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DigiByte – Community Powered Blockchain

Hooked on DigiByte!

greentermite 4 August 2019

(Core Member – DigiByte Unlimited Network)

This article contains opinions of the author and has been written for information purposes only. The information should not be considered as financial or investment advice. It is always important to do your own research. All decisions come with risk and you should never purchase or invest more than you are willing to lose.

If a faster, cheaper, more secure and greater decentralised version of Bitcoin was available would you be interested?

Bitcoin benefits from being the first cryptocurrency ever created. It was a pioneer and ground breaking project for a decentralised economy, a digital form of payment and an immutable record of blockchain transactions.

Bitcoin has developed a few interesting challenges limiting its practical use for everyday payments. As Bitcoin has increased in popularity, it has shown it is less capable of handling the thousands of transactions needed for an everyday digital payment platform. Instead Bitcoin shines as a store of value. You may have heard of Bitcoin being referred to as digital gold.

There are a few other projects that have improved on the fundamentals of Bitcoin in one way or another. Enter the other main UTXO blockchains with similar DNA to Bitcoin, but with a few genetic enhancements. These include Litecoin, DigiByte and Vertcoin.

Litecoin is the most similar to Bitcoin with a larger supply and faster transactions. It is often referred to as digital silver. Bitcoin and Litecoin are certainly two of the most well known cryptocurrencies. They have benefited greatly from first mover advantage in the crypto markets. However, both Bitcoin and Litecoin allow specialised and expensive mining equipment called ASICS on their networks which could be argued to reduce the level of decentralisation.

Achieving decentralisation on the network is very important because it improves blockchain security and minimises the chance of any one entity (or bad actors) trying to gain control of the network. You may have heard about 51% attacks which can occur if a bad actor gains 51% or more of the hashing power on a network.

Enter DigiByte and Vertcoin. Both of these cryptocurrency projects strive for true decentralisation, where everyone has an opportunity to contribute to the hashing power of the network. DigiByte comes with some groundbreaking technology called DigiShield a multi-algorithm approach to mining and securing the network, whereas Vertcoin specifically works at eliminating all ASICS from its network allowing anyone to GPU mine on a home or gaming computer. Vertcoin has a similar maximum supply to Litecoin and DigiByte has a larger maximum supply. For all these cryptocurrencies the supply is limited. There will never be anymore after the maximum supply is reached.

Bitcoin, Litecoin and Vertcoin are all great cryptocurrencies, but Digibyte is certainly a favourite. DigiByte comes with some great technology improving blockchain security, privacy (e.g. Dandelion IP location privacy) and transaction speed (40x faster than Bitcoin). Payments are processed almost immediately with near zero transaction fees. DigiByte will also scale on chain to continue processing many thousands of transactions making it a superior option for digital payments now and into the future.

DigiByte may not be as well known now as Bitcoin and Litecoin but its popularity is quickly expanding. Hundreds of exchanges are now listing DigiByte and more and more people are discovering its benefits everyday. Digital payments is only the beginning – the DigiByte blockchain also has a digital applications layer and a digital assets layer (DigiAssets) both with enormous use case potential.

Why not take a look at DigiByte for yourself? At the very least you may be pleasantly surprised at what you find, but be careful you might just get hooked on DigiByte.

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True Decentralisation – Blockchain & Cryptocurrency

greentermite 7 August 2019

(Core Member – DigiByte Unlimited Network)

 

This article contains opinions of the author and has been written for information purposes only. The information should not be considered as financial or investment advice. It is always important to do your own research. All decisions come with risk and you should never purchase or invest more than you are willing to lose.

 

What is a Centralised System?

Most organisations operate in a centralised manner, where systems and information stay within an organisation’s control. This means the organisation has the power to make changes to their systems and the way they operate to suit their business model. As a customer you need to agree with the way an organisation operates and manages your information to be provided with their services.

 

Decentralised Networks

Now let’s look at the idea of decentralised networks. Decentralisation is a way of distributing information, systems and operations more broadly. No one person or organisation holds the power to make changes to system or operations. Everyone involved in a decentralised system is part of a greater network, with each person contributing to the network’s success.

 

Decentralised Blockchain & Cryptocurrency

Decentralisation is the key to blockchain technology and cryptocurrency. Multiple versions of a blockchain ledger, or record of transactions are stored on people’s computers (or other devices) all around the world. For transactions to be valid they must be confirmed with the record stored on all the other devices in the network. In this way the record cannot be falsely manipulated or changed and transactions must be consistent when compared to the record on the network.

