DigiByte Faucet

Information

Frequently Asked Questions

DigiByte is a truly decentralized UTXO blockchain. This means that there's not a central entity that controls the creation of coins or verify each transaction. That power is distributed among all the nodes of the network that are placed all around the world.

Because anyone can be part of it and no one holds the absolute power. If a node wants to add a transaction to the global ledger then at least fifty percent of the other users (nodes) in the network must verify the new information. The DigiByte's Blockchain doesn't trust, it verifies.

A blockchain is a ledger that keeps track of every transaction that happens in all the history of the currency, every coin movement and every balance. It's basically a book formed with pages and each page (block) contains transactions that people send each other. In the DigiByte blockchain a new block is added every 15 seconds.

By 2021 there are aprox. 14,282,850,903 DigiBytes in circulation and there is a max supply of 21,000,000,000 that will be issued gradually by the year 2035.

When a node creates a new block for the blockchain, the network automatically gives it a reward of some new DigiBytes. This process is called 'mining' and the nodes that creates blocks are called 'miners'. For a miner to succesfully create a new block it must complete a computational algorithm.

It's a little payment all users make to the network everytime they want to perform a transaction. By the year 2021 the average transaction fee is around 0.0001 DGB. When a block is added to the blockchain the miner of that block receives the fees of each transaction of the block.

To store any cryptocurrency, you must have a wallet. There's a lot of options for you to get one. For example, you can download to your smartphone the oficial DigiByte's wallet and it will provide you an easy way to store and send DigiBytes. Learn how to set up your own wallet here.

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