$Digibyte AMA Summary with Decentralized Club✔️
Dear, Community,

Welcome to our community on t.me/decentralized_club Telegram group’s AMA. We really appreciate all your support. There were really good and thoughtful questions that were asked. For those who missed our AMA, this blog post is for you :)
✔️Introduction with Digibyte:👉
👉 Q1. Can you tell us what is Digibyte about?
Ans. 👉 DigiByte is it’s own public UTXO blockchain, and the first one with SegWit, MultiAlgo mining and DigiShield. DigiByte is not a company, no ICO or pre-mined but like Bitcoin, mined over time, with a max. supply of 21 billion in 2035. DigiByte is being developed and supported by a very large and growing global community of volunteers. A real grassroots movement.
Founded by Jared Tate and Operational since 2014, many other blockchains have adopted DigiByte technology such as DigiShield. DigiByte has over 200K full downloaded nodes and tens of thousands active nodes world-wide distributed, so truly decentralized.
DigiByte uses 5 parallel hashing algorithms (PoW). One of them is ASIC resistant. So the network is really secure and truly un-hackable. DigiByte is very fast. Nearly instantaneous transactions and 15 seconds for a first confirmation, 40x faster than Bitcoin. Transaction fees are very low (close to zero).
DigiByte has created a DigiAssets platform for the issuance and trading of digital assets. These assets can be both fungible or non-fungible tokens, shares, tickets, coins, property etc.
We are focussed on Cyber Security with applications for secure authentication and proof of authenticity.
👉Q2. Amidst all the projects today why do you think people should not be mistaken about thinking DGB is just another crypto project?
Ans.. 👉DigiByte is 6 years proven battle-hardened, and become the largest and most secure and decentralized UTXO blockchain on earth. Also, DigiByte is having some real-world use cases with a focus on Cyber security, like Digi-ID application for cryptographic authentication without using username, passwords and 2FA. Also our chain is being used for proof of authentication. Next to that, we are the fastest real POW UTXO blockchain in the world! With 1 second wallet2wallet transactions and 15 second blocktimes, its truly unique. Also DigiByte can handle over 1000 transactions per second. Also the decentralized structure of DigiByte is unique: there is no owner, no central command, but a globally distrubuted community that is working on DigiByte from their passion!
Q3. Can you tell us about any partnerships you guys have made?
Ans.. 👉If we look at use-cases, our biggest partners are AntumID and V-ID. They use the DigiByte technology to create and further develop use cases. In regards to DGB as payment option for merchants, we are seeing an increasing integration in payment processors. One of our biggest partners there is UTRUST.
Also Block30Labs is building a great digital marketplace and payment processor, based on DigiByte technology. DGB is easy to buy and to trade. We’re listed on over 120 exchanges worldwide with many fiat pairings. The number of platforms is still growing. Also storage of DigiByte is easy with the use of our own DigiByte iOS en Android wallets, and of course multiple 3rd party hardware and software wallets.
Q4. What more developments can we expect from Digibyte in 2019?
Our developers are very active, so further protocol developments can be expected. We are already looking at quantum computing in example.
Further developments of use-cases based on secure authentication and proof of authenticity can also be expected in the very short term.
More integrations in payment processors and more listings on exchanges and a growing number of (fiat) pairings.
Also we expect more use of our DigiAssets platform, where we could see a growing number of companies using the platform, like Block30 Labs, EUCX exchange, and even companies out of the crypto-space.
🔐
📢Community ask Questions by Twitter ✔️
👨💻 Accepted From Twitter :
Question No 1. 👉 @kyaraochnev (Twitter Username)
Can you explain about True UTXO Blockchain & whats the main benefits of UTXO Blockchains? Why UTXO are better than POS, Hybrid or Private Blockchains as they are also performing well! & Whats the reason behind choosing UTXO for Digibyte?
Ans.. 👉Like Bitcoin, DigiByte uses UTXO to verify balances through each crypto rather than the wallet address holding them. UTXO stands for Unspent Transaction (TX) Output. Basically, it’s the amount of leftover cryptocurrency change that you receive from each transaction. When you look at your wallet, you see a balance. Let’s say 1000 DGB. But in fact that balance is comprised of several UTXOs. In example it could be 2 UTXOs worth 250 DGB each, and one UTXOs worth 500. But the specific amounts don’t matter, they must add up to your total balance, in this case, 1000 DGB. It’s impossible to split UTXOs, so there’s no way to pay an amount that cannot be made form exisiting UTXOs. So If its not possible, the network will mint new UTXOs. So a transaction may use any combination of UTXOs and you don’t have control over which ones. Implementing UTXOs greatly simplifies the accounting methods of the blockchain. Instead of having to track and store every single transaction, we just need to track the unspent coins, the UTXOs. UTXOs are critical in preventing double-spend attacks, and they stop you from spending coins that don’t exist. Network nodes record and maintain a database that contains every UTXO available for spending. If you try to send a transaction with a coin that isn’t in that database, the nodes will reject it. A Proof of Stake (PoS) concept states that a person can mine or validate block transactions according to how many coins he or she holds. Also POS is not so secure compared to PoW. With PoW, miners compete against each other to complete transactions on the network and get rewarded. POW allows a trustless’ en ‘distributed’ consensus. DigiByte don’t want any form of centralization or authority in it’s network. We are intended to become the most secure, most decentralized, and truly decentralized, open-source blockchain in existance. It’s a network fort he community and by the community, that can’t be controlled by a single entity.
