The crypto community knows DigiByte as a secure and scalable blockchain with DGB as a native coin. DigiByte is about time-tested security and community input as it is an open-source and completely decentralized project. After six years of development, this blockchain has advanced difficulty stability, and DGB is one of the most promising coins at the moment.
If you want to learn more about the possibilities of using DGB, the workflow of a decentralized organization, or how to contribute to the DigiByte community, read our interview with Rudy Bouwman, a key figure at Digibyte Foundation.
Tell us your story. How did you get into the world of cryptocurrencies? How did you find yourself in the DigiByte project?
I have a background in IT, so I have always been interested in new technologies. Back in 2017 I got interested in blockchain and started reading more about it. When researching different projects, I was surprised by a large number of cryptocurrencies (over 2,000), and a lot of them were ICOs without even an actual proven use-case.
“But once I started doing research on DigiByte, I was quite surprised about the features and the team.”
It is the longest, fastest, and most secure UTXO blockchain. The community is also very impressive. It’s the largest and most active community in crypto-space and all are passionate volunteers. The community is still growing, it’s a real grassroots movement. Back in 2018, I noticed that there was a lack of awareness and marketing, that’s why, together with some other community members, I started the DigiByte Awareness Team (DGBAT).
Hans Koning, Rutger Krijnen, and you, Rudy Bouwman, are the first chairmen and creators of the DGB Foundation. How did you three meet? And how did you get the idea to create a fund? What are your actual goals?
Hans reached out to me on LinkedIn some time ago. He is a great advocate of blockchain technology and a specialist in governance. We had the first meeting in 2019 and there was a great fit. Rutger has great experience in project management. He knows a lot about DigiByte technology and our community. With the same mindset as me and Hans, he is an added value on the board.
Because DigiByte and the community are rapidly growing, we saw the need for a separate vehicle to protect the true principles of decentralization, avoid single point of failures, and to be a voice of the community as a whole. Moreover, we want to build bridges to other projects and companies to make sure that DigiByte is able to play a major role in an ecosystem that’s much bigger than just DigiByte.
DigiByte was no ICO so it is relying on sponsors and donations only. People working for DigiByte are all unpaid volunteers. To make sure that people don’t have to pay for things out of their pocket, and to make sure that the project won’t stall, and development can continue like it did the last 7 years, we as a community foundation will therefore take care of paying the cost of infrastructure maintenance, and we will issue bounties for developer projects.
“Once COVID-19 is no longer an issue we also want to organize global meet-ups and events.”
So you say that everyone who works on DigiByte is an unpaid volunteer. Who is leading the development, and how are the people in charge selected?
We have a very loyal group of developers that could be considered as our core developers. But in reality, there is no authority within DigiByte and there is no application required to join. Everyone can join the DigiByte community, join the group of developers or marketing team, and start working on DigiByte. The development is all open-source, so anyone can contribute. We as well have several groups on Telegram where people can get information or help from other members.
DigiByte is considered one of the most secure decentralized blockchains. Is this so at the moment or is there something to strive for? What technologies, algorithms, and protocols are used? Tell us more about this.
DigiByte is a complete blockchain network with three different layers. The top layer is for smart contracts, decentralized applications, and customizable tokens (DigiAsstes). The middle layer is the public ledger where the DigiByte native coin (DGB) can move throughout the network and serve as its base asset. The bottom layer is the core infrastructure of the system and includes the decentralized nodes, the client software, and the communication between each.
“Today DigiByte is the longest, fastest, and most secure decentralized UTXO blockchain on Earth, thanks to the 5 different mining algorithms and hundreds of thousands of node downloads.”
The 5 mining algorithms are SHA-256, Scrypt, Qubit, Skein, and Odocrypt. Odocrypt recreates itself every 10 days so it’s ASIC resistant. Currently, the team is looking into implementing ProgPoW for GPU mining, and RandomX for CPU mining. Of course, that will take some time and a lot of testing.
We checked out the DigiByte Pipeline on GitHub, and there are quite a lot of improvements planned. Tell us, what is the team working on now? What major updates can we expect shortly?
We have just ported Rosetta Go SDK to NodeJS, so more developers can now start using the SDK. Rosetta is an open standard designed to simplify blockchain deployment and interaction. It was something Coinbase brought to our attention. At this moment, the team is working with Ren to develop renDGB, so DGB will be wrapped in an interoperable token and can then be used in DeFi products.
Moving on to the DGB coin. It is in a fairly high position on CoinMarketCap (49th place at the time of writing). How much might DGB be worth by the end of the year? Can you share your predictions?
The market cap position in our range is rather irrelevant. There are many projects with a higher ranking than DigiByte but with no use case. My focus is on development, applications, and partnerships. Therefore I won’t make any price predictions. Price is very much dependent on the total market capitalization of crypto. The total crypto market cap has still plenty of room to grow. The fundamentals of DigiByte are great and justify a higher market cap. As long as we keep the focus on building, and as long as we can see a growth in DigiByte applications, use-cases, and community, we will also see a growth in market capitalization.
We know that DigiByte is now on TikTok, and you have great videos there. This social network is still quite fresh, not many crypto projects are registered there. What do you think about this platform? Do you plan to build a community there?
We have so many creative members in our community, making nice gifs and videos. TikTok is one of the social networks where these videos can be published, especially to our younger audience. The DigiByte community can be found on all social networks, so @digibytecoin on TikTok is just another great way to reach our growing global community.
What challenges is DigiByte facing now? How do you see this project in the near future? How do you plan to contribute?
The biggest challenge is to be recognized by big companies that are looking to apply blockchain technology in their products and services. This is something we are working on. We are building bridges to other projects and companies.
Let’s talk about DeFi. Why is the development of a decentralized financial space is important for society in your opinion?
It’s one of the major features of blockchain technology: no middle man. Everyone should be in control of their own money, and be able to send and receive it instantly without high fees. Current financial markets are getting out of control. The infinite printing of money can’t be sustainable.
“With cryptocurrencies and DeFi products, we can build a new global banking system in a transparent and permissionless way.”
What do you think about the active implementation of blockchain in recent years, about the adoption of crypto by states?
We already see blockchain being applied in several technical services and solutions. It will become more important in the coming years. Governments don’t want to ban crypto because they can’t stop the current development. It’s much too decentralized. Moreover, they also see the benefit of digital money. The cryptocurrency market is still far from being mature. We all can agree that it needs more and better regulations to protect traders and consumers.
What is the role of DigiByte in the future, where everything is decentralized?
As mentioned, we want to be at the front line of this technology development, and make sure we are being recognized as the most forward-thinking, most secure, fastest, and most decentralized blockchain. We want big companies to produce use cases with DigiByte technology that can be applied all over the world. DigiByte wants to power solutions built for proof of authenticity and secure authentication. As a currency DigiByte is already the ultimate merchant coin, because of its speed and security, and soon DGB will be interoperable for DeFi products, thanks to RenVM protocol. DigiAssets will also play a big role in the future, especially with smart contracts running on DigiByte.
“DigiByte technology has endless possibilities.”
We thank Rudy for the interview. Get to know more about the project agenda here.