Despite its comparative lack of attention and a recent change in leadership, DigiByte still has a great deal of potential and this is due to its uses as both a token and a blockchain. So far, there have been a number of use cases and applications within the DigiByte ecosystem, some of which are as follows:
As a Medium of Exchange
DigiByte’s native token, the DGB acts as a medium of exchange. Like many other cryptocurrencies, it is accepted by different merchants around the globe. In 2015, it saw a great boost when Dutch shopkeepers began using the token to pay their manufacturers in Hong Kong. This was the first time that DGB was used on a wide scale and this has been expanding ever since. It has been estimated that around 400 merchants around the world will accept DigiByte as of 2020. These merchants include TorGuard and Dundle.
Considering the fact that the token has seen its value increase in recent times, the number of merchants who accept it will likely increase as well. Cryptocurrency was a whole is on its way to widespread retail use and when this is achieved, even smaller tokens like DGB will benefit.
As an Investment Tool
Just like its use as a medium of exchange, the DGB token can also be held as an investment tool. The prices of all cryptocurrencies tend to fluctuate. Many people buy tokens at a certain price in the hopes of reselling when the price has gone up in order to make a profit. This has been happening with the DGB for years and with its recent price surge, this is only bound to become more prominent.
Smart Contracts and Applications
The Digibyte blockchain comprises of three different layers. The first layer is the application and facilitates the creation of decentralized applications, centralized applications, and smart contracts. The DigiByte was created to improve on some of the perceived flaws in the Bitcoin Core protocol and one of the ways that this is done is through transaction speed. New blocks are created on the DigiByte every 15 seconds, compared to Bitcoin’s 10 minutes. This means that transactions carried out on DigiByte are fasters and this makes it more suitable for large scale use.
This trickles down to the creation of digital assets on the platform as they are highly secure and can be created with more ease than on other blockchains. Decentralized applications and smart contracts are seeing more use in the mainstream business world. This means that DigiByte is likely to a boost in the creation of digital assets on its platform.
The DigiByte ecosystem has been on a consistent path of self-improvement since its launch and this has taken place through a number of hard forks. One of these was the DigiShield hard fork in 2014. The purpose of DigiShield was to protect against large mining pools. These pools had been mining large amounts of DGB at low difficulty. DigiShield thus recalculates the block difficulty after every block which in turn creates faster correction when a pool starts or stops activities on the blockchain.
This has gone on to become one of DigiByte’s biggest exports and applications. Since it went live, over 24 other cryptocurrencies have adopted DigiShield for similar purposes. These include Ethereum, Bitcoin Cash, Zcash, Dogecoin, Startcoin, AuroraCoin, and BitcoinGold.
DiguSign is another one of DiiByte’s offerings. DiguSign is a protocol that allows for the secure transfer of documents from one person to another across a blockchain. This is important because information recorded across a blockchain is irrefutable and very secure. This is coupled with the fact the DigiByte is one of the most secure blockchains on the market.
DiguSign has been adopted by a number of firms such as Jade Marketing Group in the USA as an eSignature and supply chain workflow solution. The need for the secure sending of documents around the world is limitless and by creating a secure platform, Digibyte has immense potential for use moving forward. Whether in manufacturing or healthcare, we can expect to see the power of blockchain explored for years to come.
While its native token is not yet one of the most popular in the world, the DigiByte has a world of use cases and potential applications. Their dedication to creating one of the most advanced and efficient blockchains in the world means that the sky is the limit for DigiByte.