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Digital Bits : A Complete Overview

Created By : Admin

What is DigitalBits?

 

DigitalBits is a layered blockchain that is focused on supporting consumers’ digital assets like branded currencies. The protocol is designed for use with assets such as loyalty points & gift cards. DigitalBits is aiming to further the movement of mainstream cryptocurrency adoption by working alongside and forming partnerships with real-life consumer brands in order to enhance the interaction and transfer of value between the brand in question and the consumer by means of digital asset transfer in the form of branded currencies.

By supporting branded currencies on the platform, DigitalBits are creating a new direct connection between brands and consumers. Consumers have not yet grasped the concept of digital currencies and how they function or what they are used for. This is down to it being inaccessible for consumers and a lack of practicality for real-world use. In order to fix this problem and provide a use case for cryptocurrencies, DigitalBits’ platform allows brands to base their own branded cryptocurrencies on the platform allowing for the transfer of value between different currencies on the platform. The aim is for these branded currencies to be accepted as a form of payment by the brands they are created by, allowing digital currency holders to swap their holdings for that brand’s token and shop there directly in that way, allowing them to use their cryptocurrency holdings in the real world. This can be achieved through the tokenization of assets within the DigitalBits Network.

 

 

DigitalBits Core

The DigitalBits core is the backbone of the DigitalBits network. The core interacts with a chosen subset of other instances of cores in order to validate and confirm the status of every transaction processed through the DigitalBits Consensus Protocol (DCP) which is based on the Stellar Consensus Protocol (SCP).

 

Digitalbits Frontier

The DigitalBits Frontier provides a RESTful API for the DigitalBits ecosystem. Its function is to act as the interface to applications wishing to make use of the DigitalBits network. The Frontier facilitates actions such as the submission of transactions to the DigitalBits network and checking account status. 

 

DigitalBits Network

The DigitalBits network itself is a collection of connected DigitalBit cores run by a number of entities worldwide. 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 DigitalBitsNetwork. The distributed nature of the network makes it reliable and safe. All these DigitalBit cores within the network eventually agree and confirm sets of transactions.

 

 

Multi-Hop Technology

 

DigitalBits’ Multi-Hop Technology network will make it possible for on-chain trades to be completed up to 6 intermediatory. This will increase liquidity on the platform making the consumer digital assets more like cash in terms of minimizing volatility and change in value across the branded currencies.

 

 

Token Name Certification Service 

DigitalBits’ TNCS will certify that token issuers are authentic and not scams or illegal entities, this will prevent impersonation of legitimate companies and protect users of the platform from any risk. This ensures users will only be dealing with valid and trustworthy brands while utilizing the network’s services.

 

Algorithmic Token Distribution

Reserve Rewards earned by users will be automatically distributed by DigitalBit’s ATD platform, for transactional usage based on a 4-panel DigitalBits algorithm

Use Case

 

Plugins & Apps – users of the platform can register various applications on the platform for interaction by other users, with various function supports such as the sending and receiving of tokens. 

 

Trading of Assets – users can trade their digital assets with others on the Digitalbits platform. This allows users to obtain their desired token or asset by swapping their current one with another user that possesses the one they want.

 

Tokenization of Assets – Digital assets such as loyalty points can be tokenized on the DigitalBits platform allowing for their trade and transfer between users. This allows for the value of loyalty points to be realized and transferable.

 

Pay & Remit – the pay and remittance functionalities of the DigitalBits protocol is the buying and selling of digital assets on the platform. The pay section relates to the buying and selling to and from merchants. Remittance relates to the choosing process of selecting the recipient and what currency to use for the transaction.

 

Closing Remarks

DigitalBits have already received multiple early access program entrants from various large enterprises. Some of these partners’ accounts contain in excess of 10M+ user bases. The platform solves a real-world issue on both sides, both consumer and merchant. By targeting the loyalty points industry DigitalBits already has a huge target market to sell to, but with the possibilities not ending there. A huge market yet to be discovered is the Esports and gaming industry where points and rewards in-game are yet to be made fully transferable between gamers. This is another huge market for DigitalBits to target. We believe there is room for exponential growth for DigitalBits in the future.