Technology for the Future
Technological advancements over the past few decades have dramatically shaped our world. These advances have inundated man with innovations that seek to enhance the quality of human life, and has been quite overwhelming for older generations (Baby Boomers & Generation X). Research supports that these generations do not adjust well to change. Change is constant, which is why these new technologies prevail even without their buy-in. Our evolution has been breathtaking and amazingly convenient due to the speed of new technology implementation. Because of this new urgency for convenience, the world has been challenged with overcoming an originally overlooked but now prevailing issue “data insecurity.” The technological era has allowed for new conveniences unthinkable just a decade ago—conveniences that created a new reality that now allows for knowledge sharing, inexpensive communication, and efficient mechanisms to transact value around the world. The DigiByte Blockchain is more resilient, secure, and efficient than its predecessor Bitcoin. DigiByte’s unique qualities and goal to improve upon the technology of Bitcoin proves this project is poised for worldwide implementation. DigiByte is the most innovative Blockchain listed on CoinMarketCap, its technology is gaining traction in the United States Congress, it will improve consumer freedom and their security autonomy, and its technology has been viewed by experts as a possible alternative to the national de facto identifiers around the world commonly
Brief History of the DigiByte Blockchain
Jared Tate the creator of the DigiByte Blockchain began his work with the desire to improve upon Satoshi Nakamoto’s original idea of an autonomous interdependent decentralized peer-to-peer electronic cash system. As an early Blockchain enthusiast and cryptocurrency miner, Jared would realize several flaws in the original Bitcoin code. After realizing the many barriers Bitcoin would face and without support to implement his innovative ideas for Bitcoin, Jared would develop DigiByte a completely new blockchain that would offer the same product as bitcoin but better. The DigiByte network commenced January 10, 2014. The network began its blockchain—memory chain storing it first block known as the “genesis block” with the hash headline “USA Today: 10/Jan/2014, Target: Data stolen from up to 110M customers.” Since implementation, the DigiByte Blockchain core has been downloaded over 253,942 times and over 12,435,328 transactions have been validated. With only 5 years of development DigiByte is the longest and fastest Blockchain in the world with over 7,791,552 blocks compared to Bitcoin’s 560,083. No one owns DigiByte. In fact, Jared Tate is only the creator and since implementation the DigiByte community has remain cohesive applying hard forks directly to its main chain without division. The DigiByte community is solid and their goal is to maintain one of the most resilient truly decentralized blockchain products in the world, and their history to maintain cohesions speaks merits in the Blockchain space and further adds to the transparency and inclusive nature of the community.
Blockchain Resilient Enough for the Future
DigiByte is technically “the better Blockchain.” Its transactions confirm faster, and its chain scales for real world use while respecting true decentralization. Just imagine trying to send Bitcoin in December 2017. DigiByte is superior due to its transaction conformation speeds and truly decentralized nature. Its technology proves it’s the most innovative and undervalued Blockchain project in the world. This assumption can be drawn from comparing market capitalization of similar projects. Through the establishment of multi-mining algorithms, which improves mining fairness, DigiByte has become the fairest coin to mine. No one entity or person can take 51% of the network without purchasing the required equipment used to main each algorithm in surplus. This makes DigiByte expensive to hack and is a unique quality in the Blockchains space. Now, the most supported Blockchains in the world allow others to mine their coins using one system allowing for security vulnerabilities that are no threat for DigiByte. Although antiquated decade old technology Bitcoin still maintains dominance in the cryptocurrency space holding 52.4% of the value of the entire cryptocurrency market as of January 2019 according to CoinMarketCap.
