Education • 6 min read
DigitalBits (XDB) has recently been listed on Bitpanda. A blockchain protocol powering brands, DigitalBits brings branded assets to users through blockchain technology in a fast, secure and eco-friendly way. Learn everything about this project and its mission in this article.
Behind DigitalBits and its native token XDB, there’s a clear mission: bringing the potential of blockchain technology to brands and supporting them in meeting their users’ needs. Since its foundation in 2017, DigitalBits has been getting brands to embrace the potential of blockchain and to introduce NFTs, branded currencies, stablecoins and more to their users.
As we prepare to dig deeper into DigitalBits and its features, you can get some insights about it in its Crypto ID, our straightforward and structured way to present you with the most relevant information about this crypto.
DigitalBits is a layer-one blockchain protocol designed to facilitate blockchain mass adoption by bridging the gap between brands and users. Its blockchain can process up to 10,000 transactions per second with very low transaction fees (around 1 XDB per 100,000 transactions) and a block time of only 2-5 seconds.
DigitalBits was created from a fork of Stellar and has kept some of the characteristics of the blockchain. However, the main difference between DigitalBits and Stellar, as described in DigitalBits’ whitepaper, is that DigitalBits doesn’t subject its native token, (XDB), to inflation.
Additionally, DigitalBits is developing a unique TNCS, short for “token name certification service”. This feature will add a security layer to the blockchain and will be used to authenticate asset issuers on-chain. The TNCS is expected to work similarly to SSL authorities and it aims to prevent malicious individuals from scamming users on the network by pretending to be associated with certain brands. It is currently under development and will represent a powerful addition to blockchain security on DigitalBits.
The blockchain also has an eye on the environment: to limit its environmental costs, DigitalBits uses a Federated Byzantine agreement (FBA) consensus algorithm, a legacy from Stellar and a mechanism that has a significantly lower impact than Proof of Work. In ecosystems employing the FBA, each node has a part in the process and agreement is reached when a quorum is established. No financial incentive is provided to participating nodes, as is the case with Proof of Work blockchains: instead, they are solely motivated to act in the best interest of the network and to minimise latency if they run applications as well.
Nearly anyone can participate in consensus since membership is open. This factor makes block validation faster and cheaper, with a lower environmental impact. It also increases the decentralisation of the blockchain because open participation reduces the traditional power of whales.
Public interest in blockchain technology has seen exponential increases over the past years. We’re now seeing more integration in the digital space: from more traditional financial services integrating blockchain technology to famous brands entering the metaverse and embracing NFTs. However, notwithstanding its new mainstream fame, the potential of blockchain is still underutilised. DigitalBits’ idea is to unleash potential in this niche. As stated in their official whitepaper:
“Mass adoptions of cryptocurrencies has not happened yet. So how do we cross the chasm from the vision phase to the actual use phase? To do so, blockchain technology has to target a pre-existing legacy market that already posses billions of user accounts globally.”
To facilitate the adoption of blockchain for brands, DigitalBits wants to offer them scalable solutions tailored to the needs of both their users and their brands. One of them is the integration of payment systems and upcoming POS terminals, deemed essential for addressing the needs of retail players.
For instance, aAnother unique proposition of DigitalBits is based on loyalty and rewards programmes. The blockchain offers brands the chance to create their own branded tokens or stablecoins. Users can then redeem or exchange them for products and offers or offers by other brands.
Launching a branded token on DigitalBits isn’t a costly process: the blockchain requires brands to hold a minimum number of XDB tokens - now 20 XDB. This type of offer is to reinforce brand loyalty by giving users a wider range of uses for their fidelity points, which in turn could increase user retention and brand loyalty.
Several famous brands have already partnered with DigitalBits such as the Italian football teams Inter Milan and AS Roma and the e-sports organisation Dignitas, which has just released their Digi NFT collection in partnership with Zytara, a financial technology company collaborating with DigitalBits.
Through DigitalBits, brands can now offer their app users branded products in the form of NTFs, such as collectables and cards, gift cards, and types of fungible tokens, like utility, social and payment tokens.
