some instances. The pioneer crypto, Bitcoin is under the control of the Chinese government just as Ripple is controlled by the American government.
An Autonomous Crypto
DigiByte, as explained earlier, is in the best position to become the next global currency and also the first cryptographic currency to get official worldwide recognition. You don’t have to go deep in thoughts about this assertion.
Let me shock you again – the likes of Ripple, Ethereum and Bitcoin despite their massive supply and supposed acceptance can never be global currencies. What the world needs is a cryptocurrency with autonomy; a cryptocurrency that is free from control. That is precisely what DigiByte has.
It might interest you to know that DigiByte (DGB) utilizes five algorithms and its scalability is second to none. DigiByte (DGB) is in an excellent position to become a global currency because it meets up with the standards of security, scalability and decentralization.
Quick Facts about DigiByte (DGB)
DigiByte (DGB) is perhaps the best decentralized platform after Bitcoin. Its security is unrivalled and it has so far gained popularity for its fast transaction pace. Have you heard of a platform bigger and better than Bitcoin? DigiByte (DGB) creates blocks within 15 seconds and its transaction speed is speculated to top Bitcoin’s by over 40%.
Multiple Consensus Mechanisms
DigiByte (DGB) is no doubt going to pose great challenge to Sybil attacks and hashpower attacks. Backed by five different consensus algorithms, DigiByte (DGB) brings top-notch security that can surmount any launched attack. These algorithms such as Groesti, Scrypt, Qubit, SHA-256 and Skein bring rapid decentralization and mining operations to DigiByte (DGB).
DigiByte (DGB) currently supports about 560 transactions per second and this expected to reach an all-time speed of 280,000 by the year 2035.
DigiByte is the Functional Version of Bitcoin
In the light of the problems facing it primarily in its forking, Bitcoin opened up the way for new platforms to come into the blockchain. We have had many ICO projects coming up. It is ironical that their claim of solving Bitcoin’s issues is unfounded because they don’t have a basis of their own – no blockchain.
Save for few that developed testnet blockchains; others depended on the likes of Ethereum and EOS for their operations.
DigiByte makes a whole difference in this regard. It has a blockchain and is making concerted efforts to replace the pain points users noticed on Bitcoin.
It is therefore right that DigiByte (DGB) should be accorded the respect it deserves.
DigiByte (DGB) uses the Unspent Transaction Output (UTXO) blockchain in determining the validity of a transaction. At the moment, DigiByte (DGB) is fully protected and cannot be affected by a double-spend attack.
Remember the position that DigiByte (DGB) is likely to become a global community in the near future? That’s because it followed the actual pattern that formed the basis for developing the blockchain – decentralization. DigiByte (DGB) from the onset had been a community that allowed its users to take part in the decision-making process.
While we wait for governments to finalize their stand on cryptographic currencies, concerns are mounting on the possibility of having altcoins as global currencies.
Though altcoins are more in number than cryptocurrencies, they don’t have the actual platform (blockchain) that’ll sale them. Cryptocurrencies have all these and are only waiting for the marching order.
As more cryptocurrencies are fighting their way to becoming securities, DigiByte (DGB) is taking a long rest because the battle is won. It has never been under any government’s control and therefore, emerging a global currency will leave it with freedom to handle things without bias. Till then, let’s keep hope alive.
Image Credit: CoinPayments.