One of the interesting things about DigiByte, whose motto is “you store & send data in megabytes & gigabytes, why not send money in DigiBytes?” is its use of five algorithms in mining.
These five algorithms are Groestl, Qubit, Scrypt, Sha256d, and Skein. Skein and Groestl appear in the X-series of algorithms, and there are other coins that have used the algorithms independently, such as Woodcoin, which uses Skein. Scrypt is the most commonly used algorithm in cryptocoins and constitutes coins like DOGE and Litecoin. Sha256d is the same one used for Bitcoin. Qubit is a bit more complex, used in a few of the more obscure altcoins. So, three CPU-friendly algorithms and two ASIC-friendly ones – something for everyone, it seems.
Probably a very good strategy, satisfying everyone’s needs, when launching a global currency with the explicit intention of competing with platforms like PayPal.
With a private investment made for USD $250,000, the DigiByte Team now has the financial backing to build software and services around the DigiByte core protocol and bring DigiByte further into the digital and real world markets. […] In collaboration with Tofugear Limited’s strategic retail, wholesale and technical development partnerships, the DigiByte core protocol is currently being developed into a range of solutions that will revolutionize the consumer’s daily life.
Tofugear is a Hong Kong company which does a range of things, including develop software for retail businesses and manufacturers. Partnering with a company at this level is another very good strategic move which can spell nothng but good for the currency, which presently trades at 18 Satoshi.
Since it has a dedicated development team of serious folks and will now have two businesses utilizing its currency in day-to-day transactions, this price seems low, and likely will not stay that way as word spreads and people gain a better understanding of the coin’s objectives and inner-workings.
Like other altcoins, the main thing going for DigiByte in the eyes of businesses is how much faster it is than traditional credit cards, Paypal, and even Bitcoin. A post on TofuGear’s website puts it this way:
At a fraction of the transaction time of Bitcoin, DigiByte is well-suited for buying everyday items such as a coffee or a pair of jeans in mere seconds. With this security and expediency in mind, the DigiByte Payment Network team is dedicated to becoming the global micro payments solution.
There are a lot of things to consider when considering a cryptocurrency alternative to Bitcoin. One of those things is how serious the people behind it are, and whether they will be there in the long-run. Many a coin has come and gone in the space of months, and sometimes folks have lost a great deal of money thanks to ineptitude or too much faith on their part. But when a development team treats the a coin like it is their job – which, if this is not possible, should they really be developing it in the first place? – it gives the public a certain sense of assurance not felt when the coin appears to be a hobby which could be bastardized any minute by a new video game or a change in the cost of hosting.
So, I don’t think this is the last we’ll be hearing of DigiByte, which is mined by the mammoth Ghash.io. Indeed, I think we might have the next Darkcoin on our hands in DigiByte.
Images courtesy of Shutterstock and DigiByte.