Digital Gem Token
A decentralized open source store of value cryptocurrency that is more environmentally friendly and scaleable than Bitcoin.
Digital Gem is a great store of value because its inflation rate is only 0.25% per year compared to fiat currencies where the inflation rate is around 3% per year.
Digital Gem Token is faster than Bitcoin because it can achieve 100 transactions per second compared to Bitcoin's 7 transactions per second. Also, Digital Gem's block time is 8 seconds compared to Bitcoin's 10 minutes so transactions are sent in 8 seconds with Digital Gem.
It is also more environmentally friendly than Bitcoin because it uses 0.0000062253% of the daily electricity as Bitcoin.
Digital Gem Token is 100% live as of 6/2/2019
Bitcoin's Problem
One of the main problems of Bitcoin today is its massive energy consumption.
If bitcoin is ranked by energy consumption, it consumes more energy than Switzerland and Columbia and is about to overtake the Czech Republic.
The other problem of Bitcoin is that it is not scaleable. As a store of value, 7 transactions per second is not too bad compared to physical gold's zero transactions per second. However, compared to Visa's 150 million transactions per day or 1700 transactions per second, Bitcoin is not that good.
Digital Gem's Solution
Digital Gem uses the Delegated Proof of Stake consensus mechanism which uses 1,040.4 / 167,124,241 = 0.0000062253% of the daily electricity usage as Bitcoin.
Delegated Proof of Stake can also perform vastly improved transaction speeds as compared to Bitcoin's Proof of Work.
Delegated Proof of Stake, in which Digital Gem is based, can easily handle 100+ transactions per second and that is a conservative estimate.
Also, Digital Gem Token's block time is 8 seconds so transactions can be received in 8 seconds compared to Bitcoin's 10 minute block time.
Tax Benefits
Digital Gem Token's low inflation rate means that the coin's value will be preserved even if you do not stake the tokens.
The low inflation rate of Digital Gem is also great for tax purposes because Digital Gems are mostly only taxable when you decide to sell them.
Other proof of stake coins usually have a very high inflation rate which forces you to stake your coins or get left behind the inflation curve. A disadvantage to that is that there is taxable income generated everytime you receive a staking reward.
Technical Aspects
Consensus Mechanism: Delegated Proof of Stake
Blocktime: 8 seconds
Supply Statistics:
1 Digital Gem per block = 3,942,000 Digital Gems per Year
Total initial supply = 1,576,800,000
Inflation: 0.25% per year
Total delegates: 51
Voting: 1 Digital Gem = 1 Vote and votes can be cast and changed at anytime
Forgers: The 51 delegates with the most votes gets to forge the blocks
CONTACT US
Join our Discord as that is where our community hangs out
We are looking for delegates. Contact us if you want to be a delegate on our network.
*100,000 Digital Gems for every new delegate*
With 1 Digital Gem as a reward every block and a 8 second block time, nodes are guaranteed to get their fair share of the rewards as compensation for validating the network.
However, the good part is that once more people are using Digital Gem, nodes will stand to profit because there are transaction fees for every transaction and all of it goes to the nodes.
So initially, nodes will not lose money and in the long term, nodes stand to profit if more people use Digital Gem since every transaction costs fees and all fees will be paid to the nodes. Even if no one uses the network, with 1 Digital Gem per block, nodes will be compensated for as long as they are validating.
Potentially, delegates can earn up to 16 Digital Gems per block. Right now, we can have up to 150 transactions per block. The transaction fee for every transaction is 0.1 Digital Gem so
150 x 0.1 = 15 Digital Gems through transaction fees + 1 Digital Gem forging reward = 16 potential Digital Gems per block.
Contact us if you want an airdrop
*3000 Digital Gems for every new user*
We are targeting to hold only 20 to 25% of the initial supply of the coin. The rest is to be distributed to people that are interested in Digital Gem.
Bring a Friend
*1500 Digital Gems for every new referral*
Every new friend that you bring to our discord for airdrops gets you 1500 Digital Gems. We are trying to reach as many people as possible so that everyone benefits.
Digital Gem Token's Social Media
Discord: https://discord.gg/hNcFgb3
Reddit: https://www.reddit.com/r/DigitalGemToken/
Github: https://github.com/digitalgemtoken
Twitter: https://twitter.com/digitalgemtoken