DIGITALBITS: THE FUTURE OF BLOCKCHAIN
With the look of things on how blockchain technology is developing, the dream of people exchanging value in a peer to peer manner without any tedious market regulators and central authorities is coming real faster more than expected. Value transactions could be programmed and enforced in code, verified through mass collaboration, making fraud or any other interference an impossible task.
This technology opens up new opportunities. It could potentially revolutionize the current models of commerce, energy, finance, politics, real estate, and many more industries.
If the rise of billion-dollar marketplace platforms marked the last decade in the history books of technology, I do not think that it will be far-fetched to imagine that the next 10 years to be defined by blockchain, when we will see networks disrupt and decentralize entire markets, redistributing wealth and maximizing economic efficiency in the process. I remain optimistic about the blockchain revolution.
Digitalbits is designed to help increase enormous market liquidity of as many as possible digital assets and blend them with existing apps in order to increase the global market adoption of blockchain technology.
DigitalBits is a next-generation project that fights the challenges of usability and mainstream adoption. By bringing together technology, team and enterprise-grade execution, DigitalBits is bringing cryptocurrencies to the masses.
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 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 consists of components that perform different but complementary roles in order to maintain the health of the network. The three key components are:
Frontier,
DigitalBits Core and
DigitalBits Network.
Frontier: It provides a RESTful API for the DigitalBits ecosystem. It acts as the interface to applications that wish to access the DigitalBits network. Frontier facilitates actions such as submission of transactions to the network, checking the status of accounts and subscribing to event streams. It also ingests and re-serves the data produced by the DigitalBits network in a form that is easier to consume than the performance-oriented data representations used in the network. Application developers interact with Frontier’s RESTful API via the web browser, simple command line tools like cURL, or the DigitalBits SDK. The following languages are used to communicate with Frontier.
In addition, Frontier’s APIs and SDKs can also be used to build or enhance custom brand specific Apps and clients.
- DigitalBits Core — Network Backbone & Consensus: DigitalBits assumes the DigitalBits Consensus Protocol (DCP) in order to reach consensus on the network. This mechanism is an iteration of Federated Byzantine Agreement (FBA). Quorums, i.e circles of trust formed among DigitalBits core instances (represented as DB core) of various partner institutions and individuals. The DigitalBits core instances can choose to belong to one or more quorums and utilize them in a hierarchical manner or based on the type of transaction that needs to be verified. The nodes belonging to a quorum need not be located close to one another.
Federated Byzantine Agreement allows different quorums (sets of validators) to co-exist. This contrasts with the single list of validators engaged in the Byzantine Algorithm, which raises issues of centralization. The nodes are able to determine the composition of the quorum in a decentralized manner. The more organizations and partners that contribute nodes to the DigitalBits network, the more reliable and robust the network becomes.
- DigitalBits Network: The DigitalBits network itself is a collection of connected DigitalBits cores run by various individuals and entities around the world. Instances of DigitalBits cores 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 DigitalBits 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 works as a deterrent to bad actors who may attempt to spam 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.
Key components of the DigitalBits architecture consist of the following:
- Application server: The application server enables applications to be built and integrated with the DigitalBits blockchain, e.g points programs, wallets, explorer and the likes. This includes DigitalBits first wallet option, the XDB Portal.
Bridge server: 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 bridge 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.
Federation server: 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.
Compliance server: The DigitalBits compliance protocol supports the exchange of compliance information to pre-approve a transaction with another enterprise/institution (EI). The customer information exchanged between EIs via the compliance protocol is quite flexible and typically consist of the full name, date of birth and physical address.
The Digitalbits project is an encouragement for the blockchain advancement, the architecture is bringing another dynamic idea, entrench a new frontier and champion a movement to ensure the use of blockchain and crypto inventiveness is globally accepted.
Use any of the following links to find out more about DigitalBits or to become a member of the online social community:
WEBSITE: https://www.digitalbits.io
WHITEPAPER: https://storage.googleapis.com/westart-files/digitalbits-pre-sale/DigitalBits_Whitepaper_2_2.pdf
LIGHTPAPER: https://www.digitalbits.io/resources/digitalbits-lightpaper/
TWITTER: https://www.facebook.com/DigitalBitsOrg/
TELEGRAM: http://t.me/digitalbits
WESTART: https://www.westart.co/project/digitalbits-presale
ANN Thread: https://bitcointalk.org/index.php?topic=5026550.0
AUTHOR: SEXAPHILIAC
BTT LINK: https://bitcointalk.org/index.php?action=profile;u=2435036
ETH WALLET: 0x490e4183b2C277A9D125fe0A554bEFC9400D681a