👨💻 Accepted From Twitter :
Question No👉 2. @Simron65007740 (Twitter Username)
How many Dapps have been built on #Digibyte until now? Is Dapp one of your main targets in current stage? What is your strategy to attract more and more developers to build their Dapps on Digibyte??
Ans.. 👉There are a number of applications build using DigiByte technology, like Digi-ID, an authentication app to sign-in on online platforms without using username, passwords and even 2FA.
Other comapanies are using the DigiByte technology to further develop applications, like AntumID and V-ID, and multiple companies already using the DigiAssets platform to issue, send, receive and trade tokens/assets.
We are an open-source platform, so any developer can start working on DigiByte and with DigiByte. We are a permissionless network. We have a dedicated developers channel on Telegram where anyone can join and bring in ideas, ask for help, and so on.
The marketing team of DigiByte (DigiByte Awareness team) is always lookig for ways to encourage companies to use DigiByte technology.
👨💻 Accepted From Twitter :
Question No 3👉 @fantom_rb (Twitter Username)
Long STANDING , established PROJECTS are struggling with their CAPITAL and VALUATIONS . Don’t you FORESEE a situation where Digibyte will face the same too ?
Ans. 👉We don’t have any capital, so nothing to struggle with. We are no company, no ICO or pre-mine, but a truly decentralized community project. The members of the core team are all unpaid volunteers.
So the DigiByte blockchain is not going anywhere. There is no budget to cut. There is no company to shut its doors, there are no employees to fire. It will live on with or without any single one of us, any core member included. As a community, together we help it grow & flourish around the world. We already operating this way the last 6 years, still active and still growing.
👨💻Accepted From Twitter!!
Question No👉 4.@xcnofficial (Twitter Username)
#Digibyte Do you have any partnerships with other projects to focus in the near future?
#Digibyte What are your main advantages compared to your competitors?
Ans👉
A1: We don’t have formal partnerships with other projects, but we are working close with other projects. In example, ChangeAngel, the swap exchange, has been founded by members of the DigiByte Awareness team. They are building bridges to other projects and communities. There are a number of projects where we work close together with other project teams. We are no company but a community with a permissionless network, so we don’t need formal partnerships. All colaborations are just based on good faith and gentlemen-agreements! Any one can use the DigiByte blockchain today!
A2: important advantages of DigiByte:
1) Speed: DigiByte is 1 second wallet2wallet and has 15 second blocks, This is usable in the real world for payments.
2) Scale: Digibyte can handle way more transactions compared to ETH and Bitcoin.
3) Simple smart contracts: Ethereum is very complicated and it is dangerous to make smart contracts on ETH if you are not a very good programmer. With DigiAssets, this is wat more easy and can be done by normal people. Yes, you have less functions compared to ETH, but also you cannot make mistakes like you can easily do with ethereum.
4) Decentralization: with the 5 mining algos and Odocrypt we have a truly globally decentralized blockchain. Bitcoin is not fully decentralized and is mined in China.
5) DigiByte has Dandelion privacy: you can hide your IP address when you are sending DigiByte.
Also DigiByte is no company, no ICO and no large pre-mine. DGB is mined over time. DigiByte is a truly decentralized project. A real grassroots movement. DigiByte is being developed and supported by a large global community of volunteers, and is still growing.
This is unlike any other project. All core members and developers are just volunteers. Most with day time jobs. They are working on the project because they are passionate about it and believe in the bright future of the project. This has started 6 years ago and is very active and fastly growing.
DigiByte Technology is also unique, we have: DigiShield, MultiAlgo, MultiShield, DigiSpeed, Odocrypt mining and DigiAssets. That combination makes DigiByte the fastest and most scalable true decentralized, most secure POW UTXO blockchain in the world!
👨💻 Accepted From Twitter :
Question No 5.👉 @Runehunter1 (Twitter Username)
It seems confusing when I look at DigiByte ecosystem. Can you have a short introduction about the structure of your ecosystem? What are the most outstanding use case you want the world to be remembered when talking about DigiByte?
Ans👉First we have of course the DigiByte framework.
DigiByte became the first major Altcoin to successfully activate SegWit (April 2017). DigiByte pioneered both MultiShield and DigiShield. MultiShield is the advanced version of the original DigiShield. It creates an asymmetric realtime difficulty adjustment, and is now even widely implemented in many other blockchains, like Zcash, Bitcoin Cash and over 25 others.
Continous protocol development of the blockchain is very important, to make it fast, scalable and as secure as possible. DigiByte uses 5 different parallel PoW mining algorithms: one called Odocrypt that is even ASIC resistant. With over 200K node downloads and tens of thousands active nodes all over the world, this makes DigiByte the largest and most secure UTXO blockchain on earth.
