captainaltcoin.com
If you are not too much into cryptocurrencies, you probably didn’t heard about the second tier coins like DigiByte. And that is precisely the reason why DGB, despite their feature-richness and superior tech, will have a hard time surviving the 2019.
DigiByte is widely considered as one of the safest cryptocurrencies out there, in part due to several pieces of crypto technology (like the DigiShield or its 5 mining algorithms) that the project developed and implemented. Its 5 year existence makes it one of the older projects on the market, one that managed to expand to over 200,000 nodes throughout the timeframe. Seemingly focused on the networking aspect at the time, DigiByte keeps moving along the path of achieving wider adoption in the world of crypto.
However, lack of presence on the biggest exchanges like Coinbase and Binance feeds into an already weak brand recognition which is one of the major factors for the development of the trust in a payment currency. Technology alone won’t get you there – people need to develop a shared belief that a currency is able to preserve their value for the future. Digibyte is far from that status right now.
Technology front is looking great
Bitcoin supports 7 transactions per second with 10 minutes of block time. Bitcoin Cash supports 34TPS and 10 minutes block, Western Union supports 30, Litecoin supports 56tps with a 2.5min block time, and Paypal supports 130TPS.
Digibyte currently supports 560TPS and only 15 seconds of block time, and 2000TPS by 2020 and exponentially growing 280,000TPS in the near future.
DigiByte is the fastest, longest, most secure and most distributed UTXO blockchain in the world. DigiByte is not just a method of storing and exchanging value, but has the scalability to handle so much more, such as notarizing documents into the blockchain, identity validation, or even having tokens built on top of it without having to worry about a cat-game slowing it down when it reaches peak enthusiasm.
Business side hobbles
When it comes to money and value exchange, it really is not all about the technology as people are erratic and chose to use a thing that is not the best or most efficient. People are lead by emotions and rigid, analytical coders are foreigners with that side of human nature and rely too much on their “superior” technology to bring them to the promised land. DGB exemplifies how you need other profiles of people that can paint the picture of that technology in much warmer colors so customers can see the value and start using it.
Well, one DGB holder put forward an analysis as to why he thinks DGB lacks recognition and adoption. The gist of it is the lack of business-like handling of the project – it is run more like a hobby according to him.
The analysis is pretty long and is a combination of praise and critique towards the project leadership. After praising the culture of DGB communities, he laments about lack of accountability and seriousness in running the project.
There is a total lack of business talent with DGB. Lets be honest this coin has been sideways for 4 years. Jared Tate will take up his time doing interviews that get 100 views and argue with exchanges publicly that will never list DGB for free anyways. He needs to listen to critical opinions and take a new direction. However, when you challenge this plan you are trolled by the DGB cheerleader / groupies that are hoping to become billionaires.
He further explains the need for professional, result-driven marketing experts to join the DGB team and lead the effort of Digibyte broader promotion.
This stirred a vigorous debate in the community with one answer particularly worth of highlighting:
The BCH drama exemplifies the core problem with crypto from a business side. If I am running a company and I have the choice of currency to use across the board, why would I pick a coin that is run by transient groups of programmers that either have no defined loyalty or hierarchy to make decisions?
How could I reasonably expect that what I do today, earnings, savings, transactions, won’t be adversely affected by the decisions of a group of kids 11 months from now? How can I be sure that my “savings account” won’t be wiped out by a boneheaded move, or even a PR disaster unlrelated to me?
Thus decentralization in many ways brings with it a level of uncertainty that people in positions of power/authority at the business level can’t deal with. Ideally you wanna shake someone’s hand, sign a thing, and forget about it, but you can’t do that here.
So we should be clear by what forms of decentralizing and centralizing we want or reject. A steering committee is a good thing, variety of pools is a good thing, millions of nodes scattered around the world is a good thing… millions of chefs in the kitchen, and millions of visions for the product resulting in forks is not.
The devs have taken the high road for the past couple years – no real marketing, refusing to kowtow to Binance, not promoting DGB as the Next Best Thing through every available outlet – which, from a non-investor standpoint, is respectable. DGB is functioning well enough behind the scenes; it’s a functional product but it lacks any kind of adoption and the outlook for the future is grim.
Since Lightning Network is picking up the pace and grows substantially every month, DGB and other payment coins are in a serious existential jeopardy as LN could render them all obsolete.
Digibyte should look at the 2019 as the crucial year for them to make a all-in push on all fronts, especially in achieving new partnerships, force more penetration in the merchants markets and generally work more on their marketing efforts. The best technology is not worth much if no one has heard about it.