Would you like to have a crystal ball and be able to see the future DigiByte? Where would we be in 5–10 years from now?
The future of any project is depending on different things, like development, marketing, application and implementation, the team and the conditions.
DigiByte has proven over time to be one of the most forward-thinking projects. DigiByte became the world’s first blockchain to install SegWit (Segregated Witness), which means that transaction confirmations are kept separated from the information stored within the block, which helps to achieve faster transactions. DigiByte also pioneered both MultiShield and DigiShield. MultiShield is the advanced version of the original DigiShield (because of its multi-algo mining). It creates an asymmetric real-time difficulty adjustment and is now even widely implemented in over 25 other blockchains.
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With the recently introduced protocol developments, DigiByte has again proven to be forward thinking.
The new feature called ‘Dandelion’ will protect the privacy and security of DigiByte users. It is protecting your location by making it difficult to ascertain from a transaction source’s IP Address. The new mining algorithm called ‘Odocrypt’ will be ASIC resistant because it changes every 10 days. This will bring equitability, freedom, and faith to normal miners to mine using their average hardware, giving everyone an equal chance to secure the network and making the system totally decentralized, distributed and easily accessible.
The core-team is focused solely on the development of the project. And because DigiByte is not a company, Marketing is being produced by different members of the DigiByte Community. Some are organized in groups and using their skills to create awareness and encourage adoption. Groups like DGBAT (DigiByte Awareness Team) and DUN (DigiByte Unlimited) are a blessing for DigiByte.
Because the community is growing we see these groups growing and improving, and more of these working groups will appear in the future.
DigiByte is showing a growing number of applications and use-cases as will be detailed further down below.
Integrity is one of the most important characteristics of DigiByte team members. All core members are trustworthy and have the best intentions. When dealing with an ICO project or a company with paid employees managing a project, there is always the risk of having people focussed on money, instead of real dedication to the project. In a decentralized community like DigiByte, all active members are unpaid volunteers, dedicating free time, resources and money out of own pockets to support the project.
There will be no fraud, corruption or illegal actions. History has proven that the decentralized nature of the DigiByte community produces a self-improving system. If someone fails or seems to have wrong intentions, it will get noticed by others and that person will get blocked, ignored and excluded from the community.
DigiByte is in the most viable condition compared to many other projects.
DigiByte is not a company, it doesn’t have to deal with risks like bankruptcy and layoffs. Nobody and nothing can close DigiByte down. DigiByte doesn’t have a ‘Single Point of Failure’ because of its unmatched decentralization all across the world. No entity can ever shut down DigiByte, unless they shut down the internet all across the world.
DigiByte uses 5 different PoW mining algorithms. The cost involved to attack DigiByte (51%) would not pay off. It’s a waste of time and resources.
The power of DigiByte is due to the fact that it is 100% community driven and moreover, operational and growing since 2014. It’s an open-source project, being developed and supported by a truly decentralized global community of volunteers. Whatever happens to people or resources involved with the DigiByte project, this powerful community will ensure the continuity of the project.
What sets DigiByte apart from other projects?
In regards to its technology, we can say that DigiByte is like Bitcoin and Litecoin. It’s a UTXO blockchain with PoW mining algorithm.
DigiByte is based on the code of Bitcoin and Litecoin. Not a fork of the blockchain but a ‘fork of the code’. DigiByte is its own blockchain, with its own genesis block. But compared with Litecoin and Bitcoin we can say DigiByte is larger, much faster, more secure and has lower transaction fees. It’s also a more advanced and developed technology.
But DigiByte doesn’t get the attention like Bitcoin and Litecoin are getting, but that’s changing and it’s very possible that it will get the same kind of attention in the future. For sure DigiByte deserves it.
If we compare Bitcoin with platforms like Ethereum, we can say that Ethereum is a more flexible protocol than Bitcoin and is being used by companies to offer Blockchain as a service. Because it’s more flexible, it’s being used as a platform to run Smart Contracts or create your own token.
DigiByte is currently deploying a protocol called DigiAssets. Developers are testing the issuance and transfer of digital assets, asset explorer, wallet integrations, etc. And because of the scalability of the DigiByte Blockchain, it could be seen as a better platform than Ethereum to build on. The Digibyte core team will also be working on adding support for Solidity, the programming language for decentralized applications (dApps) built on top of Ethereum. If this is implemented, then a dApp written in solidity could run on the Digibyte blockchain. This is a way of avoiding the congestions issues on Ethereum that happened in late 2017. This may also appeal to developers who were considering building a dApp on Ethereum, to now use DigiByte instead.
