DIGITALBITS : AN ECONOMY RE-IMAGINED

DIGITALBITS : OPEN-SOURCE PROJECT SUPPORTING ENTERPRISE ADOPTION OF BLOCKCHAIN

Blockchain is a modern technology which is changing the world economy. It is a distributed database model that acts as a book to store and manage transactions. In other words, blockchain is a chain of blocks containing information. It is a public ledger utterly open to everyone. Instead of using a central chain management element, blockchains use peer-to-peer networks which anyone can join.
Blockchain technology brings greater transparency, enhanced security, improved traceability, increased efficiency, and speed. Cryptocurrency transactions, which are based on blockchain technology, affect the economy on a global scale. Those allow instant, secure, anonymous payments all over the world and help to prevent corruption and money laundering.
Cryptocurrency payments are transparent, independent from third parties (such as banks) and allow to significantly reduce transaction costs. Cryptocurrencies’ impact on present and future world is unquestionable, as they are going to drastically change various industries, including medicine, economy, politics, law, and many more.

Cryptocurrency exchanges - this is a fundamental tool in the present world, where you can buy/sell and earn on transactions with cryptocurrencies. It is proved by the number of cryptocurrency exchanges and their importance nowadays. The trading volume per day is 31 billion USD. The average 0.5% commission allows exchanges to earn tremendous money.

The real essence of blockchain and cryptocurrency is to distribute decision-making powers from central authorities and big powerhouses through decentralization. One of the more interesting features of cryptocurrency is that it can’t be controlled by any middlemen or authorities. On platforms like Bitcoin network where the framework is peer to peer, the transfer of real value does not require the contribution of any central power, since exchanges are approved by a distributed set of miners that exist on the system. Sadly the concept of decentralization which exists as the basis of cryptocurrency has not been completely adopted in cryptocurrency exchanges. Majority of popular exchanges with massive trading volumes are designed on centralized framework rather than on decentralized framework.

Through the use of a blockchain, Bitcoin became the first digital currency to solve the double spending problem without requiring a trusted authority and has been the inspiration for many additional applications.

I believe that in one hundred years, blockchains will be as common and necessary as electricity is today. They will be fundamental pieces of the economy which nearly everyone will interact with on a daily basis. They will be so normal that we will forget they exist.

We should expect that, over the next couple decades, we will see a Cambrian explosion of blockchain applications and organizations much like what happened with the internet over the past few decades or electrification in the early 20th century.

If that’s true, it’s worth developing a basic understanding of blockchains, including why they matter and how they work.

The cryptocurrency industry has been growing consistently even after the slight dip in the market in early 2018. Many true enthusiasts are still using cryptocurrencies to store wealth, make anonymous transactions and make money by investing in viable projects.

DigitalBits is an open-source project supporting the adoption of blockchain technology by enterprises. The technology enables enterprises to tokenize assets on the decentralized DigitalBits blockchain; transfer & trade those tokenized assets on-chain; and enables fast payments & remittances.

The DigitalBits Foundation supports the DigitalBits open-source project by providing development resources, infrastructure, events and education. The Foundation’s vision is to see the DigitalBits blockchain help solve portability, security and liquidity issues with certain digital assets, such as Loyalty and Rewards programs, and help generate additional value for consumers, businesses and certain charitable organizations.

The DigitalBits blockchain network is for anyone to use. Anyone is able to create digital assets (also known as digital tokens) that are 100 percent portable/transferable on this decentralized network. When enterprises tokenize their loyalty points on this network, consumers will receive points in the form of digital tokens.

Users can trade these various digital tokens (e.g. token A for token B) directly on-chain along with the blockchain’s native digital asset called “digitalbits” or XDB. The decentralized DigitalBits Network requires no centralized middlemen to impose excessive fees. Transfers take only a few seconds and require only a nominal fee.

