FAQ

The Foundation is a neutral agnostic governing body with the goal of accelerating adoption of the DigitalBits ecosystem and blockchain. A key initiative includes the DigitalBits Ecosystem Support Program, aimed at providing financial and non-financial assistance to qualified entities and projects within the DigitalBits community, with a focus on innovation and ecosystem growth.

The Foundation looks to contribute to the DigitalBits ecosystem via 5 pillars: transparency and governance, global community development, developer evangelism, enterprise adoption, and global markets.  

 

Transparency & Governance – it is important that the Foundation streamlines and ensures the transparency of grant distributions as well as other related compliance matters. 

 

Global Community Development – identifying champions within the DigitalBits community.  We will provide ways in which community champions can participate and add value to the DigitalBits ecosystem. Ultimately we’ll build out a global XDB Ambassador network. 

 

Developer Evangelism – focused on activating the hacker and open-source developer communities through global developer challenges, hackathons, and startup competitions to educate and reward developer contributions, connect entrepreneurs with developers to build products, and help projects created in hackathons get funded through investor participation in startup competitions. 

 

Enterprise Adoption – The XDB Foundation will be working to expand the pipeline of brands integrating with DigitalBits. 

 

Global Markets – ensuring there is always sufficient operating capital for the DigitalBits ecosystem to grow.

Michael Gord, MLG Blockchain and GDA Capital founder, has contributed to some of the world’s largest blockchain ecosystems, including TRX, LRC, and ONT.  He also served as the first Enterprise Blockchain Developer at TD Bank, one of Canada’s largest banks. Michael Gord has recently been appointed to the position of Managing Director of the XDB Foundation.

The CEO of MLG Blockchain and GDA Capital is also one of the directors of the XDB Foundation.  GDA Capital and MLG Blockchain will also be joining the DigitalBits ecosystem to further enterprise adoption for branded cryptocurrencies.  GDA, in collaboration with other ecosystem participants, will provide the infrastructure necessary for consumers, merchants, brands and payment providers to benefit from branded cryptocurrencies, inclusive of the emerging subcategory of branded stablecoins.

Branded cryptocurrencies are tokenized versions of consumer digital assets, inclusive of loyalty and rewards points, gift certificates, etc. that have been created by brands.  

A branded stablecoin is a form of cryptocurrency with a stable price and issued and supported by a specific or group of brands. Branded stablecoins move beyond simply combining stability with blockchain technology, to enhancing the relationship and value that exists between brands and consumers. Branded stablecoins, and the broader realm of branded cryptocurrencies, gained increased traction in 2019 with the inception of Facebook’s Libra Project, and Walmart’s stablecoin patent.

The XDB Global Hacks Discord channel will be one of the mediums by which the Foundation looks to provide opportunities for individuals and groups that wish to contribute to the DigitalBits ecosystem.  

DigitalBits is a protocol layer blockchain focused on supporting consumer digital assets, specifically branded currencies. With a focus on mainstream crypto adoption, DigitalBits aims to solve a real world problem by integrating with consumer brands and applications.

The native asset of the DigitalBits blockchain, XDB, is a utility token that serves four primary functions:

 

  1. Account Authentication
  2. Transaction Fees (100 nibs, 0.00001 XDB)
  3. Bridge Token – facilitating transfer/trade between assets that lack a large, direct market
  4. Leveraged for fast, low-cost payments & remittances

 

For more information, click here.  

Al Burgio founded DigitalBits in 2017. He is also the founder of Console Connect, a leading software-defined interconnection provider making connecting to cloud-based, business-critical applications simple, predictable and secure. Console Connect was sold in November 2017 to PCCW Global.  They were also successful in raising approximately $70 million in venture capital funding.  Console Connect reaches all major IaaS providers including Amazon Web Services, Microsoft Azure, Google Cloud, IBM Cloud, Alibaba Cloud and Tencent Cloud. 

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DigitalBits achieves consensus via the DigitalBits Consensus Protocol (DCP), a construct of Federated Byzantine Agreement (FBA). 

 

For more information, click here. 

The DigitalBits blockchain utilizes multi-hop technology to support on-chain asset liquidity. Multi-hop enables trades to be completed on-chain up to 6-intermediary hops, allowing assets to trade freely, even in the absence of a direct market.  The DigitalBits blockchain can automatically amalgamate all intermediary order pairings within the ecosystem, required to ultimately satisfy the initial trade. 

For more information, click here.  

Forked from the Stellar protocol in 2017, DigitalBits is a purpose-built blockchain that introduces key modifications specific to supporting the industry of consumer digital assets.

 

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DigitalBits differs from Stellar based on core improvements to the network that are well suited for the industry of consumer digital assets. Core improvements include:

 

Token Name Certification Service: The Token Name Certification Service (TNCS) wil be able to confirm the authenticity of token issuers. This is to ensure that malicious entities do not issue tokens representing brands/companies that they are not associated with.  The TNCS is planned for launch in 2020.

Algorithmic Pool: Algorithmic token distribution of a certain reserve will reward users automatically for transactional usage of the blockchain based on 4-parallel algorithms.  The Algo-Pool is planned for launch in 2020. 

Non-Inflationary Token: The DigitalBits native token, XDB, is not subject to inflation, with a fixed total supply.

 

For more information, click here.  

The Early Access Program (EAP) provides participants with an opportunity to provide feedback that can significantly impact features, functionality, and implementation of existing and future technology.

 

Participant Benefits

 

Get an early look at new products, key features and functionality

Provide feedback that will help refine feature functionality and requirements

Option to participate in key marketing initiatives and EAP announcements

Gain access to additional technology resources

A minimum of 10 XDB is required to authenticate accounts and activate the account send function.  This acts as an anti-spam measure to deter malicious entities that may look to spam the network.  It also induces a positive effect on token velocity.

For more information, click here.