The event was organised and hosted by Ms Stefania Barbaglio (Steffy), PR Guru, Founder and Director of Cassiopeia Services, and Official PR for DigiByte (DGB). The prime focus of the Summit ̶ sponsored by Vertbase, the Coinbase for altcoins ̶ was on DigiByte’s journey since its foundation in 2014, the role in the new digital economy of decentralised technologies and security blockchain applications built on DGB, and how they are transforming the world of data security and transactions.
The summit was attended by the vast majority of DigiByte’s followers and investors and was also live streamed for all the DigiByte and crypto enthusiasts around the world. Key Media partners featured IcoHolder, Coin Rivet and CoinCodex, among many others.
After Steffy’s introduction, Mr Jared Tate, the Founder of DigiByte, ran through DGB’s history and progress over the last 5 years. Founded in 2014 with no ICO, DigiByte boasts the longest UTXO blockchain in the world, highly secure and faster than that of bitcoin. Listed on over 100 exchanges globally, it is now developing the new generation of Digi-ID and Digi-Assets, which are rapidly becoming one of the key developments in the crypto market.
Jared gave due credit to the community and DGB supporters as he revealed that some of his best developers are anonymous ̶ unknown even to him ̶ thus emphasising the beauty of decentralisation and the very fundamentals on which DGB has been built. He also gave some real insights into the hard work and determination that has got DigiByte to where it is today. DGB was initially built as an extension to the UTXO protocol pioneered by Bitcoin.
Jared mentioned that DGB was initially built as an extension to the UTXO protocol pioneered by Bitcoin. However, always striving for excellence, and after countless upgrades & hardforks, they created DigiShield in 2014 (one of the many great features of DigiByte) which was quickly adopted by Ethereum, Bitcoin etc. DigiByte also re-engineered the bitcoin wallets and today boast the best SPV wallets in the world. To add to this, since the activation of SegWit in April 2017, almost 2,70,000 nodes have been created along with 4 full-version updates for the DGB core wallet.
For the first time, DigiByte is referring not to a hard fork, but an algo fork, as it schedules the release of its latest version 7.17.1, known as the Odocrypt. DigiByte already has 5 running algorithms over which the DigiShield is split evenly, which helps in real-time weight adjustment. Thanks to this multi-level model, Digibyte has a 51% attack resistance globally. The new algorithm name is inspired by Star Wars as it is a shape shifter set to change every 10 days, thus making it ASIC resistant. It will replace the Groestl algo.
The DGB community also made history at the event as Jared created the first ever DGB DigiAsset using the DigiVault. The DigiFlame was the world’s first ever DigiAsset created during the summit, and it was passed on to Rudy. Subsequently, Jared also created a second DigiAsset known as the DigiTorch as a way to promote those organisations that are creating real-world solutions using DGB Blockchain. The torch was given to Block Labs 30 and will be passed onto other projects as time goes on. This marks a huge step for DigiByte as DigiAssets has always been taken seriously and seen as the mechanism to secure the future internet of value. Even in the core architecture of DGB, comprising 3 layers, the middle layer is dedicated solely to the digital assets.
Other speakers included some of the most brilliant minds in the crypto and blockchain space. To begin with, Rudy Bouwman, co-founder of the DigiByte Awareness Team fondly known as DGBAT, shared the importance of community support and engagement, and what it means to lead one of the largest crypto communities in existence. Founded on 18th May 2018, The DGBAT team is on its way to marking its one- year anniversary this coming month at the time of writing. It was founded because DGB had never had an ICO or pre-sale, so needed a revitalised marketing strategy. DGBAT today is made up of of passionate individuals who are determined to make way for the widespread adoption of DGB.
Adding onto the advancements and achievement of the DigiByte Community, Josiah Spackman connected from New Zealand to elaborate on Dandelion, an upcoming upgrade to the blockchain. The main reason for this upgrade is to improve privacy on different platforms for DGB users. The DGB Blockchain uses the same method of broadcast as Bitcoin: diffusion. However, there is a vulnerability in this method that may let intruders track IP addresses by looking at the transactions on the blockchain. In order to avoid this, the Dandelion upgrade will only transmit data to one neighbour at a time and mask the hop counts to protect privacy.
Jan Muyldermans from Antum ID, an organisation involved in projects that deploys DGB Blockchain again highlighted the essence of privacy in today’s world. Antum ID is an authentication platform that uses DIGI-ID fundamentals to help verify the identity of individuals by government/organisations while providing the highest level of privacy. Antum modified the Digi-Id and added in its SOAP API so that DIGI-ID can be used on all platforms and programming languages, thus cultivating DGB’s widespread adoption. With the recent data breaches and leakages, Antum ID is the best use case solution.
Continuing the theme of Decentralisation, Justin Seidl from Vertbase applauded DGB’s genuine growth and passionate community. A simple fiat-to-digital currency instant buy-and-sell platform, Vertbase is in the process of introducing GBP & EURO pairings for DGB. Its main USP is that it’s a non-custodial platform, meaning all funds are always in the user’s possession and by partnering with DGB, its next step is to enable consumers to use DGB and Vertbase for everyday transactions.
Another key innovative project was presented: Marnix van den Berg from V-ID highlighted the issue of cyber-crime and data integrity. VID’s core mission is to help prevent digital fraud. For this it uses blockchains to store data once it has been verified and validated: DGB being one of these blockchains. This in turn helps DGB to fully certify and secure all DigiAssets. In a real-world example of physical objects being verified and coded in the blockchain, V-ID demonstrated how it had securely stored a Rembrandt piece after verifying and validating it in the blockchain.
Finally, Block Labs 30, a California-based organisation led by MBA entrepreneurs Brian Foote and Jeff Hinshaw showcased their skills in working with merchants to increase DGB’s adoption. Their project is ambitious: creating a market place for Digital Asset transactions through verticals, while increasing security and trackability but integrated interconnectivity. All industries will benefit from block transactions built on DGB, the main one being real estate, but also fashion, food and art.
With such great minds and organisation at work, the DGB Summit was the first of its kind. In case you missed the live coverage, exclusive event footage is set to be released soon. Please stay tuned for further details.