Unlike most cryptocurrency ratings published online, the Wise Crypto ratings have nothing to do with the current or future price of the currency. Whether or not a crypto is over or undervalued or priced today is completely irrelevant. Our research focuses on the sustainability of each project, the security, the use case, decentralisation, environmental impact, the technology, the scalability and the developers and teams behind the projects.
DigiByte (DGB)Rating = 375/1000
Technology (0 to 300) = 180
- Speed (0 to 50) = 30
DigiByte transaction speed is very impressive attributed to the DigiByte protocol and the transaction speed is very fast compared to Bitcoin and Ethereum. The DigiByte protocol allows the DigiByte blockchain to decrease block timing gradually. Currently, DigiByte clocks 15 second block times allowing for faster confirmation speeds and can process 560 tps.
- Cost (0 to 50) = 50
DigiByte charges low transaction fees. DigiByte’s multi-algo approach is what keeps transaction fees low. Block difficulty is readjusted every 15 seconds as opposed to between every block on the chain. The DigiByte fee is 0.0001 DGB per transaction of 100,000 DGB sent. This is quite affordable compared to many other cryptocurrencies.
- Reliability (0 to 50) = 40
DigiByte is indeed reliable and rivals Bitcoin in security, speed, and decentralization. It is a secure decentralized network that offers fast, affordable transactions. DGB is perfectly positioned to create a decentralized and secure digital future with its combination of pioneering new innovations and unique problem-solving experience.
- Scalability (0 to 50) = 25
DigiByte cryptocurrency solves the problem of scalability experienced in Bitcoin and Litecoin. Scalability is achieved through the Multi Aglo which splits DigiByte mining into five separate algorithms of SHA256, Scrypt, Qubit, Skein, and Groestl. Each algorithm is equally allocated in the network to keep it safe from corporatization. This ensures total decentralization in the network.
The network has also implemented Segregated Witness (SegWit) which separates transaction confirmations from the transaction information in the block.
This all makes the blockchain more compact, enabling it to scale much further than most other proof of work coins.
- Environmental Impact (0 to 50) = 10
Like Bitcoin, DigiByte employs the Proof-of-Work consensus meaning that it can be mined. The miners have to solve complicated and complex mathematical problems to validate the cryptocurrency transactions using high-performance computer systems which consume massive amounts of power. This, in turn, damages the environment.
- Decentralization (0 to 50) = 25
One of GigaByte’s greatest strengths is its high level of decentralization. It utilizes a multi-algorithm(multi-algo) approach to prevent centralization. The DGB system uses five advanced cryptographic algorithms to prevent mining concentration where miners amass mining hardware and hash power. With all mining there is a huge risk of centralization however, no matter how complex the algorithms.
Security (-250 to 0) = -70
- Mining Attacks (-100 to 0) = -30
DigiByte is one of the most secure POW blockchains currently in existence. The digital asset and public ledger layer provide security and administration to the value of data tokens and assets on the blockchain. The Multishield algorithm involving five algorithms ensures that each algorithm is only allowed to mine about 20% of new blocks. Additionally, DigiByte uses a proof of work (PoW) model where all transactional activities are stored on an immutable public ledger. It’s theoretically immutable to mining attacks common with most mined cryptocurrencies, but never say never.
- Potential for being banned (-100 to 0) = -20
DigiByte has lesser potential for being banned. The project is compliant with the set regulations and provides both a cryptocurrency (DBG) and a blockchain on which decentralized applications (dApps) can be created. Unlike Ethereum and Bitcoin, DigiByte claims to be the fastest and most scalable blockchain in the world, promising massive on-chain scalability and while this is certainly an exaggeration, it does technologically have far more potential than the umpteen Bitcoins in existance. Despite this, proof of work is always in danger of being banned.
- Network Vulnerabilities (-50 to 0) = -20
Like some other blockchains, DigiByte has some network vulnerabilities, which makes it susceptible to 51% attacks and double-spending attacks. Nonetheless, the Multishield algorithm splits the mining of DigiByte over five different algorithms, in turn, secures the network by eliminating these vulnerabilities as much as possible.
Use Case (0 to 500) = 230
- Initial Main Use Case (0 to 100) = 15
DigiByte was created to offer a solution to Bitcoin’s problem of centralization, slow transaction speed and insecurity. The platform is a highly decentralized and secure blockchain that provides reliable cryptocurrency transactions just like Bitcoin.
DigiByte is at heart simply “A better Bitcoin” which is not really that difficult and hardly setting the world on fire.
- Mainnet (0 to 200) = 200
DigiByte (DGB) was developed in 2013 and the mainnet launched in January 2014 by Jared Tate. In its five years of existence, the platform has grown exponentially with numerous developmental achievements as well as increased adoption of its technology. However, looking at its current status on the coinmarketcap, its price value is still ranked low, considering it has been around for that long.
- Additional Use Cases (0 to 100) = 10
Since DigiByte is one of the most secure and most decentralized UTXO blockchains, coupled with its other features like transaction speed, it has garnered other use cases in addition to “being a better Bitcoin”. First, the technology is ideal for cybersecurity. The DigiByte Blockchain can be used to store, notarize and validate documents securely. The platform’s token, i.e. DigiBytes, cannot be destroyed, counterfeited or hacked, therefore are ideal for protecting valuable items such as information, currency, property or crucial digital data.
Crypto casinos are a valid, legitimate and active use case: there are currently no DigiByte casinos or DGB casinos.
- Additional Working Products (0 to 100) = 5
DigiByte developed Digi-ID, which is a fast and secure authentication method that can be used as an alternative to passwords to sign into online applications. It utilizes blockchain-based signature to authenticate persons into a website or other platform.
Core Development Team and Partnerships (0 to 200) = 35
- Core Development Team (0 to 100) = 20
DigiByte project is supported by the DigiByte Foundation-an unincorporated, decentralized community. Jared Tate is the founder of DigiByte and started working on the project in 2012 when he realized problems with Bitcoin’s mining-difficulty system. Other developers are not well known, but in-depth research on LinkedIn reveals that there are about ten developers.
- Partnerships (0 to 100) = 15
DigiByte has partnered with some organizations which use its technology. Payment platform UTRUST partnered with DigiByte to use their cryptocurrency attributed to its security and low transaction fees. The DigiByte community has partnered with Youtuber David Hay, and crypto activist Arcane Bear, to donate thousands of dollars’ worth of DigiByte to economic refugees in Venezuela to provide them with food and supplies. Other firms that have partnered with DigiByte includes Digusign, V-ID and Antum.