First off what is Digibyte? Digibyte is the fastest, longest, most decentralized, most secure UTXO blockchain. The genesis block of DGB contains the headline “Target: Data Stolen From Up To 110M customers” which forever emphasizes the focus on user security and data sovereignty. Digibyte is decentralized in its nature. There is no company or organization that oversees development of Digibyte. There is a Digibyte Foudation which relies on contributions and donations from volunteers and passionate investors. The Digibyte community is a very passionate group and are often ready and willing to support ideas that will encourage adoption of DGB in ways that won’t put users funds at risk. Similar to Ontology Digibyte has a decentralized identity app called Digi-ID(eg Antum ID). Digibyte supports the creation of digital assets as DigiAssets.
What is renDGB? renDGB is a 1:1 representation of DGB in the form of an ERC20 token on the Ethereum blockchain. RenBridge is a trustless and permissionless application for bridging assets onto Ethereum(multichain to include Binance Smart Chain, Polkadot and more). renDGB carries all of the same functionalities of renBTC, which is supported by Wing currently.
Why do I think renDGB should be added to Wing?
Digibyte and Ontology share the same values of securing and protecting user data. They both have a decentralized identity tool and they are both high performance blockchains. Digibyte has always been innovative; DGB uses five mining algorithms, was the first to implement SegWit, addition of Dandelion to improve user privacy(hides IP address by fluffing the transaction through various nodes) and are adding Schnorr signatures and RandomX next. A lot of the great features of DGB are lost when wrapped on Ethereum, it’s slow and congested and very expensive to use. DGB users are used to near instant transactions and minimal fees. Enter Ontology. Ethereum layer 2 lacks serious use cases beyond exchanges and swap platforms. As far as lending and borrowing the only options are all layer 1. Those network fees and speeds won’t satisfy. Ontology fees are significantly lower while also offering faster confirmations. Using renDGB wrapped to Ontology would be a lot more like using DGB so it wouldn’t scare users away from wanting to explore the option.
As Wing currently supports renBTC it seems fitting to support another REN asset, this would also get the attention of other RenVM users to look to an alternative with lower fees. Even renBTC lacks use case. Aside from Wing lending/borrowing the primary use case of renBTC is to swap for wBTC and use in DeFi. With more attention toward Wing and Ontology from the Ren community the use case of renBTC may also get more recognition. Regarding renDGB Wing Finance would be the first mover for a newly available asset.