Again, ongoing development is important. We are currently looking into quantum computer resistant algorithms to be ready for the future.
The DigiByte framework is built to focus on the 4 major pillars of DigiByte, producing the most outstanding real-world use-cases:
1. DigiByte for payments
2. Authentication with Digi-ID,
3. Proof of authenticity of electronic content
4. DigiAssets platform (real-world tokenization of assets)
The DigiByte Awareness team is constantly active to reach out to payment processors, exchanges, and companies to further expand the DigiByte eco-system.
📢. Telegram live Questions answered by Digibyte✔️
Question 👉
5. Are you afraid that Google’s quantum computer may break DigiByte’s encryption?
6. What have you learned from early versions of the product? What are some of the major roadblocks along the way?
Ans👉
Answer 5: No, not current Googles quantum computer. Yes, quantum can become a serious problem in the future! So that is why we are now already looking into how to make DigiByte Quantum resistant!
Question 👉
Q1: Although many projects try to be listed on Binance to appeal to more users and benefit from high volume, DGB refused to give fee to be listed. That is to say you did not choose to increase your power like that. So Could you share with us, what really makes Digibyte strong?
Q2: Today many new projects enter the market with many promises. However, we see that most of them can not stand harsh market conditions and hit the bottom in terms of price. Only the price is not enough to evaluate a project, but one of the older project Digibyte is standing upright and in a better position than new ones. How do you evaluate this? According to you, what are they doing wrong, what are you doing right?
Ans👉
A1: We just don’t have the money to pay for listing fees. And I agree, listing on the big exchanges would help with liquidity.
But please note, we are listed on 120+ exchanges with a great number of fiat pairs as well, and we did not pay anything.!
So there are many places to buy and trade DGB. We are moving up in CMC, and we will get more in the picture.
So I’m confident that DGB will get listed on the bigger exchanges some point in time.
A2: Indeed. We are proven and battle-hardened for almost 6 years. The fact that we are all unpaid volunteers means that we are in this for not only money but it’s our passion. We believe in building the best technology and we see it still growing. We are not being distracted by short term price movements, but we are focussed on the long term.
Question 👉
$DIGIBYTE
Sharding, layered, and cross-chain are the three future solutions for high-performance blockchains. $DIGIBYTE is currently at which direction? And what are the main reasons for taking this direction?
Ans👉
DigiByte already is very well scaled with the likes of our DigiSpeed improvements. Because of the blocksize, the fast blocks and segwit, we are able to handle max 1066 TPS at the moment. Through blocksize increments, we can scale in the future a lot, to over 200.000 transactions per second. This will be done when needed. the reason we use this method is that POW is the most secure system en we need to be on chain. Side chains and lightning are not decentralized solutions and are not usable for our use cases as we need to be on chain!
Question 👉
🔹What is the business and revenue model of your project?
🔷Many projects (around 90%) apart from the Top 100 coins right now, are rumoured to fail. What do you think of that? Also, how is #DIGIBYTE going to grow the traction moving forward?
🔷Would you like to explain your partnerships and long-term plans that you have?
🔷 Do you have any future plans to expand your project globally or launch it in international market?
Ans👉
We have no revenue model. Everything is permissionless and free to use.
The projects without use cases and ICOs running out of money will indeed fail.
This means we would see DigiByte moving up in CMC position over time.
I will not rull out a top 10 or even top 5 position over time.
We are constantly reaching out to commercial businesses to use our technology.
We already have partnerships with AntumID and V-ID, and working on some more things that are still under NDA
We keep focussing on development for cybersecurity applications, because this is a real big and growing problem.
We’re already global! We are the most decentalized global project
Question 👉
Currently what is the most useful utility that digibyte has? (i.e. online shopping, value reservation)
What is your opinion about masternodes in blockchain, and if you think it is a possibility for your network?
Ans👉
A1: Although we focus on Cyber Security, DigiAssets, Payments & Secure Communications Technologies. Our most useful utility/ make us different is the focus on Cyber Security.
DigiByte is bringing free to use cybersecurity solutions to the world by development of open source cybersecurity cryptographic protocol built on top of the DigiByte public blockchain.
Some examples:
Digi-ID, an open source free to use cryptographic identity system which could potentially eliminate usernames, passwords and 2FA or even run parallel to them.
DigiAssets (Secure, scalable secondary layer on top of the global DigiByte blockchain that allows for the decentralized issuance of assets, tokens, smart contracts, digital identity and much more)
DiguSign that allows you to securely store, notarize, validate and secure documents in the DigiByte blockchain.
AntumID uses Digi-ID to verify and validate personal data, and make sure that what is shared is GPDR compliant.
V-ID uses the DigiByte blockchain to verify and validate documents in the blockchain.
A2: We don’t have masternodes since we use PoW (Proof of Work) vs PoS(Proof of Stake). We might change 1 of the 5 algorithms in the future to PoS if it will be secure enough and then we might allow for masternodes.
Thanks to all of our Community Fans✔️
Have a Great Day
Edited : DK✍️
