Binance US Lists DigiByte: What You Need to Know
A big US exchange lists DGB
Binance US has decided to list Digibyte. Binance US is the United States branch of Binance, the largest crypto exchange company in the world. A layer 1 modified Bitcoin fork launched in 2014, Digibyte is a decentralized, fast, and secure network which utilizes 5 different mining algorithms.
The idea behind the network structure is to prevent mining centralization. Digibyte is also capable of smart contracts and digital assets. Its digiassetX NFT exchange is seeing lots of popularity.
Previously this year, I wrote an in-depth piece about how Digibyte could see a big expansion in 2023, as core developers continue to improve the software for a widespread audience. The last months of 2022 are starting to show this trend.
This listing is big news for the Digibyte world, as many large exchanges in the US have held off from listing Digibyte for unknown reasons, namely Coinbase and FTX US. This is a confounding phenomenon, since Digibyte is a POW blockchain in the top 150, and Bitcoin was the only cryptocurrency to be labeled a non-security by SEC chairman Gary Gensler.
Theoretically, Bitcoin forks like Bitcoin Cash, Digibyte, Litecoin, and Dogecoin should be the least likely to be regulated. For years, Coinbase, especially, has continued to list numerous proof-of-stake Ethereum and Solana tokens, which are a massive gray area in the SEC's jurisdiction. Logic would indicate that they would want to list lower risk projects, which are more likely to be labeled a commodity by the SEC. For example, Ripple was sued by the SEC in 2020, who claimed that Ripple released XRP as an unregistered security. The popularity of Digibyte among major exchanges is changing with Binance US jumping into the Digibyte world.
What's next for Digibyte?
The ethos of Digibyte is the same as Bitcoin, which also has no centralized presence looming over the network. Naturally, Digibyte like other Bitcoin forks, symbolically has a max supply of 21 billion coins. Digibyte's future lies in the dedicated hands of volunteers. Unlike many altcoins such as Solana and Avalanche, which have development firms behind the underlying blockchain, Digibyte has never had this and likely won't in the future.
In place of a corporation, Digibyte has volunteer core developers and a non-profit organization called the Digibyte Awareness Team. The Digibyte Awareness Team has been responsible for communicating with exchanges such as Binance US, and other relevant parties to increase the adoption of Digibyte worldwide. Their performance is strong given the numerous expansions recently.
With new decentralized NFT exchanges like digitassetX and other notable expansions in Digibyte's ecosystem, DGB certainly has a bright future ahead.