Cryptocurrencies have become an increasingly popular way to transact online and are rapidly revolutionizing the way modern business is conducted. In short, they provide a quick and inexpensive way to accept customer payments in comparison to the traditional method such as credit card. Impreza accepts DigiByte as a means of payment and also encourages all customers to use this method of payment that is very fast and secure.
What is DigiByte?
DigiByte is a public, rapidly growing and highly decentralized 4-year-old blockchain. The DigiByte blockchain consists of three layers: applications, digital assets and the core protocol.
DigiByte was founded in 2014 on the premise of being a “faster, more decentralized and more secure” version of Bitcoin. Let’s unpack each of these statements one by one:
DigiByte has the fastest block speed of any public UTXO blockchain in the world today with 15 second block times. This means that DigiByte-based transactions can be confirmed in 1-3 seconds, which is a huge benefit to both businesses and their customers. DigiByte also limits the size and scope of transactions on its blockchain (known as “Blockchain Rigidity”) which increases efficiency and throughput.
DigiByte proudly boasts 200,000 nodes globally (compared to Bitcoin’s 7400), which allow transactions on the DigiByte network to be continuously confirmed and validated. Due to the full decentralization of DigiByte’s network over 200,000 nodes worldwide, the DigiByte blockchain is able to process 560 transactions per second (compared to Bitcoin’s four to seven). DigiByte is also widely used and accepted in over 80 countries.
DigiByte uses five secure and advanced cryptographic mining algorithms to prevent mining centralization compared to single algorithm blockchains. Each algorithm has its own difficulty adjustment that is weighted against the other algorithms in a dynamic process known as MultiShield.
DigiByte’s Global Community
DigiByte is an open source blockchain with a significant global following, evidenced by the 12.4 million transactions processed since 2014.
DigiByte also runs the DGB Foundation, a non-profit group that provides education, outreach and development support. Together they maintain a rich ecosystem of resources, including a dedicated messaging app “Telegram” and other media resources (like a YouTube explainer series) to help your customers and partners gain confidence in transacting with DigiByte. Also of note is DigiByte’s Founder Jared Tate, who maintains an active public profile and contributes regularly to the public discourse on blockchain and cryptocurrencies as a thought leader.