It is no secret that top altcoins like Ripple, Ethereum, and Litecoin are the envy of most crypto projects simply because they are able to attract a large number of investors thanks to their popularity. Just ask any crypto investor and they will reveal that the small altcoins on CoinMarketCap’s top 100 lists are a huge risk to invest in. Mostly they are either full-out scams or just lower-tier Blockchain projects. However, in an attempt to avoid throwing the baby out with the bathwater, there are certainly hidden gems among altcoins that are otherwise overlooked. One such altcoin is Digibyte (DGB).
Digibyte has been a silent riser for quite some time. Since the time it was officially launched in 2014, the altcoin has managed to build a reputation as one of the fastest and most secure UTXO Blockchains, built on its own Blockchain network (unlike most altcoins that are forked from Bitcoin). In fact, in terms of decentralization, security and long-term potential, Digibyte stacks up so well against Bitcoin and other heavy hitters of the crypto space.
Digibyte’s Blockchain Vs Bitcoin
For instance, where Bitcoin’s average block time takes up to 10 minutes, Digibyte delivers more speed at 15 seconds. Scalability is also not a problem for Digibyte as it can comfortably handle 560 transactions every second where Bitcoin taps out at about 7 TPS. By 2035 the Digibyte team plan to have 21 billion coins mined meaning it’s a much better payment option thanks to over 100,000 nodes that currently manage transitions on its network.
It gets even better when it comes to mining and security on the Digibyte’s network. Recently there have been reports of 51% attacks on Verge XVG coin. A 51 percent attack is basically a situation whereby a hacker, with enough computing power, is able to control a Blockchain network by either reducing the difficulty level of mining and managing to mine coins from the network at the lowest difficulty or shutting down the entire network completely. These recent events on Verge XVG, have led to rising concerns among cryptocurrency enthusiasts with most altcoins being scrutinized for their level of security.
How DGB’ Blockchain measures up to other altcoins
According to Crypto51.app, it would take you less than $10 worth of hashing power to attack cryptocurrencies like Orbitcoin, WorldCoin, Quark. It gets even worse knowing that these cryptocurrencies are worth millions in terms of market capitalization. Simply put, a hacker is incentivized to launch an attack.
Once again, this is where Digibyte shines as it has an adaptive difficulty adjustment set to change in real time as opposed to Bitcoins 2 week delay. Additionally, Digibyte uses five separate mining algorithms that are weighted equally with individual difficulty adjustment. Digibyte also boasts of being a pioneer of this technology and calls it the Multishield.
For a hacker to be able to attack Digibyte’s Blockchain network, they would need to control 93% of each of the mining algorithms and also take up 51% control of the entire network. This is not only difficult for a hacker to execute, but also quite costly in terms of hashing power. Ultimately Digibyte makes it very difficult for an attack to occur on its Blockchain.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
The same concept applies to cryptocurrency CDPs. Consumers are able to put up crypto tokens, such as…