Is DigiByte Coinbase bound?
Speculators hoping the Digibyte Coinbase rumors are true, are buying DigiByte in droves, driving demand and prices up rapidly.
DigiByte the forward-thinking blockchain network with many firsts, is creating a buzz throughout the cryptosphere after Coinbase’s blogpost listed them as a potential contender. There are many reasons why Digibyte could be one of the prime candidates. Digibyte is a completely innovative blockchain founded by Jared Tate, who has been working on the network since 2013.
The Digibyte blockchain network used for digital assets, smart contracts, DApps on a decentralized UTXO blockchain platform is truly permissionless. It is based on three different layers. The topmost layer is meant for smart contracts, customizable tokens, and DApps. The middle layer comprises the public ledger which facilitates the easy movement of the native Digibyte coin. The last layer at the bottom is the main infrastructure of the entire system which includes decentralized nodes, software, and the concurrent communication between each.
DigiByte never had any ICO and its launch was fair, open, and transparent. It also does not charge any percentage of block-rewards in the form of the founder’s fee.
The core functionality of DigiByte works on key principles namely:
- Decentralization maintained with diversified methods namely multiple algorithms, FPGA mining, On-chain scaling, full-node, etc.
- The very foundation of DigiByte is its consensus mechanism heavily reliant on scaling, speeding, and durability as a future-oriented organization.
- Permissionless network
- On-chain scaling to increase future trading volumes
What makes DigiByte different?
The most unique thing about DigiByte is its security. The network uses 5 mining algorithms when usually, most of the networks use one. These 5 algorithms prevent mining centralization making the network more decentralized and secure. It also claims to possess the “most advanced difficulty stability” among present blockchain meant to protect the DigiByte blockchain from malevolent attacks and to strengthen security for the future.
DigiByte’s undaunted focus on safety, scalability, and speed makes it a forward-thinking blockchain network. Its block timings are faster than any other blockchain on UTXO recording 15 seconds which is phenomenal. The SegWit Protocol was adopted by DigiByte in 2017 through a soft-fork consensus. It is the first major blockchain, even before Bitcoin and Litecoin to have done so, making it not just future-ready but also a reliable name in the blockchain industry.
One of the most novel innovations from DigiByte is the revolutionary DigiAssets that is a secondary top layer of the Blockchain. DigiByte’s persisted focus on security and scalability makes it an ideal base for it.
It has invested a great deal in ensuring that it takes forward its contemporary ideologies to continuously innovate. The Odocrypt algorithm is one such attempt that rewrites itself once every ten days in order to prevent ASIC dominance making use of FPGA mining. Such investment in the R&D will see to it that future algorithms also get replaced so that security is never sacrificed on the DigiByte network.
That’s not all, continuing its efforts to bring about trending disruptive concepts, it has created a real-time difficulty adjustment mechanism called DigiShield that ensures the immutability of block generation time regardless of increase or decrease in mining hash power. Now DigiShield is used by many blockchain projects like Dogecoin and ZCash. DigiShield was initially created for a single mining algorithm but it was later upgraded to MultiShield that ensures the stability of block timings across several mining algorithms.
How is it produced and purchased?
DigiByte is known to have a stated distribution and supply schedule. In a period of 21 years, 21 billion DigiBytes will be created. Considering that it had no formal token generation event or ICO, any new DigiByte will always be created through mining. The last of the 21 billion coins will be mined in 2035.
DigiByte can easily be purchased over major exchanges. In order to utilize DigiByte off these major exchanges, it is mandatory to download a DigiByte wallet. With more and more mining, users also have the opportunity to earn more Digibytes through mining. On the lines of Bitcoin, DigiByte can be used for both making payments as well as transferring value. It provides great ground to fuel the running of the DigiAsset smart contract network. It works like gas in Ethereum doubling as a tool to pay for transactions as well as the carrier for assets and codes to be traveled.
What’s Coming Next for Digibyte
The DigiByte network turned 6 this year, and the team has launched The DigiByte Foundation and DigiAssets. Dapps, POS solutions, and a whole bevy of features are all now major parts of the overall network.
DigiByte has an incredibly strong worldwide community, fantastic branding, and is a coin that the mass general public can understand and get behind. From POS solutions and payments to online gaming, DigiByte has many things going for it right now. With all of the momentum surrounding Digibyte right now, many industry analysts predict other major exchanges adding DGB in the near future.
DigiByte also has a very professional IOS App and Wallet on the Apple AppStore. You can get it here
Furthermore, just 1 hour ago at 7:00 am EST on Friday, June 12th, AntumID posted this on their Twitter.
Will DigiByte be listed on Coinbase? Check back in at DeFiRev.com to find out.
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Ripple price rally is impressive, but can it last?
Unraveling XRP’s rise and conquering the crypto markets
Ripple (XRP) has one of the most popular tokens for quite some time in the crypto martkets. For years now XRP has been sharing space with Bitcoin and Ethereum ranking third in terms of market value. In the last one month, XRP price has rallied by about 91% and there are factors which have attributed to its break above the present multi-year range.
In the past one month, the price of XRP has rallied 91% as it has suddenly found some sheen owing to external factors. It is now fast catching up with Bitcoin (BTC) and Ether (ETH). The catalysts for the growth are likely to be several factors for the XRP rally are the rise in unique addresses, buybacks from Ripple, a new product release, the US Central Bank’s decision to digitize currencies, and of course the landmark pandemic-era US elections. Let’s analyze why Ripple is emerging so strong.
