For those of you who don't know much about Digibyte, here's an unbiased review on this promising altcoin. The name ‘Digibyte' was chosen in the hopes of its future being as large as a ” megabyte” or “gigabyte” but for a digital currency.
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Digibyte Review
Digibyte was developed in January 2014, with little to no fanfare. The currency started trading at low satoshi levels and quickly rose in value upon the creation of the “Digishield”– a sophisticated option to the “Kimoto Gravity Well' (KGW) system, which is utilized by Dogecoin, and lots of other Scrypt PoW coins. These systems are used to secure the currencies from quick inflation due to mining pools, with high hash rates, trying to make use of low hash rates. The algorithms do this by simply re-targeting the problems much more frequently than was possible prior to. When it comes to Dogecoin and Digibyte, this is done every 60 seconds. For this reason, the application of Digishield has assisted to make sure that the changes on exchanges are credited to the natural rise and fall of mining hash rates, rather than pump and discard maneuvers orchestrated by shrewd financiers.
Digibyte has actually been credited by many alt coins communities for having a team of really adept designers, that genuinely work in the very best interests of its community. These designers keep a primarily quiet presence on social media, as compared with other young alt coins, but are clearly working very hard to enhance their currency, and support it's users.
Digibyte was created to be limited in quantity, at a market cap of 21 billion, which is a ratio of 1000:1 when compared to Bitcoin. This number was selected with the hope that it would reduce the integration into merchant payment systems, and develop a more liquid currency.
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Digibyte's Recent Developments
In recent days, Digibyte revealed their strategies, through Twitter, to update the community on ‘new, fascinating developments'. This resulted in a massive chain of retweets through the Digibyte community, in addition to through many communities connected to other currencies. Subsequently, a rather significant buying craze started on the exchanges, triggering it's worth to rise from 35 satoshis to 80 satoshis.
The panic buying spree cooled off after 48 hours when the much waited for announcement was not made. The worth of the coin then wavered between 45 and 71 satoshis throughout the day. Lastly, the designers launched an updated wallet, along with a video tutorial, ahead of news related to a change to Digibyte's algorithm.
On CNBC's popular finance section “Fast Money” it featured Brian Kelly, and the developer of a new altcoin, Nautiluscoin. The focus was on Digishield, which was implemented into Nautiluscoin as a means to safeguard it from mining pool attacks. Attacks like this had previously triggered the coin's collapse, and forced the developer to a relaunch.
With the increased attention from mass media platforms, Digibyte's community is expecting an increase in investors, along with merchant integration. They have actually prepared for, and expected, this by including a downloadable media kit on their recently upgraded website. This set is to be used for the function of promoting the coin, by its neighborhood, to brand-new investors. With such efforts in place, and a set up plan for expansion, the Digibyte faithful hope that investor confidence will be increased, and trust in the currency's advancement group will grow.
At this moment, the neighborhood is awaiting brand-new announcements from the developers. It is anticipated that major changes to the algorithm, and increases in merchant integration, will be laid out in the coming days. We will keep an eye on the situation, and post an upgrade as quickly as any news is readily available.
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