DigiByte is a well-known cryptocurrency in the market. Its pivotal features like transparency, security, and speed make DigiByte unique. DGB, the native coin of DigiByte, has a high credibility degree. There are no stockholders or any other authority to control this blockchain, which makes it truly decentralized. So should you invest in Digibyte or hurry to convert your DGB to BTC this year? Here’s more on DigiByte and its coin.
How Does Digibyte Work?
On January 10, 2014, Jared Tate and his team launched an exceptional product. It was supposed to avoid Litecoin’s and Bitcoin’s glitches and to become the longest-known blockchain. They reported on the fixation of the main issues: low scalability, lack of speed, high prices, and security breaches.
Thinking forward, the developers of DigiByte implemented the SegWit protocol via a soft-fork consensus. It enabled increasing scalability and cost reduction. SegWit allowed keeping more data in a block and made the blockchain more advance-friendly.
To improve security and speed, the project implemented the Odocrypt algorithm. Its main feature is to modify itself every 10 days, avoiding ASIC domination. DigiByte was a pioneer blockchain to shift from single to multiple mining algorithms. Now it employs the following algorithms:
- SHA256
- Scrypt
- Qubit
- Odocrypt
- Skein
The above-mentioned algorithms allow diverse ways of mining DGB, not limiting it only to GPU.
This change also improved the block speed, making it twice as fast. These innovations in the industry made DigiByte stand out among other crypto platforms.
How Has DGB’s Price Changed From Year to Year?
During the first three years of DigiByte’s existence, its value was less than $0.0004. But in 2017, when DiguSign (a feature of DigiByte) became a finalist in the global innovation competition “Citi Tech for Integrity Challenge,” its first major price upsurge took place. In May 2017, it jumped from $0.0019 to $0.0166. In June 2017, the price went up to $0.06.
The following months were less successful, and the price dropped significantly. The next rise took place in December 2017, which resulted in DGB hitting $0.13 in January. However, the success didn’t last for long, and the value of the coin soon dropped to $0.02. It was a hard time for all cryptocurrencies, including Bitcoin.
In early 2018, DigiByte was rehabilitated to $0.04, and in the following two years, the price fluctuation was between $0.003 and $0.02. At the beginning of 2021, there was a new price increase of up to $0.08.
However, the major event that changed the situation was in the spring of 2021. The RenDGB token (Ethereum-based) was launched, giving access to DeFi features of the DigiByte blockchain. DGB reached its top price ever of $0.17, but by the end of May 2021, its price was again as low as $0.06.
Right now, DGB is trading at around $0.009. You can always check its current rate regarding other cryptos at https://godex.io/exchange.
Digibyte Price Prediction for the Nearest 5 Years
The experts can’t reach an agreement on DigiByte. Priceprediction.net do not see a bright future for this crypto coin. They forecast that on average it will not rise higher than $0.34. CoinQuora analysts consider that the DigiByte community’s activity could bring success to the coin.
They predict an enthusiastic price of $10 per DGB. CryptoNewsz emphasizes that smart investors will definitely spot this coin and make the best possible of it. In their opinion, this cryptocurrency is about to “bloom.”
Is Digibyte a Good Buy?
DigiByte is a comparatively young cryptocurrency, and everything that is happening around it plants a thought that it will be bullish in the coming years. Analysts suppose that this coin will be effective for long-term investments.
DGB coin is available on most crypto-trading platforms, so you can try to buy some and possibly earn in the future. An analytical approach and a great knowledge base will help you to choose the best solution to build up your assets.
