DIGITALBITS: AN ECONOMY RE-IMAGINED OPEN SOURCE TO SOFTWARE PROJECT
INTRODUCTION TO DIGITALBITS
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.
Project software the board is a workmanship and study of arranging and driving programming projects.It is a sub-order of task the board in which programming ventures are planned,implemented,monitored and controlled.A programming advancement process is concerned fundamentally with the creation part of programming development,as contradicted to the specialized aspect,such as programming tools.These forms exist principally to help the administration of programming improvement and are commonly skewed toward tending to business concerns.
WHAT IS DIGITALBITS
Digitalbits is an overall blockchain arrange that is centered around decentralizing the cryptographic cash world. It uses a blockchain compose advancement with the view to improving conservativeness and liquidity of the crypto trading. The association intends to decentralize crypto trading to give more a motivator to customers, affiliations, and business in the portfolio. It has in this manner made propelled tokens that are definitely not hard to use in decentralized overall framework by offering centers to the customers.
DigitalBits is an open-source venture supporting the reception of blockchain innovation by enterprises.The innovation empowers endeavors to tokenize resources on the decentralized DigitalBits blockchain,transfer and exchange those tokenized resources on-chain and empowers quick installments and settlements.
FEATURES OF DIGITALBITS
The Foundation’s vision will see DigitalBits blockchain help handle mobility, security and liquidity issues with certain motorized resources, such as Loyalty and Awards and help create more stimulation for customers, associations and certain important links.
- Digitalbits is Dedicated focus and offset is one of the advantages classes that decentralized DigitalBits blockchain can support. There are currently over 100 billion dollars of unused dollars in us and a third of the focus is released every year or about 16 billion dollars never used.
- Digitalbits Organize blockchain DigitalBits for anyone to use. Anyone can create advanced resources if not called a 100% / transferable computerized token on this decentralized network. When venturing tokenize their dedication focusing on this network, consumers will focus on making computerized tokens.
- Clients can exchange these different computerized tokens and specifically on-chain alongside the blockchain’s local advanced resource called digitalbits or XDB.The decentralized DigitalBits Network requires no incorporated agents to force inordinate fees.Transfers take just a couple of moments and require just an ostensible expense.
ADVANTAGES OF DIGITALBITS
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
IIn the Pockets of Millions: A go-to-market strategy that tokenizes an enterprise program’s existing digital assets.
DIGITALBITS VALUE PROPOSITION AND FUNCTIONALITIES
DigitalBits main value proposition is to provide easy asset tokenization using a transaction and trading layer blockchain designed for a wide variety of digital assets. This is achieved through 4 specific sub goals: enact plugins & apps, tokenize assets, trade assets, and pay & remit. Details of these objectives can be found below:
- Enact plugins & apps Applications and plugins have to be registered. prepared for enactment, execution and termination. Moreover, they must be able to interact with various entities in the ecosystem e.g the sending and receiving of tokens.
- Tokenize assets Assets represented by tokens that are created on the DigitalBits blockchain. These tokenized assets can be integrated into applications and plugins.
- Trade assets The value of digital assets is reliant on the ability to seamlessly transfer and trade them with other parties. Limitations may negatively affect the perceived value of the digital asset. The trading asset objective covers the trade of tokenized assets as well as the administration of on and off chain supply and demand.
- Pay & remit This refers to the payment and remittance functionalities of the DigitalBits protocol. Pay refers to the buying/selling to/from merchants. Remit refers to the selecting of a currency and a recipient.
**DIGITALBITS ARCHITECTURE **
Key components of the DigitalBits architecture consist of the following:
The application server enables applications to be built and integrated with the DigitalBits blockchain. e.g points programs. wallets, explorer, etc. This includes DigitalBits first wallet option. the XDB Portal.
The bridge server enables applications to use the federation and compliance servers to send and receive payments. When a sender wishes to send a transaction. the sender’s client contacts its bridge server to initiate the transaction. If required. the bridger server then connects the federation server of the receiver and its own compliance server. If all verifications are successfully completed. the transaction is recorded in the DigitalBits network. The bridge server on the receiver’s side periodically monitors the DigitalBits network and spots transactions destined for its end-point, connects to the required federation and compliance server, and accepts the transaction. The bridger servers then inform the respective end-points about the result of the transaction.
The federation server provides a mapping service between email-like human addresses and public key based addresses.
To enhance consumer experience and ease of adoption. DigitalBits associates an account with an email-like human-readable identification in addition to the standard public key based identification. Human readable email-like addresses allow consumers to easily use Apps and clients without having to familiarize themselves with public-key cryptography.
The DigitalBits compliance protocol supports the exchange of compliance information to pre-approve a transaction with another enterprise/institution (El). The customer information exchanged between Els via the compliance protocol is quite flexible and typically consist of the full name. date of birth and physical address.
**DIGITALBITS XDB TOKEN AND DISTRIBUTION **
XDB serves three main objectives:
Protective security feature — each account on the DigitalBits blockchain is required to stake a minimum of 10 XDB to ensure authenticity and to enable the send-function on the network. In addition, each transaction is subject to a minor transaction fee of 100 nibbs. or 0.00001 XDB. These features work to prevent users with malicious intentions from flooding the network.
Enables transactions among non-native tokens — XDB can act as a bridge to facilitate trades between pairs of digital assets that may not have a large direct market. 3. Leveraged for fast and low-cost payments and remittances.
**IN CONCLUSION **
DigitalBits is really a potential project with creative ideas and clear goals. You can get more information about the project from the sources I share below. You will see a lot of value of the project as well as the advantages for the transaction when the project comes into operation.
THE AMAZING TEAM
For more information visit:
Bounty thread: https://bitcointalk.org/index.php?topic=5112064.0
Bitcointalk Username: psalmyblinks
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=2522636
Eth address Wallet: 0x8cdb3c1607847b16db3b9666518179b7f0465440