DIGITALBITS: THE OUTSTANDING PLATFORM SETTING THE PATH FOR BLOCKCHAIN ADOPTION

emmy92 (42)in #blockchain • 5 years ago

Ever made a transaction maybe from a blockchain wallet to a cryptocurrency exchange and it takes forever to get confirmed? This is one of the issues limiting blockchain technology from achieving mass adoption. Think about it, how can you pay for a product and then wait for hours for the merchants to receive his Payment before you can go home; it doesn't really make sense. Therefore there is an urgent need to enhance blockchain services if mass adoption will be achieved.

But yet, that didn't dispute the fact that blockchain technology is the trending technology in this current era.
Now it gets interesting, that is; how can a system which lacks faster confirmation of transactions be a trending technology in this current era?
The answer dates back to the advent of blockchain technology which was made possible by Bitcoin, thus being known as the first generation of blockchain technology. Bitcoin being the first generation of blockchain Introduced a transaction ledger through which a P2P system of transactions is Implemented thus making users transact as easy as possible while being in charge of their personal data at all times; this is also known as decentralization, that is a system where power is in the hands of the users rather than the administration. On the other hand, is the use of smart contracts which was made possible by Ethereum blockchain thereby making it possible for any type of transactions to take place without any point of failure.

Through these, many developers are then armed into creating amazing blockchain platforms with the aim of solving varieties of issues either in the crypto space or the world at large. Thus, the advent of DigitalBits.

The Current Issues
DigitalBits was created in order to bring blockchain technology to the masses. But in order to achieve this, there is a need to solve the issues which are limiting blockchain technology from reaching the masses.
There is a saying "knowledge is power". Within the crypto space today, a study has it that many individuals lack the appropriate knowledge of the crypto space, what its all about, how to buy, sell or store etc. Thus, showing that only a certain few utilizes cryptocurrency while centralized systems like Visa and MasterCard keeps getting higher attention.
As if that's not enough, current cryptocurrencies and blockchain systems are too complex thus being difficult to Implement into existing services or systems.
Furthermore, most cryptocurrencies lack the appropriate requirements which can ensure they are used on a global scale such as lack of transferability and portability which end result is frustrating user experience and a hindrance to the mass adoption of blockchain technology.
Low TPS (Transactions Per Second) is also one of the issues.

WHY DIGITALBITS IS NEEDED

DigitalBits was created in order to solve the issues limiting blockchain and as such cryptocurrencies from reaching mass adoption. DigitalBits is protocol layer of blockchain which is built so as to help in ensuring liquidity of various digital assets or cryptocurrencies at the same time incorporating with existing consumer applications so as to make blockchain to be adopted.
DigitalBits being a fork of Stellar will share in its benefits, removing limitations such as token Inflation while creating token name certification services.

In a bid to solve the aforementioned issues, DigitalBits will Implement transferability and portability of new and existing crypto through this way ensuring seamless and faster transfer of value.
Also, since most individuals hold or stores legacy cryptocurrencies which includes loyalty and reward points, DigitalBits believes that by tokenizing these assets on its blockchain will increase the utility of the assets in question without altering the features or existing behaviours thereof.
In the same way, with DigitalBits protocol, there will be seamless integration with current existing customers applications through this way equipping them to leverage blockchain technology while assuring liquidity of those legacy assets or cryptocurrencies.

The end result is, individuals will be able to benefit from what blockchain offers, while user experience is improved greatly.

Furthermore, to answer the question as to Why DigitalBits is needed; DigitalBits aims to be a blockchain platform which will be a global token economy thereby making it possible for all entities to participate in what blockchain offers, which will be in a decentralized way thus removing any obstacles which will limit value from getting to all and sundry.

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CONCLUSION

XDB is the token of the platform with a total supply of 100 billion. XDB will be used to foster transactions between two pairs of cryptocurrencies which might lack the appropriate direct market.

With DigitalBits being based on the blockchain, it will be a decentralized token economy thus Integrating with existing customer applications, in the long run, making it possible for consumers and enterprise to benefit in what blockchain offers while mass adoption is achieved.