DigitalBits is a blockchain protocol designed to help facilitate mass market liquidity for various digital assets, and integrate with existing apps to drive market adoption of Blockchain technology. DigitalBits forked the well-known Stellar blockchain in 2017 and launched MainNet in March 2018, allowing the project to capitalize on several technological advances made by the Stellar protocol. These achievements include a dynamic, open-membership consensus mechanism (Federated Byzantine Agreement), high Scalability (10 000+ TPS capacity), low Latency (2–5 second confirmation times), and low transaction fees (0.00001 XDB/XLM), and a built-in decentralized exchange.
DigitalBits seeks to improve upon certain aspects of the protocol to create a blockchain capable of spurring mass adoption and has also removed the inflationary pool and built-in inflation mechanism from its protocol, and focused on replacing them with redesigned tokenomics and an algorithmic pool.
The DigitalBits Network
The DigitalBits network consists of entities that perform different but complementary roles to maintain the health of the network. In the network, the key role is played by the nodes that run the DigitalBits blockchain-based software and connect. The DigitalBits network itself is a collection of connected DigitalBit cores run by various individuals and entities around the world. Instances of DigitalBits core add reliability to the overall network. Additionally, they may choose to have a Frontier server for communication to access the DigitalBits Network.
All these DigitalBit cores within the network eventually agree on sets of transactions. Fusechain also maintains archive servers with live backups of the current state in the network to facilitate new DigitalBits cores to come in sync with the current status of the network. The key components of the DigitalBits architecture include the application server, the bridge server, the federation server, and the compliance server.
The Bridge server is designed to support applications in easily performing transactions on the DigitalBits network. The bridge server enables applications to use the federation and compliance servers to send and receive payments.
Frontier provides a RESTful API for the DigitalBits ecosystem. It acts as the interface to applications that wish to access the DigitalBits network. DigitalBits’ Frontier facilitates actions such as the 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.
Who are the founders of DigitalBits (XDB)?
The founder of DigitalBits is Al Burgio. Al has set his passion in the blockchain world after the complete takeover of his former company, leading him to develop the DigitalBits open-source project.
He originally launched DigitalBits with the vision of evolving the way consumers and brands engaged and used legacy digital assets, however, things have grown significantly since then. Now several inclusions have been added and they include branded cryptocurrencies, branded stablecoins, NFTs, and a new leading supporter that recently emerged within the DigitalBits ecosystem with the launch of the DigitalBits Foundation.
What is DigitalBits (XDB) used for?
Build decentralized applications
Application developers can use the Frontier’s Restful API via the web browser to build platforms as the Frontier APIs and SDKs can also be used to build or enhance custom brand-specific Apps and clients.
Transactions can be submitted without having to rely on a third party and the DigitalBits core can select its instance of who to trust.
DigitalBits allows for staking. Each account on the DigitalBits blockchain is required to stake a minimum of 10 XDB tokens to ensure an account is authentic and for the send function to be enabled on the network.
XDB enables transactions among non-native tokens, by acting as a bridge to facilitate trades between pairs of other digital assets, which may not have a large direct market.
DigitalBits XDB token can also be used for fast and low-cost micropayments and remittances.
What is the Unique Point of DigitalBits (XDB)?
DigitalBits Network has a lot of unique properties which include its open-membership system in which anybody is free to spin up a node to help support the network. Unlike Bitcoin, these protocols do not require complex mining hardware. Instead, a standard laptop capable of running the software is sufficient, significantly reducing the barrier to entry and consumption of electricity.
Also, operating the platform’s validator node offers benefits that allow for participation in consensus, provide security to the network, aid in submitting transactions to the network without relying on a third party which grants quicker access to ledger data, and finally helps in setting up customizations of the business logic or API’s while preserving and being able to directly access the history of the network by storing all past ledgers.
On the ecosystem, businesses and other participants stand to benefit from increased performance resultant of being directly connected to the network as there are no explicit requirements in terms of uptime or node maintenance.
Unlike most projects, the DigitalBits blockchain does not subject its native token, XDB, to inflation. Instead, following network and account usage, tokens allocated to the algorithmic pool will be disseminated amongst network participants, making it the best unique feature it offers.
How many DigitalBits (XDB) coins are in circulation?
DigitalBits has a circulating supply of 958,046,512 XDB coins.
How is the DigitalBits Network secured?
The more organizations and partners contribute instances of DigitalBits core to the network, the more reliable and robust the network becomes. Each organization can choose to run one or more DigitalBits core nodes, which also participate as validators.
Also, the native token offers so much more. The XDB token serves many objectives and one of the many is it serves as a protective security feature.
For example, if Jane wants to send 20 Tokens to Tom, her account must have a minimum of 30 Tokens to do so. Moreover, each transaction results in a minor transaction fee of 0.00001 XDB. Both requirements serve as protective security features and prevent users with malicious intentions from flooding the network.
How do I buy DigitalBits (XDB)?
The XDB token can be used for a wide range of uses like staking and payment.
XDB tokens can be easily purchased by the following steps.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy XDB through your trading account.
Which Cryptocurrency Wallet Supports DigitalBits (XDB)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as DigitalBits (XDB). Because of its vast use case, it has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. Users can easily use PTPWallet as their XDB wallet because it offers a simple and interactive interface, making it easy for people to navigate its system.