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DigiByte To Deploy ASIC-Resistant Algorithms

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DigiByte deploys new mining algorithms.

DigiByte is testing a next-generation blockchain mining technology. The blockchain platform is in the process of transitioning into ASIC-resistant as it also seeks to become fully decentralized. The new technology, once implemented, will allow the mining algorithm to recreate itself after every 10 days.

DigiByte Mining Technology

With the new mining technology, DigiByte hopes to build a constantly changing algorithm. Similarly, there will be no specialized ASIC that can mine the blockchain.

Currently, five separate algorithms can mine the cryptocurrency. Therefore, each algorithm can mine about 20% of new blocks into the blockchain. The increased number of mining algorithms allows the firm to enjoy high levels of decentralization compared to other projects.

Given the increased number of mining algorithms, a hacker would require the control of 93% hash rate on one algorithm to propagate an attack. A hacker would also require 51% control hash rate on the other four algorithms to initiate an attack.

The increased number of algorithms makes DigiByte secure against Proof of Work (PoW) attacks compared to other blockchains. Likewise, Digibyte is also working on a predictable and repetitive switch of algorithm mining. The new changes are part of the blockchain project’s push for accelerated mass adoption.

Increased Security

For starters, it has already integrated Model T Wallet as a way of providing added protection to people’s DigiByte (DGB) tokens. The digital wallet makes it easy for people to use the tokens instead of having them stashed away.

DigiByte has also received a major boost on its push to accelerate mass adoption. Bitfinex is the latest exchange to add support for the altcoin. The addition essentially means more people can now trade and buy tokens with ease.

However, listing on Binance, the world’s largest cryptocurrency exchange, would be a big boost. The cryptocurrency exchange turned down an opportunity to list the token amidst a standoff over listing fees. DigiByte reportedly refused to pay listing fees charged by the exchange on claims it was a form of bribe.

When it comes to price action in the market, DigiByte (DGB) has taken a significant hit this year. However, it is not the only coin, which has come down tumbling after a massive bull run last year. While price under-performance is a point of concern, the project has still experienced significant growth. For starters, DigiByte use case is now way better than it was last year. In fact, the altcoin has enjoyed mass adoption, not only as a cryptocurrency but as a cybersecurity tool.

Risk Disclosure

This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.

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