The price of DigiByte (DGB) has surged over 33% this Sunday, ahead of a major update to its blockchain and as the team behind it made a peace offering to cryptocurrency exchange Binance.
According to CryptoCompare data DigiByte’s price rose 33.7% in the last 24-hour period, as it’s currently trading at $0.0156, which means its market cap is now close to the $150 million mark.
Behind the cryptocurrency’s price jump may be various factors. Among them is a major update to its blockchain that’ll bring in a new mining algorithm, which will allow for everyone to mine new DGB coins without the need for specialized ASIC hardware.
The new mining algorithm, called Odocrypt, is going to see DigiByte keep on focusing on fair mining, meaning it’ll keep on trying to keep large mining pools with ASIC machine farms at bay. The cryptocurrency initially forked to create five mining algorithms, according to its founder Jared Tate, but it only worked for a while as eventually ASIC’s caught up.
It worked for a while, but since then ASICs have been developed, sometimes in secret, for all five current DigiByte mining algorithms.
The solution DigiByte’s team came up with is Odocrypto, a mining algorithm that’ll allegedly change itself every 10 days to prevent the development of specialized hardware. The devices capable of mining Odocrypt are reportedly accessible.
The cryptocurrency’s price has also surged shortly after its Twitter account suggested a “DGB-BNB Peace Pact,” in which it noted we’re “all brave pioneers in a space that is yet to be defined by any one human being,” and that our mission is to “ward off against the control at the top.”
The $DGB-$BNB Peace Pact— DigiByte Awareness Team 🦇 (@DGBAT_Official) July 6, 2019
To whom it may concern, we all believe in a new way of thought. We are all brave pioneers in a space that is yet to be defined by any one human being. In this world, the majority prevail by working together and overcoming the perils of past quibbles...
The tweet seems to suggest DigiByte is looking to bury the hatched with leading cryptocurrency exchange Binance. The two have seen things sour last year, amid accusations of attempted bribery. DigiByte’s tweet came shortly after Binance unexpectedly listed Dogecoin (DOGE) and suggested a new token was soon going to be added.
The Binance - DigiByte Feud
Back in 2018, DigiByte and Binance got into a feud, as according to DGB’s founder, Jared Tate, the cryptocurrency exchange was looking to charge a hefty listing fee the cryptocurrency’s developers refused to pay.
1/8 It’s time to set the binance record straight and let the world know the truth. The binance - DGB story starts with us refusing to pay the “listing fee” last summer/fall. And continuing to refuse to ever pay it for the last 12 months.— Jared Tate (@jaredctate) October 8, 2018
Through various tweets, Tate claimed several key members of the DGB community were “accused of being Chinese spies last fall” who were allegedly attempting to undermining Binance’s chief executive Changpeng Zhao. This was seemingly a misunderstanding.
Later on, to get DGB listed on Binance, Tate claimed CZ asked them to own up to their mistakes and issue a public apology. CZ denied these accusations and called them FUD, but Tate then released screenshots of the exchange.
8/9 For historical purposes: This was the request made directly by CZ to "owning up to ones own mistakes" on Oct. 8th. The "mistake" of refusing to be extorted. The "mistake" of standing up for #decentralized #blockchain technology like #DigiByte. The mistake of calling out P&D's pic.twitter.com/TInd2k3xzo— Jared Tate (@jaredctate) October 9, 2018
Tate also posted on the microblogging platform screenshots of an exchange between DigiByte’s team and a Binance representative about a potential listing. When asked about the listing fee, Binance’s response was in essence “how much can you pay?” as the representative replied “what’s your budget?”
8/11 Nov. 6th, 2017. First @binance call for $DGB listing. We stated we pay no fee on call. Response - "you can't accept our listing way." "Whats your budget." Dec. 22 - we need to "pass evaluation fee." October 2018, "listing fee" becomes mandatory "donation" & public "apology" pic.twitter.com/oXGhUik49W— Jared Tate (@jaredctate) October 9, 2018
In a follow-up screenshot, we can see DGB pushed to know what the listing fee was, and the representative replied “we charge a bit high.” A lot of tweets from the feud have now been deleted, although at the time CZ seemed to make it clear DGB wasn’t going to be listed.
😂 while we try to not publicly commenting on any coin, good or bad, some just don't leave us much choice. I feel bad for the people who honestly tried to help with dgb listing. But it's not us that's to blame. Sorry @tommyp408 pic.twitter.com/QizAsukdIF— CZ Binance (@cz_binance) October 8, 2018
Nevertheless, whether the “DGB-BNB peace pact” will yield any results remains to be seen. Investors seem to be buying up DGB – whether it’s because of the peace pact tweet or the upcoming upgrade is unclear.