Bitcoin’s market capitalization of 62.73 billion USD is 592 times the value of the total market capitalization of the DigiByte Blockchain project, which is currently 106 million USD. DigiByte’s technology is identical to Bitcoin’s proof of work (POW) technology. Real decentralized POW Blockchain projects are started without crowd funding and are truly a grassroots effort. POW requires the expelling of resources to generate new cryptocurrency coins. This means not all cryptocurrencies are made equal. Some coins require the expelling of resources and energy, while others do not. The industry calls coins that required no effort to generate “pre-mined.” To ensure one is holding “mined” virtual currency that required an effort to create, one should always apply the mineable cryptocurrency filter on the CoinMarketCap website. After applying this filter, one will find that DigiByte mysteriously moves up in rank from top 40 to top 20. This proves that many of the projects that currently out value DigiByte’s market cap are not real mined cryptocurrency. Many projects listed on CoinMarketCap are potentially illegal electronic security tokens. The United States’ Securities and Exchange Commission (SEC) has begun efforts to stop unregulated crowd funding of mined cryptocurrency like “Bitcoin” and “Ethereum” which became a predatory market where individuals lost millions. The recent SEC crackdowns put many of the over 2000 cryptocurrency projects in a state of ambiguity. Ambiguity is not good for security assets that are expected to appreciate or at least maintain their value. The SEC has begun a crackdown even forcing companies who held unregistered illegal initial coin offerings (ICO) to refund all collected funds to investors.
Traction In The United States Congress
Two bills brought before the United States congress in support of the official implementation of cryptocurrency were designed to ensure the legality of Blockchain technology. Many are still concerned about the opinion of our governments. Because of their power, many believe they can decide to outlaw a technology used by its citizens over the last decade—10 full years. The two bills were presented before congress concerning the legality of cryptocurrencies on December 20, 2018. The bills were H.R. 7361 titled “To amend the Internal Revenue Code of 1986 to allow exclusion of gain or loss on like-kind exchanges of virtual currency” presented by Representative Ted Budd (Republican) from State of North Carolina’s 13th District and H.R. 7356 titled “Token Taxonomy Act” presented by Representative Warren Davidson (Republican) from the State of Ohio’s 8th district.
Both of these bills seek to help simplify current cryptocurrency tax law, and ensure virtual currencies are free from the threat of dissolution enforceable by the SEC who oversee US securities law. The support of members of congress helps remove insecurity about the legality of cryptocurrency and helps creates simpler cryptocurrency tax rules ultimately helping to foster a future that embraces simplicity in Blockchain further adding to its poise to take over the world of value transaction. Currently the Internal Revenue Service (IRS) regulation allows the double taxing of cryptocurrency. Because of the volatility of virtual currency, the IRS tax law permits the possibility of double tax. When an individual uses cryptocurrency for a purchase after its increases from the value from which the individual purchased the asset, current law subjects US consumers to possible sales tax and capital gains tax. The bills introduced in congress seeks to discontinue the IRS’s current guidance on virtual currencies. Elimination of the IRS rules removes the record keeping burdens and simplifies the annual tax processing of US citizen who invest and choose to spend using cryptocurrency.
Consumer Freedom and Security Autonomy
Online banking, online personal account access, and private file sharing via electronic mail changed our world. These new freedoms allowed individuals to access and modify their personal accounts and send personal messages without the assistance of a third party/customer service agent. The shift towards blindly trusting advancing technologies because of their accessibility and innovation enthralled the world sparking use and implementation of new technology without exploration of its vulnerabilities. Because we never explored the vulnerabilities that exist when sharing valuable information across the World Wide Web, we put ourselves at risk of losing our most valuable and personal data through program/system hackings and other complex schemes like phishing. In fact, many people use electronic devices, applications, and programs, and create online accounts without even knowing their real risk.
Because of the lack of education and desire to defer cyber security risk to merchants and corporations, many are not aware of the technologies that seek to protect our identities and most valued personal information. DigiByte no longer wants you to defer your security to a third party. The DigiByte Blockchain seeks to resolve the IOT (Internet of Things) data insecurity problem. By creating a free resource and program titled “Digi-ID”, an open source easily implementable identification program that is ready to eliminate the need for online usernames and passwords everywhere. Everyone can use the DigiByte Blockchain without ever making a financial investment. True world adoptions comes from products that are accessible without restriction and Digi-ID is free and open to all. With DigiByte, it is possible to never have to remember an online username or password again.
