Review of DigiByte 06/01/2018

Before I get started, I want to remind everyone that this is not financial advice. I am not a financial advisor. If you take anything that I say to you as truth, you will get #rekt. Do Your Own Research #dyor

What is Digibyte ($DGB)? I need to let you know upfront that I am extremely biased as it pertains to the Digibyte project. Digibyte is the first altcoin that I ever purchased. Very early on in 2015, I saw Digibyte as a viable blockchain alternative. There are currently 10,327,655,399 $DGB in circulation with a max supply of 21,000,000,000 that will ever be mined.

Fundamental Analysis:

Digibyte $DGB is the longest UTXO blockchain in the cryptocurrency space. UTXO means that new transactions don’t come from a wallet “balance.” Instead, each individual coin has an identifier. When a coin enters your wallet, it is considered “unspent” by your wallet. When you send that coin to someone else, it becomes a spent coin. This prevents the double spend problem of digital currency. It also solves other security issues with blockchains. Launched in January of 2014, Digibytes’ goal was to make security it’s the primary concern. Spread over 200k+ servers and other devices, the blockchain is fully decentralized and offers security and immutability. With 5 different mining algo’s and state of the art dificulty stability, Digibyte is definitely 51% attack resistant. Those 5 algorithms are Scrypt, SHA256, QuBit, Skein, and Myriad-Groestl. In addition to security, it also gives others an opportunity to mine currency. Not everyone wants a big bulky SHA256 miner. Digibyte has a number of applications that are used by other coins for security. DigiShield and MultiShield are applications that provide stability to the coins difficulty targets. For more information, click here.

Digibyte has the fastest block speed of any UTXO blockchain in the world. It’s 40 times faster than Bitcoin $BTC. While the site boasts 15 second block times, I’ve often made transactions in less than 3 seconds. It was an early adopter of SegWit (Segregated Witness) and was also one of the first coins tested with atomic swaps.

Unlike the Bitcoin beef between BCash and Bitcoin, Digibyte opted for small block sizes. They did this in the interest of speed and immutability. This has the side effect of also making the blockchain more secure. Imagine how hard it is to change blocks every 15 seconds. The fast blocktime combined with four years of operation means DigiByte has the longest blockchain currently in existence. Longer than Bitcoin’s at 6,701,223 blocks at the time of writing. (https://chainz.cryptoid.info/dgb/)

I believe that the future, from a FA perspective, is bright for $DGB. CyberSec, AI and the IOT markets are currently eyed for entry. Technical Analysis:

The chart above has the following characteristics. Bollinger Bands 20, EMA50, SMA50 and Stochastic Oscillation Full at 20,5,5

Stochastics indicate movement away from overbought territory and has bearish intent. A look at the Simple Moving Average at both 50 and 20 show tightening and possible crossing. MACD (Moving Average Convergence/Divergence shows bullish on volume short term but bearish very soon.

Conclusion:

As I stated at the beginning of this article, I am extremely biased when it comes to DigiByte. I believe in Mr. Tate and his vision to create a fully decentralized blockchain that offers both speed and security in transactions. For more information on DigiByte, visit their website here.