With the development of the DigiAssets eco-system, the latest privacy feature Dandelion and the new mining algorithm Odocrypt, DigiByte is showing again to be able to guarantee a continued development of its protocol.
Top use- cases for DigiByte
Because DigiByte is the most secure and most decentralized UTXO blockchain, and this combined with other features like transaction speed, the technology is ideal for CyberSecurity solutions.
Digi-ID / AntumID
One of the applications developed by DigiByte is Digi-ID. Digi-ID is a fast and secure authentication method that can be used as an alternative to passwords to sign into online applications. It works by using a blockchain-based signature. It’s almost the same system that allows you to sign a transaction, but now you can use those private keys to authenticate yourself to log into a website or other platform. The benefit of this is that you can use just one app to sign into different applications, without giving any of them the same piece of data. The signatures are time sensitive and unique every time they’re created. So if a website suffers a data breach, it’s no problem because the hacker can’t reuse the signatures to sign into anything, unlike passwords. Besides the user to login to different websites, it can even be used for building security and replace access cards. Digi-ID is anonymous, with no information being stored or transmitted. There is also no personal information kept inside of the DigiByte mobile applications, nor any form of data-logging. This allows for easy compliance with GDPR regulations. Digi-ID is even being implemented into 3rd-party wallets that support multiple cryptocurrencies, like Coinomi.
Antum is a Belgium company that has taken Digi-ID to another level. With AntumID they have commercialized Digi-ID by making integrations in different programming languages very easy and they are offering support. Antum also allows users to create private and secure online identities. So with registration and verification using a personal ID, AntumID can be used to confirm that someone is dealing with a real and trusted person online. This is very useful on platforms like government websites, dating sites, and online market places.
Digi-ID requires website operators to implement Digi-ID. That might be holding them back because it takes time and development support to do so.
But thanks to AntumID and DigiByte developers there is another solution. It is even a better solution than a password manager because it doesn’t need to store your password on your PC or in the cloud. You can now do this all from your Digi-ID Authenticator. They have created a browser plugin for Google Chrome, FireFox, Brave and Microsoft EDGE browser.
These applications will be included in the main DigiByte apps, and also to standalone iOS Authenticator applications. If you use a mobile phone and go to a website, like for example Twitter or Facebook, you just need to tap on the Digi-ID/AntumID button to have it generate you a unique QR code for the website that your browser is currently open at. You scan the QR code with your Digi-ID Authenticator app. It will generate a unique password for that website. If you’re not using a mobile phone but a PC web browser, you simply tap on the “Send” button to have it send the password through to your browser. The password is cryptographically generated by your private keys, specifically for the website you are visiting. It’s not stored anywhere but is recreated the same each and every time for the respective website.
Digusign is a HongKong based 3rd party company that uses the DigiByte Blockchain to securely store, notarize, and validate documents. You can create templates, send documents & contracts for signing.
A very promising use-case is the Dutch company V-ID. V-ID secures any digital file against unlawful manipulation and therefore protecting businesses against any form of digital fraud. With V-ID you can identify manipulated digital files, by validating and verifying these files. You can validate outgoing digital files so any receiver can verify that the content came from you. Anyone can verify an incoming digital file to make sure it was unaltered and sent by the expected sender. Think of certificates, invoices, files, etc. One of the blockchains they are using for this is DigiByte. They see an increasing number of impressive customers like Airbus Space & Defence. They are looking to use DigiByte technology more in the future. So definitely a company to keep an eye on. During the DigiByte Global Summit back in April 2019, they have been showing a video where they use the DigiByte Blockchain to validate a Rembrandt painting. This means V-ID applications can be used also for real-world assets.
