What Is DigiByte (DGB) And Will It Continue To Rally?

You have probably heard a lot about cryptocurrencies lately since it is the latest wave to sweep the tech and internet space. This time the focus is on a cryptocurrency called DigiByte (DGB).

DigiByte is a cryptocurrency just like many other digital currencies out there and this means it operates on a blockchain technology. This digital currency was created in 2013 but it was officially launched in the market in 2014. It has thus been on the market than most of the newcomers. This altcoin was initially based on Bitcoin though its developers later made some adjustments to the code for enhanced functionality

The improvements made to the DigiByte blockchain made it more like Ethereum’s blockchain because they were aimed at enabling a shorter block time and also enhanced security. The DigiByte website describes the platform as a faster, more secure and forward thinking blockchain compared to other blockchain technologies. It is thus considered as a good blockchain not only for currency but also for protecting other valuable assets such as digital data, and information property.

The company behind the cryptocurrency boldly claims that its blockchain is currently the most secure and fastest UTXO blockchain available. This is quite an audacious claim considering that there are numerous other cryptocurrencies with blockchain technologies that have similar pursuits. However, one of the unique aspects note about DigiByte and its technology is that it uses five different advanced and secure cryptographic mining algorithms. This makes it more difficult for centralized mining especially compared to the use of one mining algorithm.

DigiByte also became the second major altcoin to use segregated witness technology (SegWit) through soft fork. It had also used hard fork on three separate instances before that.

Performance-wise, it is important to note that the price of this digital currency was at around $0.000212 at the start of 2017 with a market cap of $1.77 million. However, it has since then surged by a significant margin to reach an all-time high price of $0.0633 on December 21. Its price at the time of this press was $0.051721. The price of DigiByte has undoubtedly risen by a huge margin just like most of the other cryptocurrencies in the market.

It is also worth pointing out that the price of DigiByte has been relatively inactive with just a few minor surges that are nothing compared to its performance this year. In fact, the price movement as evident in its charts kicked into high gear in April this year. So far the digital currency has made momentous gains but the looming uncertainty in the market means it is not clear whether it will continue to surge.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of Global Coin Report Archives/Flickr