DigitalBits is a protocol layer Blockchain designed to help facilitate mass market liquidity of various digital assets and integrate with existing apps to drive mass market adoption of Blockchain technology It's Built: Already-developed Blockchain protocol that can support high throughput, transfer and trading on-chain, It's Liquid: Multi-hop transfer of assets (up to 6 hops apart) to help provide higher liquidity to tokens even if no direct market exists, It's Integration Ready: Integrates with existing consumer applications to drive new users into the blockchain ecosystem, In the Pockets of Millions: A go-to-market strategy that tokenizes an enterprise program’s existing digital assets.

DigitalBits is a next-generation project that’s tackling the challenges of usability and mainstream adoption. By bringing together technology, team and enterprise-grade execution, we’re bringing cryptocurrencies to the masses

The DigitalBits network consists of entities that perform different but complimentary roles in order to maintain the health of the network. The key role is played by the nodes that run the DigitalBits blockchain-based software and connect to one another. These nodes are well supported by nodes that provide services such as compliance verification, mapping and RESTful APIs. Additionally, APIs, SDKs and wallets provided by DigitalBits facilitate businesses and third party developers to easily develop and deploy their custom apps and wallets.

The DigitalBits network itself is a collection of connected DigitalBit cores run by various individuals and entities around the world. Instances of DigitalBits core add reliability to the overall network. Additionally, they may choose to have a Frontier server for communication in order to access the DigitalBits Network. The distributed nature of the network makes it reliable and safe. All these DigitalBit cores within the network eventually agree on sets of transactions. Each transaction on the network costs a small fee: 100 nibbs (0.00001 XDB). This fee helps to prevent bad actors from spamming the network. The DigitalBits Foundation also maintains archive servers with live backups of the current state in the network in order to facilitate new DigitalBits cores to come in sync with the current status of the network.

Token Value Proposition While previous sections focused on the architecture, services and processes of the DigitalBits blockchain and ecosystem, the following section details the value proposition of its native token - the XDB token. XDB serves three main objectives: Firstly, as a protective security feature. Each account on the DigitalBits blockchain is required to stake a minimum of 10 XDB tokens to ensure an account is authentic and for the send-function to be enabled on the network. For example, if Jane wants to send 20 Tokens to Tom, her account must have a minimum of 30 Tokens to do so. Moreover, each transaction results in a minor transaction fee of 0.00001 XDB. Both requirements serve as protective security features and prevent users with malicious intentions from flooding the network. Secondly, XDB enables transaction among non-native tokens, by acting as a bridge to facilitate trades between pairs of other digital assets, which may not have a large direct market. Finally, DigitalBits XDB token can also be used for fast and low-cost micro-payments and remittances. 5.5 Community Engagement The DigitalBits platform and the surrounding ecosystem aim to support mass adoption of blockchain technology. Hence, a community of various partners and users is crucial for the further development of DigitalBits. The following section introduces plans for token allocations, scholarships, grants and donations that will facilitate the community engagement of the DigitalBits ecosystem. As illustrated in Figure 17, at the launch of the network, 32% of the XDB tokens will be reserved for an initial token sale and any that are unsold we will reserved for future use. 53% of the XDB tokens will be reserved for rewards to users, grants, airdrops and donations to charity. Lastly, another 15% are held by Fusechain Group Ltd. and its subsidiary, the founding contributor to the DigitalBits network, reserved for the Team and advisors. The initial allocation of 40.0% designated for rewards to users as well as donations to charities is separated into two pools: The DigitalBits Algorithmic Pool (39.60%) and the Charity Pool (0.40%). The XDB reserved for the DigitalBits Algorithmic Pool (DBAP) is designated for give away based on DigitalBits blockchain use and determined by DBAP’s algorithms and system currently under development. This DBAP pool will be restricted and remain in reserve until this development is complete. Transaction fees are also used to refill the pool. XDB within the DBAP is released directly to users via their respective accounts on the blockchain when the rewards are earned.

The people behind DigitalBits

Website :https://www.digitalbits.io/

White paper : https://storage.googleapis.com/westart-files/digitalbits-pre-sale/DigitalBits_Whitepaper_2_2.pdf

User name Bounty0x : sobaint1

bitcoin talk profile : https://bitcointalk.org/index.php?action=profile;u=2536787

ETH Address : 0xd1E7Ff1cf68b9935C7e1aF2a3936bB5e487B0FF6