AMA Session with Digibyte
October 31, 2019
The team members present on the discussion with our community were Rudy and Rutger. Here are the essential points of the session:
Please, welcome Rudy, Rutger and the questions from our Telegram chat members (Q).
Q: What is the consensus algorithm used by the project and how is DigiByte selected?
Rudy: DigiByte uses 5 different mining algos: SHA256, Scrypt, Odocrypt, Skein & Qubit.
Q: What is AntumID? & How is AntumID beneficial for DigiByte users?
Rudy: AntumID has leveraged DigiByte’s Digi-ID to make it easy to integrate and perfect for commercial use.
Q: What will be the calculated TPS without and with SegWit by 2025? What’s your plan to scale it?
Rutger: At this moment DGB Transactions per second is already 560 without SegWit and 1066 TPS with Segwit. Further scaling can be done though block size increments. That will only be done if needed.
Q: What do you see as the 2 challenges for DigiByte to achieve their goals over the next year?
Rudy: Protection against Quantum Computing and worldwide adoption.
Q: Do you think Global decentralization and 5 mining algorithm are just enough to call secured?
Rutger: Global decentralization and 5 mining algos are very important, but not enough. Also, you need real-time difficulty adjustment to truly prevent 51% attacks. In the future also to become quantum resistant. For that, we need a new mining algo in the future!
Q: As we all know that DigiByte blockchain is a very old and secure blockchain but what about scalability! How does Digibyte bring scalability to its blockchain?
Rutger: DigiByte already is very large-scaled. Because of the block size and the fast blocks, we are able to handle 1066 TPS at the moment. Through blocksize increments, we can scale in the future a lot. This will be done when needed.
Q: What are the topmost utilities of DGB token in DigiByte ecosystem? Which types of more utilities you’ve planned to add?
Rudy: There are two aspects: DGB as currency and DigiByte Technology. DigiByte as currency, we are being integrated into more and more payment processors like UTRUST, so payment options with DGB are growing. Also, we’re listed on over 120 exchanges worldwide, so buying and trading DGB is easy. The DGB technology is being used in authentication systems developed by companies like AntumID and V-ID. And we have of course DigiAssets, on top of the DigiByte blockchain where you can issue, send and receive digital assets.
Q: What is Digi-ID? How will our data be secure in it? In which countries we can use Digi-ID currently?
Rutger: Digi-ID is a very secure method of Authentication. It uses the same cryptographic signing methods as used for securing the DigiByte transactions. The beauty of it is that you don’t need any usernames and passwords. So they are also not stored on any server. So they cannot be exposed when a third party is hacked as we have seen so often, leaving all usernames and passwords exposed!
Q: How will the demand for DigiByte coin will increase in the future? or What steps would you take to increase the demand? May I know how do you plan to attract more business partnerships to your project?
Rudy: One of the tasks of DGBAT (DigiByte Awareness Team) is to encourage adoption. By joining events and meetups, reaching out to companies and payment processors and with activities on Social Media we raise a lot of awareness and see adoption growing. We continue to reach out to business and look for opportunities for our technology.
Q: What is AntumID? How is AntumID beneficial for DigiByte users?
Rudy: Antum-ID is a company that has to build further on Digi-ID. They have created additional apps for easy use of Digi-ID and they have created the Antum-ID browser plugins. Also, they commercially use their services to sell to other companies.
Q: Which problems DGB currently trying to solve which no other project solves?
Rudy: We are focussed on Cybersecurity and building applications/solutions whereby proof of authenticity is the key.
Q: How will MultiAlgo help you to reduce the transaction or hash cost? Continuous difficulty readjustment doesn’t create any issues to the nodes?
Rutger: Multi Algo does not reduce transaction costs, but opens DigiByte up for mining on different algos and also on different hardware. This creates the decentralization of global mining and ASIC mining resistance with Odocrypt. The nodes have no issues with the 5 mining algos or with the real-time difficulty adjustment. All 5 algos have to comply with the consensus of DigiByte.
Q: Digibyte recently added the feature of creating a token on its own blockchain, are there any further plans to make DGB Dapp compatible Dapps friendly network like ETH or TRX and if yes how will you bring the developers to develop on DGB?
Rutger: The creation of a token on the DigiByte blockchain is just one example of the use of DigiAssets. We are just starting to explore all the possibilities for this great new asset of DigiByte! A Dapp on a blockchain is a very broad term. Yes you can build apps that use DigiByte or DigiAssets, but that is up to third parties to build.
Q: DigiByte is a great project, could you tell us what interesting conclusions you have been able to see over the years with this project? You can already say that you are old, How can you explain that Digibyte offers such low commissions? What are the incentives for miners?
Rutger: One of the great conclusions is that true decentralization is both very hard and very easy at the same time. The hard part is that you don’t have access to large funds to pay for the development and that means you can only announce new features when they are actually ready, The great thing of decentralization is that you always survive and can actually grow very fast even during bear markets. DigiByte only grows because its community keeps on growing.
Q: What’s the key contribution of DigiByte to the mainstream adoption of digital payments?
Rutger: That question needs to be answered on different levels. First: DigiByte is the ultimate merchant coin: you can actually use it at the point of sale, because it is so fast and cheap to use. While still maintaining the utmost security possible. Next to that, the global DigiByte community is growing fast, creating adoption for DigiByte. We also work together with parties like Change Angel that do great for global crypto adoption
Q: Are there any current initiatives in regards to possible partnerships/ applications being placed on the DigiByte Blockchain?
Rudy: Yes, Our Digi-ID technology is being used and further developed by AntumID for commercial use with companies and even governments. We are working together with Antum on that, and I expect a lot more can be expected from there. Our Blockchain is being used by V-ID. One of their customers is Amspec a global leader in the petrochemical industry. Their documents/contracts are being validated in our blockchain (fingerprint) and therefore cannot be manipulated. And, DigiByte, Antum and V-ID are working on a new great use-case, that will be revealed soon!
Q: Now DGD is the top 50 Cryptocurrency on CMC. What are your future plans to be in the top 20?
Rudy: Just keep focussing on what we are doing. Our roadmap is very impressive, so long term no doubt that our market cap will become significantly higher.
Q: What will happen when all the 21 billion DGB will be mined? Will miners have to rely only on the transaction fees? If that would be the case, won’t DGB transaction costs skyrocket?
Rudy: Yes, when all the DigiByte are expected to be mined by 2035 it will rely solely on transaction fees. They only increase usually when the blocks are full, as users have to ‘compete’ with other users to get their transactions included in a block. At the moment with projected scaling that’s unlikely to be an issue.
Q: The biggest dilemma as of now in crypto is volatility and liquidity issues. What steps have been taken by both of your companies to overcome it?
Rutger: DigiByte is not a company, but a truly globally distributed and 100% decentralized blockchain and community. We grow by adoption, not by liquidity. Volatility is an issue for sure. Direct transfer to fiat or stable coins can help to transition this period where crypto adoption is still very young. We believe in building bridges between the old world and the new world until crypto adoption has become mainstream.
Q: Final question when DGB to the moon & please say some words about Atomic Wallet.
Rudy: Lol, Moon? I hope soon. We have a long term focus and are not really focus on the price. Of course with all the work we do we will create more value for the coin. Atomic is a great wallet and a good partner for DigiByte.
We were glad to host DigiByte on our Telegram. Thanks to the team and all the members of the session!