Increase in Unique addresses
If one has to understand the overall sentiment around the cryptocurrency, then on-chain data comes in handy because it genuinely depicts and reflects the activities that take place on the blockchain. Taking this idea along, in the case of XRP, addresses that are interacting with XRP have spiked in late November and the trend has only intensified when the cryptocurrency rose a massive 27% in one day on November 22.
Santiment, an on-chain analysis firm has implied that the single-day increase in active addresses was observed to be the largest since May 1. They further said:
“Ripple’s price skyrocketed +27% today, and the number of unique addresses transacting on the $XRP network in a single day (24,408) was the highest output since May 1st.”
Price rise and increase in Active addresses happen in tandem for many reasons. The number of addresses that accumulate XRP can possibly and potentially also increase its value spikes. Combined with this, there can be a general rise in user activity on the blockchain.
Central Bank’s talk of digital currencies
As per a recent job posting by Ripple, the firm is looking for a senior director of Central bank engagements who will actively focus on supporting CBDC initiatives with Ripple’s real-time gross settlement system, XRP ledger. So based on this, we understand that Ripple is bracing itself to define its CBDC strategy with Central banks much ahead of the action. It is building relationships, projects and educating global central bankers above the new move and there is a lot of hope and positivity surrounding this.
This reaffirms that Ripple is keen on implementing its technology for developing CBDCs. Ripple in fact is an important tool that enables interoperability between global CBDCinitiatives. Way back in August, Emi Yoshikawa, senior director of global operations at Ripple claimed that XRP will not compete but complement CBDCs.
It is unclear whether Ripple is involved with the CBDC pilots to date but the organization is in touch with many global central banks. In May 2020, as per some reliable reports, Ripple also had a closed-door meeting with the Central Bank of Brazil to discuss this. Ripple is looking way forward and has become more future-oriented and this could be a likely reason for the newly-generated interest.
In the third quarter of 2020, Ripple apparently bought $45.5 million worth of XRP in a repurchase program. The company explained that the move was necessary to support the trend for healthy markets. The purchases totally $45.5 million was made and the sales summary listed read:
“As indicated in the Q2 2020 XRP Markets Report, Ripple is purchasing — and may continue to purchase — XRP to support healthy markets.”
A buyback can also cause a rise in the value of the asset because it generates interest in it. Although in terms of what it stands for today, the value of buyback may not be substantial it is good enough to rouse positive sentiments in the market.
Launch of Paystring
Ripple Labs filed a trademark in early November, for a product called Paystring with the US parent and Trademark office. The application stated:
“PAYSTRING trademark registration is intended to cover the categories of electronic financial services, namely, monetary services for receiving and disbursing remittances and monetary gifts in fiat currencies and virtual currencies over a computer network and for exchanging fiat currencies and virtual currencies over a computer network.”
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Plutus Defi: Plutus Bonding curve listing details
While PlutusDeFi had been busy with its bonding curve sale, it had registered a 2000% increase in Twitter engagement with 1500+ members on Telegram. The initial bond curve was offered on a dolomite.io DEX instance. The sale began on 21’ st July for a period of 24 hours with unsold tokens burned immediately.
At the end of the bonding curve sale, the project has raised $500k in its seed round, $490K on its bonding curve, and $350 in its private sale taking the total funds raised to $1.35bn USD. As of now, 50% of the supply is sold taking the total amount of tokens sold to 60,000,000 PLT tokens. Close to 11.2 million PLT tokens were burned in the first 24 hours of circulation equating to 9.33% of its total supply, 22.5% of its seed round, and 49.77% of the entire potentially burned seed rounds getting destroyed.
The team at Plutus believes that the results of the process are better than expected. The team used a bridge toll model with a bonding curve to mature the token stabilization to make it seem that it has already reached a project maturity of 2 years. This has benefitted because it has increased the deflationary aspect of the token existing from 1-2 years within 24 hours.
With the $PLT listing on UniSwap V2 complete, the starting token price will be USD $0.25c. It will provide liquidity towards both PLT/USDC & PLT/wETH.
More such announcements are on the anvil as Plutus DeFi looks for more collaborations and partnerships to fulfill its long-term DeFi commitments.
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MakerDAO reaches $1 billion mark in total value
MakerDAO one of the biggest, oldest, and the most popular players in the DeFi space has crossed a new Milestone. The total value of cryptocurrency in MakerDAO has crossed $1 billion representing the amount of money that has been committed. DeFi projects are increasingly raising their own benchmarks by ranking high on popularity charts. MakerDAO is the second-largest protocol in the sector with a margin of $271 million already locked in and by crossing the golden $1 billion mark, created history in the DeFi market.
Maker has successfully managed to hold its dominance over others standing at 27.1% followed by a second with the Compound Protocol with a total value locked up standing at $729 million. Maker protocol uses BAT or locked up collateral in the form of Ether (ETH) for lending.
David Freuden, the co-author of “DAO: A decentralized Governance layer for the Internet of Value, believes that with continuous innovation in DeFi, the challenges for centralized finance might just rise making it difficult to cope. MakerDAOs achievement is certainly a big day in further establishing a bright future for DeFi projects.