DigiAssets is a secure, scalable secondary layer on top of the global DigiByte blockchain that allows decentralized issuance of assets, tokens, smart contracts, digital identity and much more. DigiAssets can be used to securely and cryptographically represent anything we find in the real world. From real-world assets such as real estate, airplanes, boats and cars to scarce digital pieces of art and music. But also signed documents such as wills, deeds, and purchase orders, medical bills, and advertisement data can be protected as DigiAssets. With DigiAssets platform you can launch “Digital Assets” on the DigiByte blockchain. These assets can be both fungible or non-fungible tokens, shares, tickets, coins, property, etc. Issuance of DigiAssets can take place both in a web-browser as well as from Android & iOS applications. Anyone can create a DigiAsset from their mobile phone, and it will be backed by the security and scalability of the DigiByte blockchain, meaning that DigiAssets will be verified on the DigiByte blockchain, making immutable assets, unforgeable, and giving transparency of supply and ownership. These DigiAssets can be traded, sent, or received by users around the globe. DigiAssets leverages unique aspects of a truly decentralized blockchain only found within a blockchain like DigiByte. This allows DigiAssets to be more secure, scalable and decentralized than any other platform yet seen in the market. Because other blockchains struggle with capacity or centralized validation, DigiByte is making DigiAssets the perfect platform for launching any asset. DigiByte has on-chain scalability, proven security, and enviable decentralization in all aspects.
Examples of DigiAssets:
DigiAssets can completely solve the issue of ticket scalping. Users could both be certain they are purchasing an original ticket to a Football game, or Concert directly from the official vendor while also being evident that the ticket has not been resold through a scalping service.
DigiAssets can be used to issue shares in a company and could be used for funding and starting a business. A company can float its shares on the open market via exchange sites.
A house or land deed can also be stored as a DigiAsset coupled with the property title notarized on the blockchain. DigiAssets will allow a peer-to-peer transfer and validation of ownership on the DigiByte blockchain.
No conflicts because of fraudulent documentation.
DigiByte POS Application
I would also like to mention DigiByte Pay as a use-case. DigiByte Pay developed an app called DigiCafé. This Point Of Sale app is a useful and an easy to use DigiByte payment system and application that merchants can easily integrate into daily payment transactions. The app interface is very simple. The retailer would add purchased items into the app, the app totals the sale in the local currency then converts the total to DigiByte. The app generates a QR code with all of the payment details. The customer clicks “send” in their DigiByte wallet and scans the QR code. The customer sends the funds. The retailer then clicks a button to verify the confirmations. When the transaction is successful the app prompts to send a customer receipt via email.
There are different payment processor systems offering a plugin that allows for DigiByte transactions for woo commerce websites. Recently DigiByte Pay has created a woo commerce plugin. So online businesses can accept DigiByte payments.
The Future with DigiByte
DigiAssets & BLOCK 30 Labs
The DigiAssets platform will be a gamechanger for DigiByte. One of the first companies that will be using the DigiAssets platform is BLOCK 30 Labs.
The full ecosystem vision of BLOCK 30 Labs is a perfect match for the vision of where DigiByte wants to go with DigiAssets. By leveraging the speed, scalability, and security of the DigiByte blockchain as the backbone of their offerings BLOCK 30 Labs will bring together consumers, merchants and the professional enterprise world. They are developing 3 core applications
BLOCK 30 Marketplace
The world’s first marketplace built on DigiByte blockchain. It will bring together global buyers and sellers in the exchange of value on the blockchain, including concert tickets, automotive, hospitality, businesses, land, grow farms, wineries, fractional ownership, mixed-use development, and commercial real estate.
BLOCK 30 Pay
Block 30 Pay is offering a digital wallet, which will be available at checkout on the BLOCK 30 Marketplace, and help global customers and merchants begin to use and adopt digital assets vs. credit cards through an asset called BLOCKS, and of course, powered by DigiByte.
BLOCK 30 Financial
This division will be providing the ability to BLOCK 30 Pay digital wallet holders to invest in customized security tokens directly from their mobile phone. They will work with a sophisticated index called BLOCK 5, 10, 30, etc. that tracks the most important global markets and provides thematic sector coverage. The index will also be important in protecting investors by providing them with a more comprehensive view of the market.
BLOCK 30 Labs is a huge milestone for mass global adoption of the DigiByte ecosystem.
Finally, I would like to advise you to buy the book that Jared Tate is about to finish. The book is titled Blockchain 2035. It can be pre-ordered at website blockchain2035.com. Blockchain 2035 is the response to thousands of questions Jared Tate has received over the past 7 years about what a blockchain is and what it means for the future. This book is meant to clear up the fog of blockchain and be a guide for all kind of people to help better understand what this technology is and how they can apply it in the future.
DigiByte, in 5 years from now, with its forward-thinking approach, viability, development, and application of its technology, sustainable growth of project, team and community, I don’t think we need that crystal ball to predict the future with reasonable accuracy.
It’s not about the future of DigiByte, It’s about a future with DigiByte. was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.