DigiByte Ecosystem
With the announcement of our USD $250,000 private investment, we wanted to engage the greater digital currency community with an open letter on where we are heading now that we have the resources to take on some serious opportunities around DigiByte.
In addition, we believe many of our offerings will have strategic benefits for other digital currencies out there, and if we can augment their offerings, we are excited to do so in the name of bringing digital currencies to the next generation of users! With the pioneering spirt of DigiShield and MultiShield, we have already proven this to be true to our fellow coins, and we hope they will sincerely support us as we work towards the development of the
DigiByte Ecosystem.
The DigiByte Ecosystem was built upon the notion that digital currency today really moves in only one direction – consumers ultimately get out. If we as users of digital currency actually expect this process to change, we must build businesses and services around our coins that will engage the greater global markets to find utility with digital currency, and result in actual value for these coins. The DigiByte Ecosystem is necessary to make everyone from the miner to the consumer to the merchant to see utility in carrying out transactions in these currencies, to prevent the significant downward pressure that coins like Bitcoin face today.
In order for digital currency to grow and reach this level of utility, it must have inherent benefits for the consumer. Now for this issue, the proponents of digital currency are quick to say, “Why yes, there are many benefits for the consumer!” while in reality the far more analytical and pragmatic members of our global society are scratching their heads, trying to fairly and accurately answer this question.
It is a challenge in today’s world to try to figure out where the consumer will get benefit from digital currency. Before you even get to the issue of the real world transaction (the holy grail of digital currency’s role in the global economy), you have some major issues to tackle:
1. Core ProtocolOne area where most of the current digital currency community has error in its focus is in ensuring that there is a Coin core protocol set up to support the need for fast transactions, suitable block rewards, and fairness across the spectrum of mining setups.
DigiByte delivers on all three. DigiByte Payment Network today recognizes payments between users at lighting fast speeds, including instant notification of payment received and initial confirmation after 30 seconds. This is where consumers and merchants can immediately see great advantage over other currency offerings in the marketplace.
For miners, the opportunity to mine on DigiByte’s five algorithms that utilize a wide variety of computer hardware means everyone now has a chance to get in on the network. Whether utilizing GPU’s, ASICs or CPU, everyone from the casual computer user to the gamer’s rig have the hardware necessary to begin mining DigiByte. As explained in the next section, this is crucial to the security of the DigiByte Network.
2. MiningThe genesis of bringing digital currency into this world, mining by today’s standard is not only something best reserved for those who know how to do it, but in many cases, those who already have the money for the hardware needed. For many digital currencies, including Bitcoin, the miner will need to invest substantial amounts of money to even have a fighting chance to be a part of the opportunity.
For DigiByte,
we transitioned to a multi-algorithm mining process to allow an equal playing field for anyone out there who wanted to join, to have a chance to be a part of the network and a take on the profit of mining they would otherwise not be able to see with other coins. This is extremely important, as a decentralized mining structure is crucial to the overall security of the network, and more miners means more decentralization.
Mining is one of the core focuses related to the overall DigiByte Ecosystem we are fostering. In order to greatly ramp up the amount of miners out there and the hardware they can use to be relevant in the market, the DigiByte team believes mining should be as simple as pressing a button and letting your computer begin its work. In order to get one step closer to a real world adoption of digital currency and furthermore DigiByte,
this is not a convenience, but a crucial requirement.
3. Digital Currency Trading PlatformsOne area where everyone can be in agreement today is that as far as digital currency goes, trading is still a major issue. Although there are many solutions out there today to let you get out of your digital currency holdings,
getting into a digital currency position is still a rough process.
Trading platforms are currently utilized to a large extent by the speculators in the market. They have a need for trading platforms to get in and out of the currencies traded, quickly. As time moves on and consumers view digital currency as a stored value and payment method rather than a speculative play, these platforms need to cater to the needs of the buying-in consumer, allowing them to more easily secure digital currency positions and tie these trading accounts to other financial and banking opportunities afforded to real world currency today.
The DigiByte Team is focused on developing and implementing such kinds of services with the vision to establish such kinds of trading, banking and financial opportunities surrounding digital currency. As a means of creating the DigiByte Ecosystem, these developments will prove to be crucial for the non-mining consumer to enter the digital currency market, and leverage this influx of users with the hope of having a significant population of consumers with digital currency in their holdings, which leads to the next section.
4. Digital World UtilityIn the digital world, we are borderless. Every day we interact with people from all backgrounds and nations, in search of something much more different than what our real world lives provide. It is about connectivity, teaching, learning, entertainment, creativity and inspiration. Many of us log onto the internet each day, and where it can take us is rarely predictable. We have embraced the internet as our vehicle to the digital world.
Then why shouldn’t we consider digital currency as a way for us to pay and support what we believe in and desire in the digital world?The DigiByte Team is dedicated to creating and collaborating to provide businesses and services built around the digital world. The generation of simply “liking” what others have to say or they provide, or the idea of utilizing high fee alternatives like credit cards to pay for goods and services provided online is quickly coming to an end.
Through social media platforms that range from keeping in contact with your friends, writing on topics that are important to you, messaging the world and letting them know your opinions, or simply watching streaming videos online, digital currency will prove to be a means of letting people know what you think,
in a way that users can bank on.
The DigiByte Team is also focused on a key demographic of the digital world, which is the online gaming community. As a large group of the DigiByte Team is in fact online gamers in their spare time (what spare time, we know!), our solutions are also driven towards this very interesting niche market, which in a recent study measured this figure to be at 700 million gamers worldwide! That is astonishing!
The DigiByte Team is already developing solutions and opportunities for the gaming community, and we believe that this mega community will be the next generation to bring value to digital currency in the world.The DigiByte Ecosystem and the Real World Utilization of Digital CurrencyNow we enter the final section of this open letter. And what better way to do that then to speak to the holy grail of digital currency:
OK, we don’t have the simple answer now. What we do know is that initiatives like Apple Pay and CurrentC are accomplishing key changes to the consumer’s behaviors and preferences for real-world shopping:
moving them away from magnetic strip plastic cards and using their mobile phones to initiate and process payments.
This is extremely important, as the consumer’s transaction behavior is already beginning to change. From the consumer’s perspective, their needs will always remain the same, but their behaviors will change when it comes to available technology. The benefits that the consumer will realize for digital currency will first come from the digital world. With the combination of DigiByte having a recognized stored value, a means for carrying out a transaction and accumulation by the global market, DigiByte then will be very well positioned to take on real-world needs of global commerce channels.
With our vision and strategy in mind, we wanted to leave you with one parting thought on DigiByte, and the future of payments:“We shall not cease from exploration
And the end of all our exploring
Will be to arrive where we started
And know the place for the first time.”
- T.S. Eliot