National De Facto Identifier Commonly Known In The United States As Social Security Number
In the United States many citizens casually ignore the possibility of identity theft even after one of the largest credit reporting agencies suffered the most intrusive hack in history. The hacker was able to steal the personal information of over 143 million American consumers. The SSN in the United States was created to maintain employment records of citizens to verify entitlement for employee benefits. A federal program designed to issue payments and collect your employment records was never built to be your sole identifier. Because the SSN is no longer secure and private, billions of dollars is stolen each year using fraud schemes. According to the Social Security Administration the United States has issued over 450 million SSNs. As Blockchain technology unravels it is becoming more and more evident that storing data on centralized servers is unsustainable and will only lead to more and more data breaches. As more and more data is made available online, the possibility of one’s identity being stolen greatly increases. In the last decade many centralized data pools have been hacked and sold over the dark web. These data pools allow identity thieves to match data which allows them to complete applications that use your credit, entitlements, and tax benefits without your knowledge.
In October 2018, a meeting was held at the Center for Strategic and International Studies titled “Modernizing the Social Security Number: A Better Basis for Identity Innovation.” During this meeting McAfee a company known for their innovations in cybersecurity solutions presented solutions for resolving the SSN crisis around the world. McAfee mentioned blockchain as a viable option for replacing the de facto identifiers around the world suggesting that “blockchain-based records are difficult to steal or alter. Some have called for basing a modernized SSN on blockchain technology”, and One could assume that if traction and implementation is Blockchain’s only barrier, we can expect to see this technology implemented by our governments and corporations soon.
Poised For World Domination
If one seeks to secure a superior position that will help draw some of the wealth that’s expected to move from the world’s old value systems to less exploitive frameworks for value exchange like DigiByte, then DigiByte price of USD penny is perfect for an individual seeking to accumulate this asset. Economic experts predict alternative assets Gold, Silver, and Cryptocurrency are all poised for this value absorption after the fiat markets crash. The exploitive nature of centrally controlled debt based monetary policy and its push for more printing of unbacked monetary inflationary paper and electronically based value transfer instruments based in debt will lead to this devaluing of fiat currency. In this still evolving, maturing, emerging market space, investors should look at the fundamental technology and innovation instead of price. Especially as emerging markets, data, science and technology has not awaken to the power of Blockchain and how it can be used to improve the economies in those markets. Remember Bitcoin sold for just under one US penny in 2009, and seen an all-time high over 20,000 USD in December 2017.
To maintain relevance DigiByte maintains official wallets on all operating systems, maintain listings on most of the major cryptocurrency exchanges, and developed a core team of volunteers who lend their time and talents to advance the DigiByte Blockchain. The community also has loyal developers who are creating and maintaining programs that operate using the DigiByte Blockchain like Digi-ID, DiguSign, and most recently Digi-Assets. Blockchain evolution and real world adoption will come in due time. One should be glad of their awareness of the power of the DigiByte Blockchain before others are forced to use it or miss the ride to its real value and appreciation point. The appreciation point is when DigiByte is granted it’s just respect due to its tenure, transparency, innovation, and resilience, and at this point one could expect DigiByte’s value to appreciate greatly and consistently due to its deflationary nature. DigiByte’s deflationary nature, goal to be useful, focus on innovation in the Blockchain technological space, and community’s respect for transparency will ultimately be the reason why its product outshines other POW decentralized blockchain projects operating. Maybe after reading this article average people outside of the Blockchain arena will see this opportunity before corporations and governments. We can expect governments and corporations to gravitate to the blockchain arena especially as sovereign debt based fiat markets crumble due to the exploitive nature of centrally controlled monetary policy and its push for printing of more unbacked inflationary paper and electronic value transfer instruments. Embrace this short journey and get excited with anticipation of the day you will be able to tell everyone who dismissed this technology “I told you so.” Until then hoard and accumulate as many DigiBytes as you can so maybe you can bless your love ones with some of these Precious DigiBytes in the future when they are worth way more than one US penny.
Written By: Michael T. Moore | Certified Bitcoin Professional