Is DigiByte a Good Investment In June 2024?
- michaelzakkovision
- Jun 12, 2024
- 3 min read
Updated: Jul 11, 2024
Author: BORAN SUEKINCI
Publication date: 12.06.2024
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DigiByte is a decentralized blockchain project with a cryptocurrency (DGP) promising faster transactions, better cyber security and a lot of potential for future growth. It is also a secure foundation which digital assets can be built on top of. In this article we hope to delve into the topic of Digibyte in this article and explore it’s advantages and uses.
Blockchain and Digital Assets
Before talking about DigiByte and DigiAssets that can be built on top of it we should first talk about digital assets and blockhain in general. To explain it briefly, blockchain is a digital exchange system where every single transaction is recorded in something called a ledger which is available to everyone. In other words, when a transaction occurs in the blockchain, the transaction would not only mark a chance in the inventories of the people doing the exchange but would also get transcribed into the entire blockchain ecosystem. Digital assets on the other hand are simply everything that can be stored, created or exchanged in a digital format with a certain value such as cryptocurrencies.
DigiAssets
DigiAssets is a way to create digital assets on top of the DigiByte blockchain. Through DigiAssets, one can attach metadata (data about data) to their exchange creating digital assets with real life value which will then be recorded in the DigiByte blockchain. In other words, DigiByte blockchain can be a platform to create and trade digital items with real life value due to DigiAssets.
Digibyte as an Investment
With a price of $0.01024 (6/09/2024 2:34) right now DigiByte is one of the cheapest cryptocurrencies out there. However, it is expected to have the potential for a serious rise to the point that “Based on previous market trends, a price doubling within the next six years remains a distinct possibility as long as the project team maintains a focus on utility and usability.”( Crypto News, 2024, Will DGB Price Surge 2X? section, para.3).
Furthermore, Digibyte takes pride in being decentralized, not being funded by an ICO and only having 0.5% of the total as pre-mined coins meaning that there isn’t a single huge monopoly owning a majority of the available DGP. It also uses five different algorithms for safety. This combined with it’s decentralized nature makes the Digibyte blockchain very secure against hacker attacks.
Transaction speed of Digibyte is around 15 seconds which is much faster compared to alternatives such as Bitcoin and Etherium.
Overview
DigiByte is an affordable cryptocurrency that acts as a good foundation for building and exchanging all kinds of virtual assets because of the blockchain behind it . It also boasts high security, decentralization, short transaction times and potential for the future. It’s decentralized nature means that there isn’t a monopoly holding most of is value which can be targeted for hacker attacks. It also uses multiple algorithms to ensure security. Exchanges with Digibyte take around 15 seconds which makes it a very fast alternative compared to many other crypto currencies. These positive features make it so that DigiByte can be considered for investing purposes.
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