Now we can start to see the benefits of a decentralised blockchain. There are many blockchain use cases but I’ll use cryptocurrency payments or digital money as my example. A decentralised blockchain network removes the need for third party services (e.g. banks and credit card providers) to process transactions on our behalf. On a blockchain network digital payments can be securely sent from one person to another, with no bank or other third party service fees, anywhere in the world. This technology gives people options and the ability to take control of their own money, creating financial freedom and opportunities that do not exist with traditional centralised banking.

 

Trustless & Distributed Consensus

These days there are a number of models to provide a trustless and distributed consensus system within a blockchain. It is this consensus system that secures the network and eliminates the need for third party services to process transactions. The most common methods of providing consensus to a blockchain network is Proof of Work (PoW) and Proof of Stake (PoS). Irrespective of the method if a single entity is able to gain control of 51% or more of a network they would be capable manipulating the information on the blockchain. Bad actors who gain this level of control are typically attempting to steal cryptocurrency (or other digital assets), or are potentially even trying to disable a network. This is known as a 51% attack.

 

True Decentralisation

In a true decentralised blockchain network anyone should have the ability to contribute to the consensus mechanisms and the operation of the network. The more broadly distributed and greater the number of individuals involved in providing this function the greater its level of security and decentralisation.

In summary, a true decentralised blockchain network eliminates the ability for any one party to have control or influence and allows anyone to participate. A true decentralised network ensures systems, operations and records are broadly distributed across the network to increase integrity and security. A true decentralised network also provides users with confidence in the protection and transfer of value and information.

 

True Decentralised Blockchain & Cryptocurrency Projects

There are many blockchain projects claiming to be decentralised and there are a smaller number that can claim to be truly decentralised. Some projects have implemented centralised components to enhance their project fundamentals but it needs to be acknowledged any additional benefit may reduce the level of decentralisation.

There are now thousands of blockchain and cryptocurrency projects and it would be a challenge to fully research and understand them all. However, if true decentralisation is important to you I am hoping this article has provided you with some insight. For an example of two blockchain and cryptocurrency projects striving for true decentralisation I suggest you take a look at DigiByte (www.digibyte.io) and Vertcoin (www.vertcoin.org).

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DigiByte – A Top Cash Alternative

greentermite 18 August 2019

(Core Member – DigiByte Unlimited Network)

 

This article contains opinions of the author and has been written for information purposes only. The information should not be considered as financial or investment advice. It is always important to do your own research. All decisions come with risk and you should never purchase or invest more than you are willing to lose.

 

Who Controls My Money?

Unless you have a mattress full of cash or a secret wall cavity where you store your wealth, it is safe to assume you have at least one bank account. Most people also have a home or personal loan and carry at least one credit or debit card.

If you answered yes to any of the above (with the exception of having a secret stash), the answer may be a surprise. If you think about it, your bank, credit card company, fund manager or any other third party service you rely on to manage your accounts likely has more control over your money than you.

Ask yourself, if the institution you trust to manage your money goes bankrupt or the country goes into deep recession, are you confident you could easily access your money? I realise this example is a little extreme but it does make you think.

 

A Cashless World is Coming

The world is transitioning to electronic forms of payment and the use of cash is on a steep decline. Think about your daily life and how often you still use cash. In many cases, electronic forms of payment are a far more convenient way to pay for the groceries, the bills, or just to send money to a friend or family member.

 

Does Cashless Convenience Come at a Cost?

The convenience of electronic payment methods typically provided though banks, credit card or other third party service providers do not come for free. Some years ago banks would give us a few percent interest for the privilege of managing our deposits. Now we are lucky to receive any interest on deposits in normal saving or cheque style accounts. In fact, today you are probably being charged a fee (or fees) for the privilege of using these services. This may include deposit and withdrawal fees, credit card transactions fees and account management fees. Some financial technology companies also charge a commission (or fee) for every payment processed.

 

Transaction Data is Collected

Have you ever taken a good look at your bank, loan or credit card statement. If this information was provided to a total stranger they could easily find details of how much you earn, how much you spend, where and when you shop, what you eat, your favourite brands, how much you owe and the list could go on.

Now think about all the rewards (or loyalty) programs you have joined for the places you shop. Are you saving rewards points chasing an illusive travel discount, a free appliance, or a 10% voucher for every $200 spent. Do you think these programs are only designed to incentivise return patronage, or is it possible there is value in the transaction data?

The simple fact is, all this information can be collected because we rely on third parties to manage our accounts and process our payments. Or, we choose to join programs collecting transaction data.

 

Cash and Privacy

A physical cash payment is free of transaction data and has no digital footprint. It is possible to associate transaction data to a cash payment by the issue of a tax or payment invoice. However, with cash it is also possible make a more private payment with no third party involvement. Two big advantages of not involving a third party are (a) no third party service fees, and (b) the option to exercise more control over the collection of transaction data.

