For any buyers within the proof-of-work house proper now, crypto-enthusiast Chris MacDonald discusses with The Motley Idiot’s Eric Bleeker why DigiByte (CRYPTO:DGB) could also be price a glance on this episode of “The Crypto Present” from Backstage Move, recorded on Nov. 10.
Eric Bleeker: DigiByte, which at a market cap of $870 million, fairly small on this house. It is the a hundred and twentieth largest crypto. This is not one thing that, I feel, most individuals watching at present are going to be acquainted with cryptocurrency that had its time within the solar in 2017 and has type of roared again not too long ago.
What’s attention-grabbing about DigiByte, and what downside is it attempting to unravel?
Chris MacDonald: Yeah, I feel it is attention-grabbing should you take a look at the chart there and see it is type of fallen off the wagon a bit of bit, or perhaps buyers are a bit of bit much less occupied with it proper now.
I feel we spend most of our time, or I spend most of my time, wanting into plenty of the DeFi performs and proof-of-stake performs as a result of I feel that there is plenty of compelling causes to take a look at that and the place the crypto world is headed.
Digibyte is attention-grabbing in that it is a proof-of-work platform community. It is much like Bitcoin (CRYPTO:BTC) in that regard, but it surely’s an attention-grabbing one to take a look at whenever you evaluate it to Bitcoin or different proof-of-work cryptocurrencies in that it is a distinctive, three-layer cryptocurrency. Its focus is on safety.
Like different networks, there’s decentralized functions that may be constructed on high of it. However what DigiByte does in a different way is their algorithm is a multi-step course of the place it secures the platform. There’s 5 completely different algorithms used to safe Digibyte’s community, and what which means is it creates an extremely safe, decentralized blockchain the place the specialists have mentioned it is practically unattainable to do a 51 p.c assault on one thing like Digibyte. Whereas, with Ethereum Basic (CRYPTO:ETC) we have seen what numerous assaults can do for crippling the value of a given token.
For a proof-of-work choice, it is positively an attention-grabbing token to contemplate. It is very community-based, so it wasn’t funded by an preliminary coin providing. It does not have a dad or mum firm or CEO, not like plenty of different initiatives so it is basically a very decentralized community. These community-driven roots converse to the transparency of this platform, which is essential as a result of within the crypto world, the true intentions of the creator of a given cryptocurrency may be masked fairly simply. We noticed what occurred with the Squid Sport rug pull, that Squid Sport token, and the way harmful sure cryptocurrencies may be.
DigiByte’s give attention to safety and it’s also extraordinarily quick in comparison with Bitcoin or Ethereum (CRYPTO:ETH) its a a lot quicker choice as nicely. There are causes that buyers would possibly need to take a look at the smaller cap token. Began tokens which are a bit of bit decrease down the listing, perhaps ones which were crushed down a bit of bit. The place there may be worth, so that is positively an attention-grabbing one to take a look at from perhaps a price perspective proper now.
Bleeker: It ought to be famous, the challenge that we’re having Chris work on are basically going via and constructing out basically the important thing investing elements to observe throughout an extremely huge berth of the crypto house. Lots of people go deep into one explicit factor.
What’s nice about having Chris as a useful resource is, he’s going deeper into crypto than simply about anybody you may think about. I might say with a few of your preliminary analysis accomplished into Digibyte, we regularly consider this as a funnel. We have this extremely huge funnel that we’re starting with and we slender it down and solely the most effective ones get added to one thing like Digital Explorers.
The place would you place Digibyte on a scale of 1 to 10 by way of your curiosity?
MacDonald: I feel proper now it is extra on the decrease finish of the spectrum by way of simply being a token that I am occupied with. I used to be wanting extra into the proof-of-work house and different choices simply to get a bit of bit away from the proof-of-stake house, which isn’t to say that I do not assume that that is an excellent intriguing place to be. I do, I simply wished to see — let’s evaluate Bitcoin and Ethereum in its present state.
I do know Ethereum’s shifting towards proof-of-stake, however evaluate Bitcoin and Ethereum with another choices, and Digibyte was one which popped up for its safety profile and I feel it is only one that caught my eye.
You may see on the chart how crushed down it’s. It may be an attention-grabbing one to check out it. It was lots larger beforehand by way of market cap.
This article represents the opinion of the author, who might disagree with the “official” advice place of a Motley Idiot premium advisory service. We’re motley! Questioning an investing thesis — even one in every of our personal — helps us all assume critically about investing and make selections that assist us change into smarter, happier, and richer.
