Following on from the “Why DigiByte” article, many people have been curious about how it stacks up against a bunch of other Cryptocurrencies.

This is a fantastic opportunity to objectively weigh up a whole lot of facets of Altcoins in general and compare them with DigiByte. There won’t be a lot of pictures, but hopefully there will be enough references to source material to lend credibility to all claims / statistics.

Let’s pick a few popular coins to compare:

  1. Bitcoin
  2. Litecoin
  3. Ethereum
  4. ZCash
  5. Ripple
  6. Monero
  7. Bitshares
  8. IOTA
  9. and of course, DigiByte

Should be enough of a list!

We’ll compare them each, on a number of criteria, namely:

  • Initial launch details / fairness / beneficiaries
  • Distribution of mining / staking
  • Blockchain speed + fees
  • Hashing Algorithms / Blockchain security
  • Controversies around the coin
  • Major milestones since launch
  • Additional coin features / uniqueness
  • Real world use cases
  • And there’s bound to be more added over time

The plan is to review each, per coin, and not “grade” the results (Say, out of 10) but rather to present the facts to you, reading this, and allow you to make up your own mind regarding what you believe to be worthwhile and how DigiByte in particular stacks up in each area vs a bunch of other Cryptocurrencies.
Let’s start at the beginning:

Initial launch details / fairness / beneficiaries

Bitcoin Launched Jan 2009, first of it’s kind
Maximum of 21 million Bitcoin, estimated last mint in 2140
No pre-mine
No controversy
Founder Satoshi Nakamoto is otherwise anonymous / used an alias
Litecoin Launched Oct 2011 as a Bitcoin clone that was specifically for CPUs, with faster block times and higher coin numbers
Maximum of 81 million Litecoin, estimated last mint in 2151
No pre-mine (2 blocks)
No controversyFounded by Charlie Lee
Ethereum Launched July 2015 as a scripting blockchain / platform for other products to be built on top of
72 million pre-mined for IPO, no hard-limit, though will likely not exceed 100 million coinsMinor to moderate controversy around the large Bitcoin -> Ether prior to launch
Founded by Vitalik Buterin
ZCash Launched October 2016 as an optionally anonymous cryptocurrency
No pre-mine, however 10% of the first 4 years of mining goes to the ZCash company / Foundation as a ‘Founders reward’
Moderate controversy around the launch price crash, along with the ongoing rewards to Founders
Founded by Zooko Wilcox
Ripple Launched 2012
100% pre-mined, 20% kept by creators, 80% given to Ripple Labs to distribute
Moderate controversy over large amount retained by creators, along with their speculation around how it may impact long-term price
Founded by Ryan Fugger
Monero More details needed
Bitshares More details needed
IOTA More details needed
DigiByte Launched Jan 2014 by Jared Tate
0.25% premine given away to encourage early adoption
0.25% premine to support paid development of early features in the first 18 months. Wallet details disclosed publicly.

Distribution of mining / staking

Bitcoin 80% of all Hash Power comes from China due to an ASIC monopoly
Litecoin 65% of all Hash Power comes from China due to an ASIC monopoly
Ethereum Relatively even distribution, nowhere near 51% attack possibility
ZCash Flypool showing 60% Hash Power for previous month (Nov 2017)
Very real possibility of 51% attack
Ripple No mining, coins created centrally up-front.
Validated by 25 validator nodes
Any newly created coins would be made by central Ripple company
Monero Relatively even distribution, nowhere near 51% attack possibility
Bitshares Centralized PoS, 17 primary witnesses who do all the ‘work’
IOTA No “mining” in the proof-of-work sense
Wallets verify transactions of others when submitting their own
DigiByte Mining evenly distributed between 5 algorithms, each contribute 20%
51% attack would require 93% of primary algo and 51% of remaining 4

Blockchain speed + fees

Bitcoin 10 minute block timing, 1MB blocks
Average tx is approx 500-600 bytes
Litecoin 2.5 minute block timing, 2MB blocks
Average tx is approx 500-600 bytes
Ethereum Approx 17 seconds, no blocksize limit
Note: Currently approx 10-15KB ea (Late 2017)
ZCash 2.5 minute block timing, 2MB blocks
Ripple Approx 4 second “Ledger close time
Approx USD$0.000015 per transaction
Monero details
Bitshares 3 second block timing, configurable by blockchain
Variable maximum block size (Changes voted on), tested to 1GB
Average tx is 100 bytes
IOTA details
DigiByte 15 second block timing, block size increasing, currently 2MB
Approx USD$0.0003 per transaction

Hashing Algorithms / Blockchain security

Bitcoin SHA256, ASIC mineable
Litecoin Scrypt, ASIC mineable
Ethereum Ethash, GPU mineable
ZCash Equihash, GPU mineable
Ripple No mining, centralized validation
Monero CryptoNight mining, GPU mineable
Bitshares No mining, centralized PoS
IOTA No mining, distributed validation of other users transactions
DigiByte SHA256, SCrypt, Groestl, Skein & Qubit, ASIC or GPU mineable

Controversies around the coin

Bitcoin Details coming
Litecoin Details coming
Ethereum Details coming
ZCash Details coming
Ripple Details coming
Monero Details coming
Bitshares Details coming
IOTA Details coming
DigiByte Details coming

Major milestones since launch

Bitcoin Details coming
Litecoin Details coming
Ethereum Details coming
ZCash Details coming
Ripple Details coming
Monero Details coming
Bitshares Details coming
IOTA Details coming
DigiByte Details coming

Additional coin features / uniqueness

Bitcoin Details coming
Litecoin Details coming
Ethereum Details coming
ZCash Details coming
Ripple Details coming
Monero Details coming
Bitshares Details coming
IOTA Details coming
DigiByte Details coming

Real world use cases

Bitcoin Details coming
Litecoin Details coming
Ethereum Details coming
ZCash Details coming
Ripple Details coming
Monero Details coming
Bitshares Details coming
IOTA Details coming
DigiByte Details coming

More being added (Check back soon)