 

Future Limits on Cash

Some governments have or are considering regulating limits on cash payments. This is for obvious reasons such as preventing money laundering or the financing of illegal activities. This is a positive move for law enforcement but is also a restriction on other legitimate cash payments. This is where society needs to decide on the benefits of security versus privacy. Irrespective, when you consider the convenience and regulatory outcomes associated with electronic payments it is not hard to see it won’t be long before physical cash is phased out of financial systems.

 

DigiByte – A Cash Alternative

So, if we are moving toward a cashless world, it make sense to find a suitable cash alternative. This alternative should provide the same advantages of cash and the additional convenience of electronic payments. A suitable alternative needs to meet the following criteria:

  • Control of own funds
  • Minimal or no fees
  • No third party collection of data
  • Convenience

 

Enter a top cash alternative for a digital world – DigiByte!

DigiByte is a form of digital payment built on DigiByte blockchain technology, which has been working reliably for more than 5 years. It is also the longest and most secure UTXO blockchain in existence. Transactions are extremely secure, super fast and super cheap (almost zero). When compared to other similar true decentralised blockchains there is nothing close to DigiByte’s on-chain transaction capabilities.

DigiByte is a true decentralised blockchain. What does this mean and why is this so important? Here is a quick summary from a previous article –

“… a true decentralised blockchain network eliminates the ability for any one party to have control or influence and allows anyone to participate. A true decentralised network ensures systems, operations and records are broadly distributed across the network to increase integrity and security. A true decentralised network also provides users with confidence in the protection and transfer of value and information.

A true decentralised blockchain removes the need for any third party to process transactions. The blockchain uses what is called a trustless and distributed consensus mechanism to achieve this outcome. Trustless in this context essentially means you don’t need to trust other parties to manage funds on your behalf. This also means no third party fees and no third party collection of your transaction data. You are now in full control of your own funds on the blockchain.

Digibyte is not a company and there is no central authority to take control or to fail. DigiByte is able to be successful because it has a large passionate like-minded community supporting ongoing development, education and promotion and advocacy.

As you can see DigiByte ticks the boxes for a top cash alternative, providing benefits of cash transactions and the convenience of electronic payments. I should also mention the DigiByte blockchain has a few more surprises up its sleeve in addition to payments. If your interest has been peaked I suggest you visit the DigiByte website www.digibyte.io to learn more.

 

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DigiByte – Community Powered Blockchain

greentermite 26 August 2019

(Core Member – DigiByte Unlimited Network)

 

This article contains opinions of the author and has been written for information purposes only. The information should not be considered as financial or investment advice. It is always important to do your own research. All decisions come with risk and you should never purchase or invest more than you are willing to lose.

 

What is DigiByte – A Brief Summary?

DigiByte is a UTXO blockchain sharing similarities with Bitcoin. What sets DigiByte apart is its super fast transactions (a matter of seconds) and near zero transaction fees. The blockchain can be used for payments, applications and digital assets. DigiByte transactions occur peer to peer (P2P) removing the need for any third party involvement (i.e. no third party fees or control). The DigiByte blockchain has been working reliably now for more than 5 years and is the longest and most secure UTXO blockchain in existence. DigiByte also pioneered technology to secure its network including DigiShield, MultiShield and a multi-algorithm Proof of Work (POW) consensus mechanism. More recently Dandelion privacy technology was introduced to protect the IP location of transactions.

 

Who Controls the DigiByte Blockchain?

The DigiByte blockchain was first released by its founder and creator Jared Tate in 2014. Since that time DigiByte has been updated and improved on a number of occasions. As I understand Jared remains involved in the development of DigiByte but has no formal role or oversight in relation to the project. This is because Digibyte is not a company and there is no central authority to take control. Likewise, there is no single person or entity who can cause its failure. So, who controls the DigiByte Blockchain? The answer is simple – no one person or entity controls the DigiByte blockchain. DigiByte remains viable and continues to grow because it has a large passionate like-minded community supporting ongoing development, education, promotion and advocacy.

 

What Does Community Mean?

What does community mean for you? Is it the people in your town? Is it the people at your work? Is it the people you play sport with on the weekend? Or does community have a more encompassing meaning? Could it be everyone in your city, or maybe you think of community on a national or global scale?

Community can have different meaning based on context, but the one constant is people and people are the ‘heart and soul’ of a community. A successful community will have people from all walks of life, all skills and professions, all ages and cultures, all contributing to its stability, viability and productivity.

 

DigiByte Community

Now let’s relate the above to the DigiByte community. The DigiByte blockchain provides a service on a global scale, supported by people from all around the world. It can just as easily be used to transact with someone in your local area, or with someone half way across the globe. It has no geographical boundaries, it is open source and permission-less. This means anyone can get involved and everyone can help DigiByte to grow. Whether you mine, run a node, develop software or hardware, make payments, HODL (hold and store), educate or promote (and I’m sure I’ve missed some) – we are all part of the DigiByte community!

