Some suggestions to get the Network Hashrate up and increase the value include:
- Kimoto Gravity Well Implementation
- Block Reward Halving at some point or reduction
- DGB/BTC Exchange
- Update on current plans by developers
We are looking into the best possible solution for the Difficulty re-target. The Gravity well is being considered but we are not sure if it is necessary. Giving the coin a 3-5 minute re-target window might have the same effect.
We are still working on the exchange. The biggest issue is legality now that individual states are going after crypto exchanges.
DigiByte Team: Keep up your great work!
And please don't change anything regarding to the coin. We need a growing community and not some quick profit modifications for the dumpers
+1
Thank you for your feedback!
We are tempted to leave things alone as far as the re target or block reward goes for several reasons.
1) Implementing the gravity well is not much different than changing the difficulty re-target to every 60 seconds. The later would be much easier to implement.
2) Having a 2.4 hour re-target often allows us to be in the top three most profitable coins for quite awhile on CoinWarz. This is great for advertising as many miners check this site often. Yes people are playing the re-target game and jump back and forth and you can watch the hash move up and down every few hours, but if it keeps people paying attention to the coin why is this such a bad thing? This was also our intent when we designed the coin. We wanted the coin to be attractive to every one. Including multipools. But not so attractive they would kill the coin off. There is a very powerful psychological boost when people see a coin is "the most profitable" to mine.
3) With almost 15,000 wallets now in existence a mandatory "update" or "Hard fork" could spell disaster for DigiByte. There are many new users who picked up DigiByte that do not understand what that means.
4) Reducing the current block reward would make DigiByte more valuable to existing holders in the short term, but it the long run it would not effect the total volume or market cap. We feel this would work against our goal of being a transaction currency. If anything we need more coins.
5) We will not increase the block reward either. Many people have invested thousands of dollars into DigiByte and it would not be fair or ethical to them to increase the block reward and then decrease the value of their coins over night.
6) At this point we are not in a "bad" place. Yes, many new people are expecting huge pay offs overnight, but this is not realistic. It has been a rough week for Bitcoin and cryptos but things will get better.
7) We feel any "radical" changes to the coin software or structure would not be fair or ethical to investors. We feel a steady commitment to solid development, advertising and consistent growth is the way to go. Once again we are in this for the long haul. Much brighter days lay ahead!
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