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Blockchain For Dummies by Tiana Laurence

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Chapter 8

Digging into DigiByte

IN THIS CHAPTER

check Getting to know DigiByte

check Starting to mine on DigiByte

check Gaming for tokens

DigiByte is the blockchain that is owning the gaming space. It’s a unique system that works well with many interesting applications, from gaming to document management. The team at DigiByte has discovered the right mix of speed, accessibility, and utility for blockchains.

One unique aspect of DigiByte is the five separate algorithms, each of which averages 20 percent of new blocks. This is a big deal because most blockchains are running on just one algorithm, and only the fastest nodes win tokens.

Each of the five DigiByte algorithms accommodates a different type of miner, which has made the DigiByte protocol appealing to more users and increased decentralization. Because of this protocol’s approach, attackers would need to gain control of around 60 percent of the total network hash rate to cause any problems. This would entail control of at least 93 percent of one algorithm and 51 percent of the other four (as compared to Bitcoin, which is running one algorithm and is subject to a 51 percent attack). The 51 percent attack concept is one of the greatest weakness ...

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