 

DigiByte – Community Power in Action

I recently read the phrase “Proof of Community” used by Rudy Bouwman, the Chief Marketing Officer of the DigiByte Awareness Team. This term is obviously a clever play on the names of blockchain consensus mechanisms e.g. Proof of Work or Proof of Stake. I am guessing the phrase was coined (no pun intended) after hundreds maybe thousands of DigiByte supporters posted videos demonstrating they are real people and not ‘bots’ as had been suggested by a few individuals on social media (for those asking what’s a bot, it is an automated/robot account). At the time of writing this article real DigiByte community members are still posting their ‘I love DigiByte and I’m not a bot’ videos. In this situation the community response has demonstrated a real positive power in support of the DigiByte project. Equally it clearly indicates the DigiByte community is like-minded and capable of effecting real change when needed.

 

DigiByte – Community Powered Awareness

In 2018 the DigiByte Awareness Team (DGBAT) was formed by volunteers to promote the DigiByte blockchain through education, outreach and marketing campaigns. DGBAT has been continuously active in its campaigns including securing partnerships essential to DigiByte’s growth (visit dgbat.org).

PromoteDGB (PDGB) is website repository of free resources created to empower the community to promote DigiByte (I think it started in 2018). Resources include promotional images, printables, technical sheets and other educational material (visit promotedgb.com).

At the beginning of 2019 the DigiByte Unlimited Network (DUN), also volunteers, formed and started creating professional short education and promotion videos for the DigiByte blockchain. In a relatively short time DUN has released over 20 videos. These videos can currently be viewed on the DigiByte Unlimited Network YouTube channel or by following their group on Twitter @DigiByteUN. However, DUN is currently working on an educational website to host its content called DigiVersity (visit digiversity.io).

While we have separate groups each with their own approach to DigiByte education and promotion, it is not uncommon to observe these groups collaborating on social media. Again, this is a great indicator of the community working together for a common goal.

There are also many other groups and individual community members who dedicate their time and expertise providing quality educational and promotion content on social media and other platforms. Many thousands more are actively contributing to discussions and providing valuable feedback.

 

DigiByte – Community Powered Innovation

A number of organisations are building innovative projects on DigiByte blockchain technology. These organisations are also part of the broader DigiByte community. I will refrain from creating a list here, but would like to mention DigiCafe (a product of DigiBytePay) and BLOCK 30 Labs as examples.

DigiCafe was created by a community member who identified a need to make it easier for business to accept DigiByte as a form of payment. As a result, the DigiCafe application (available for both IOS and Android) was developed turning any mobile device into a DigiByte Point of Sale (PoS) (visit digibytecafe.com).

BLOCK 30 Labs is a company working to simplify digital asset investment. They have created the BLOCK 30 Marketplace where you can list, buy and sell digital assets secured on the DigiByte blockchain. They have also created grouped digital assets called BLOCKS (visit block30labs.com).

As we see continued innovation by business and organisations building on DigiByte blockchain technology we will also see an increase in DigiByte use and adoption.

 

Community Growth Means DigiByte Growth

If you want a project or initiative to grow you have to put in the hard yards. As the saying goes “nothing worthwhile ever comes easy”. As mentioned earlier DigiByte is one of the most senior proven blockchains with over 5 years of reliable operation under its belt. With the exception of other senior blockchains like Bitcoin, Litecoin, Ethereum (and maybe Vertcoin) there are not many projects out of the thousands now in existence that have actually stood the true test of time.

It is also well known DigiByte has an active development community regularly contributing to the development and improvement of the network. Combined with a community actively involved in education and promotion, we are sure to see the DigiByte blockchain stand tall amongst many of its competitors. Why? Because DigiByte is community powered!

In an era of increasing government interest in the blockchain and cryptocurrency industry, it is possible many projects funded by an Initial Coin Offering (ICO) will get caught up by some form of regulatory red tape. This could also mean people start to transition to reliable blockchains like DigiByte that did not rely this type of funding model to get started. We need to be ready to welcome these people to the DigiByte community.

As a community we also need to make sure we do not end up inward focused by default. It is too easy to become comfortable in our place within a community and sometimes we forget to stretch our boundaries. After all, why would we want to create boundaries (e.g. comfort zones) if we want our community to grow? When you realise only a few percent of the worlds population is involved in blockchain technology, it becomes clear there is massive potential for community growth if we can effectively engage with a wider audience.

Clearly DigiByte has strong fundamentals and can stand proud based on its technology alone. But when you add the fact DigiByte is community powered ….. the possibilities are almost limitless!

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