DigiByte is an innovative blockchain project. It markets itself to have major technological advantages over other cryptos, including Bitcoin. It can be used to create digital assets, smart contracts, decentralized applications, and even for secure authentication. For these reasons, many altcoin investors are excited about the future of DigiByte, but will it live up to these expectations?
Here’s one reliable DigiByte price prediction for 2022 and beyond and the factors that will affect this crypto’s price this year.
Meeting DigiByte
DigiByte was developed in 2013 upon modifications to Bitcoin’s core codebase and released in 2014. The founder is a programmer named Jared Tate, also known as “Digiman.” He aimed to incorporate the best Bitcoin features and create a faster and even more decentralized blockchain network. It means that there is no central governing organization or CEO that has control over the network.
Today, DigiByte is a fast-growing, open-source blockchain. It has a solid community and innovation-centered culture. DigiByte became the first major blockchain to implement several core blockchain technologies. These include segregated witness and multi-algorithm mining.
What Do We Need to Know About DGB?
DigiByte is built upon an open-source codebase, meaning anyone can inspect the blockchain and make modifications to it. But it is not its only unique feature.
Five distinct cryptographic algorithms are securing the blockchain. They ensure the highest level of protection against cyber attacks. Moreover, DigiByte incorporates Digi-ID — security protocol based on private key cryptography. It is used to log in to applications on the web without the need to generate and input usernames and passwords.
There is also a DigiShield framework integrated into the blockchain mechanism. It is used for real-time difficulty adjustment — minimization of impact from hash fluctuations. Such intervention increases network stability and security.
As of April 2022, DGB’s market capitalization value is almost $400 million. And it is in the top 150 cryptocurrencies worldwide by this indicator. DGB’s current price across crypto exchange online platforms is about $0.02 per token.
Mining and Financing of DigiByte
Since DigiByte is 100% Proof-of-Work protocol-based crypto, it supports multiple-algorithm mining. Sha256, Skein, Qubit, Odocrypt, and Scrypt algorithms are included in the pool.
What’s good about DigyByte is that its block reward is not halved annually. It loses only 1% in its value each year, and all the 21 billion tokens will be mined by 2035. But, even once all the DGBs are mined, users still can earn passive income as transaction commissions.
Unlike Ethereum or Bitcoin, DigiByte did not use such a fundraising method as ICO. So there are no groups of people owning the most portion of tokens. DigiByte also does not have a CEO or another authority. These reasons make DigyByte be fully decentralized, community-driven network. So more regular users can gain profit from mining this crypto.
DGB Price Change Forecast
DigiByte has lost a significant portion of its value since early 2021, similar to many other altcoins. This means that the price of DigiByte largely depends on how well the cryptocurrency market performs overall. DigiByte will have to use its unique technological advantages to gain more of the crypto market share.
Here’s a list of some relevant forecasts for DGB:
- Priceprediction.com experts stick to $0.027 per token in 2022, with prospects to rise up to $0.047 in 2023.
- Digitalcoinprice.com analysts claim a 30% annual DGB price increase during the next decade.
- Capital.com specialists predict nearly no changes to DGB price in 2022 but expect it to reach $0.039 in 2023.
Aggregating these, a price target for DigiByte in 2022 is roughly $0.027. Long-term forecasts evidence that DGB may reach the value of $1 per token closer to 2030.
Overall, DigiByte can enter a bullish market after the downward trend is over, as per the law of economic fluctuations. Moreover, the increased level of blockchain adoption may positively impact the market situation. So the statistics-driven expectations may be significantly surpassed.
Of course, investment in DigiByte comes with risk, and you are still highly recommended to have a properly diversified portfolio and not invest your life savings.
