DigitalBits: An Economy Reimagined

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Introduction

The blockchain is going to change everything in your financial world. Everything from voting, renting a car, to the way you manage your assets will be disrupted with this versatile technology. It’s als going to change the way that banks, hospitals and even governments conduct business.

For the above reasons, it’s therefore important to understand what a blockchain is and how it’s going to change your life.

Decentralizing Payments

The more a transaction amount is, the more you’d be interested in protecting it. Traditional financial systems employ a third party like a remittance company to ensure these transactions are protected, although this beginning to change. The citizens of a small island called Yap came up with an alternative solution. Each resident kept a mental record of who owned the assets on the island and ended up referring to this system as a distributed community record that could be referenced when disputes arose.

The blockchain is this community except on global, digital scale. It stretches across all corners of the earth, with computer users in each node verifying the integrity of transaction. The features of the blockchain are they are immutable, comprehensive, and publicly available. It’s these characteristics for why the blockchain is now favored for handling high risk transactions.

The blockchain solution facilitation platforms are emerging for the good of the industry. With services that embrace access to a friendly blockchain, own tokenization capacity and good performance, these platforms contribute to the massification of blockchain as a technology applied to everyday life. This is the case of DigitalBits.

What's DigitalBits?

The DigitalBits is an project that provides development resources, infrastructure, events and education via a global transaction network and protocol. The Project is an open-source blockchain focused on developing a secure, low-cost global transaction network, protocol and tools for anyone to use, including but not limited to businesses with loyalty and rewards programs and their users. Loyalty program operators are able to tokenize their respective loyalty points as digital assets on this decentralized network and users can trade these various digital assets on-chain.

The DigitalBits aims to 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 decentralized network of DigitalBits also does not need centralized intermediaries that impose excessive fees for its use. In this network transfers are made in a matter of seconds and only demand a nominal fee.

DigitalBits not only supports micropayments and rapid remittances at low prices, but also organizations or companies that make use of this network will have the opportunity to change their assets in the blockchain.

The platform provides Digitalbits, XDB, the native digital asset that can be traded with the tokens and considerably cut the transaction costs of the users, as opposed to the traditional centralized system that charged exorbitant costs on the clients. The platform takes the shortest time for the transaction to be completed.

How it Works?

Those interested in the benefits of the blockchain technology through DigitalBits will be able to create digital assets or 100% portable or transmissible tokens within the decentralized network. This platform will provide the opportunity to receive points or bonuses in the form of tokens, providing a significant economic incentive.

Users have transfers to exchange digital assets or digital tokens, that is, they can exchange an asset A for asset B, directly in the blockchain next to the native token of the network, the XDB token. The network does not need centralized intermediaries that impose excessive fees for its use. In this network transfers are made in seconds and only demand a nominal fee.

DigitalBits Features

The company largely portends to cure the broken systems of fraudulent trade in which intermediaries in the centralized system have extortionists on the traders. The main areas of focus by the team, therefore, are the retailers and the consumers. The major feature in the transaction in mending the system is the introduction of the XDB as the digital medium of exchange. The team target inclusion of most retail businesses from supermarkets, hotels and online transactions among other business to embrace the system with no intermediaries. It, therefore, allows for a cross-asset transfer of any form of value. The platform has thus given the universal points to their enthusiast to embrace the transactions.

DigitalBits Token (XDB)

The DigitalBits ecosystem will have its own XDB token. XDB Tokens are the utility tokens, used for operations on DigitalBits platform. Users can get XDB due to DigitalBits’ revolutionary loyalty rewards program created to solve portability, security and liquidity issues. The XDB digital rewards can be traded either for other rewards points on other DigitalBits partner platforms, or for cryptocurrency.

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.

. The token will be distributed in the following manners:

DigitalBits Team Overview

DigitalBits is led by Al Burgio, FOUNDER. Al Burgio is an Serial entrepreneur with extensive experience with management, product development, marketing, public speaking, capital raising and M&A across various industries. Also an innovator/inventor with patents granted that are related to Internet Architecture and Routing.

To bring DigitalBits to life, Al Burgio has assembled a team of engineers and executives, including: