Founded in 2013, DigiByte is an open-source blockchain and fork of Bitcoin. The Digibyte network is based on three layers: smart contracts, decentralized applications (DApps) and customizable tokens.
DigiByte was created to be a fully decentralized blockchain that would excel in general-purpose cybersecurity, while also being able to be used as P2P digital cash and Store-of-Value (SoV).
Thanks to its reliance on not one, but 5 different mining algorithms, Sha256, Scrypt, Skein, Qubit, and Odocrypt — Digibyte keeps the blockchain secure and protects it from malicious attacks.
DigiByte can be utilized for the traditional uses one would expect to use a crypto asset, such as P2P digital cash and SoV, but what many people may not know is that DigiByte also allows for smart asset issuance and smart contracting.
Earlier in 2019, the DigiByte developer team was able to announce the launch of the DigiAssets protocol. DigiAssets exist on top of the DigiByte blockchain as a 2nd layer.
DigiBytes can be encoded with arbitrary bits of information that confer the unit of value a special function- which may be something as simple as representing an individual’s identity, or as complex as a smart asset which interacts with a set of instructions as encoded in a smart contract.