In 2021 and 2022, DigitalBits has partnered with AS Roma, Inter-Milan, Rakuten TV, Chili.com and celebrities such as Francesco Totti and David Beckham have joined as brand ambassadors. XDB has also been added among 15 cryptocurrencies supported by Ukraine for humanitarian purposes.
📣https://t.co/Kp5PpMNltB, VOD platform with over 5m users, accepting #digitalbits starting June 15th using #CoinbarPay🔗1st OTT platform in the EU to accept crypto!— DigitalBits (XDB) (@DigitalBitsOrg) May 28, 2022
For more info, check here👇https://t.co/Y1abCS5h60 pic.twitter.com/Bw9dFpaYw7
Zytara invested €85m in a partnership with FC Inter Milan. They represent one of the leading organisations of the DigitalBits ecosystem. Users of the Inter mobile app can access crypto-based products built on the DigitalBits blockchain, making XDB the “official global cryptocurrency” of the football team. Within the Inter Milan space, XDB will soon be enabled for payments in stadiums, online and physical stores in Milan.
The whole philosophy behind DigitalBits is quite simple: blockchain technology is a positive and inevitable step of innovation, brands are already eager to join and DigitalBits offers fans and users a safe, environmentally friendly and inexpensive space for entering the world of crypto tokens and blockchain.
XDB is DigitalBits’ native token. The token increases the network’s security since a minimum of 20 XDB is required to open a DigitalBits account, staked into the network. In addition, XDB enables transactions among non-native tokens on the blockchain - for instance, XDB comes into play when users would like to exchange tokens of different brands. In addition, XDB is employed for micropayments, remittances and transaction fees.
Did you know that you could win XDB in Bitpanda’s XDB raffle? Don’t miss it!
Easy: we’ve already listed XDB on Bitpanda! If you’re new to Bitpanda, just head over to our web app or our apps for iOS and Android. Register and verify your account in a matter of minutes, make a deposit with your preferred payment method, and start investing in your favourite digital assets from as little as €1, including cryptocurrencies, crypto indices, precious metals and many other digital assets.
Bitpanda’s Response to the War in UkraineRead more
Bitpanda GmbH ve grup şirketleri (Bitpanda) Türk Parasının Kıymetini’nin Korunması Hakkında 32 sayılı Karar’ın 2/b maddesine göre Türkiye’de yerleşik sayılan hiçbir kişiye yönelik olarak 6362 sayılı Sermaye Piyasası Kanunu başta olmak üzere Türkiye Cumhuriyeti Devleti mevzuatı hükümleri gereği Türkiye’de faaliyet izni gerektiren hiçbir sermaye piyasası faaliyetine dair hizmet sunmamaktadır. Şayet Bitpanda’nın yabancı sermaye piyasalarında vermiş olduğu hizmetlerden Türkiye’de yerleşik kişilerin faydalandığı tespit edilecek olursa tüm zararları kullanıcıya ait olmak üzere bu hizmetler ivedilikle sona erdirilecektir.
As the name would suggest, some cookies on our website are essential. They are necessary to remember your settings when using Bitpanda, (such as privacy or language settings), to protect the platform from attacks, or simply to stay logged in after you originally log in. You have the option to refuse, block or delete them, but this will significantly affect your experience using the website and not all our services will be available to you.
We use such cookies and similar technologies to collect information as users browse our website to help us better understand how it is used and then improve our services accordingly. It also helps us measure the overall performance of our website. We receive the date that this generates on an aggregated and anonymous basis. Blocking these cookies and tools does not affect the way our services work, but it does make it much harder for us to improve your experience.
These cookies are used to provide you with adverts relevant to Bitpanda. The tools for this are usually provided by third parties. With the help of these cookies and such third parties, we can ensure for example, that you don’t see the same ad more than once and that the advertisements are tailored to your interests. We can also use these technologies to measure the success of our marketing campaigns. Blocking these cookies and similar technologies does not generally affect the way our services work. Please note, however, that while you’ll still see advertisements about Bitpanda on websites, the adverts will no longer be personalised for you.