DigitalBits Price (XDB)

What Is DigitalBits (XDB)?

DigitalBits (XDB) is a protocol layer blockchain also known as "blockchain for brands". The platform was created to support the fast and affordable transfer of consumer digital assets such as branded currencies, non-fungible tokens (NFTs), stablecoins and more.

DigitalBits claims that the infrastructure is decentralized, open-source and easy-to-use. The network consists of connected “DigitalBits cores” run by individuals and entities around the world — similar to blockchain nodes. With DigitalBits, users can create payment-related tools and devices. Users launch their digital assets via the DigitalBits network by linking assets to apps from the app store. Tokenization of assets can be used to support audience engagement for brands.

The mission of DigitalBits is to encourage the project to the mass market by facilitating the liquidity of digital assets while integrating with existing user applications. DigitalBits simplifies the tokenization of assets through transactions and a trading layer for the point economy.

The project was forked from the Stellar protocol in 2017 and adopted the core features and capabilities of the Stellar network, including the token certification service and automatic algorithmic token distribution.

Who Are the Founders of DigitalBits?

The core team consists of Al Burgio (CEO of the DigitalBits Project), Alex Adiev (Head of Community at XDB Foundation), Glenn Kennedy (Director at XDB Foundation), Michael Gord (CEO and Director at XDB Foundation), and Rajiv Naidoo (Head of R&D at XDB Foundation).

Al Burgio is a serial entrepreneur from Palo Alto, California, who founded and launched the DigitalBits ecosystem in 2017 with the goal of improving the interaction between digital assets, consumers and brands. Burgio has over 20 years of experience in a variety of industries including finance and technology. He’s also co-founder and CEO of Zytara, a financial technology company focused on supporting Millennial and Gen Z gamers and esports enthusiasts, where he leads development and strategic direction. Also in 2011, he founded Console Connect, where he raised $60 million in capital from top Silicon Valley venture capital firms and secured support from several Fortune 500 companies.

What Makes DigitalBits Unique?

The project was and remains one of the fastest blockchains in the crypto industry. As a fork of the Stellar (XLM) blockchain, DigitalBits supports an enterprise-grade blockchain with a focus on brands and enterprise use.

The DigitalBits ecosystem offers the following features: a decentralized exchange (DEX) that enables the tokenization and transfer of digital assets; matchmaking between buyers and sellers of digital assets on an orderbook; facilitation of cross-asset payments and conversions for buyers and sellers that want to transact in different currencies.

In August 2022, DigitalBits announced an update to its whitepaper, introducing the automated market maker (AMM) model and liquidity pools feature to its DEX. Previously, orders traded against existing orders in an orderbook; with AMM, orders are now executed against existing liquidity pools. The update also includes an adjustment to the tokenomics and allocation of XDB.

DigitalBits claims to offer the following advantages: high processing speed of 10,000 TPS; eco-friendliness is the main direction in Web 3.0, and the sustainability factor is not inherent in every blockchain. However, DigitalBitsis claims to be centered on sustainable methods for building an environmentally-friendly blockchain network; an Enterprise grade blockchain network that offers innovative functionality for organizations to interact with their customers.

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How Many DigitalBits (XDB) Coins Are There in Circulation?

The network was launched in 2018 with a total supply of 100B coins. Following a V2 update in February 2021, the total supply was reduced by 80%. In the recent update to the whitepaper in August 2022, the latest allocation of XDB is as follows: 22.75% (4.55B) for marketing and ecosystem development; 12.25% (2.45B) for R&D grants; 15% (3B) for team and advisors; 50% (10B) for token sale and reserve for future use.

The main purposes of the XDB token are as follows:

Access and authentication as a security feature — 10 digital bits are requested to confirm accounts and their authenticity on the platform, and at least 10 XDB accounts must be saved and blocked before enabling the sending function. In order to exclude suspicious transactions, a user pays a fee of 0.00001 XDB for each transaction.

Payments and transaction fees — XDB makes fast and low-cost payments, and charges a fee of 0.00001 coins for transactions on the network. XDB also serves as an intermediate token for trading pairs of digital assets that don’t have a large direct market.

How Is the DigitalBits (XDB) Network Secured?

The network reaches consensus through the Federated Byzantine consensus mechanism, which means that from a network security point of view, DigitalBits works similarly to Stellar: it uses a Federated Byzantine Agreement (FBA) that is divided between application, bridge, federation and compliance servers.

Where Can You Buy DigitalBits (XDB)?

DigitalBits (XDB) is listed on the following exchanges: KuCoin, Gate.io, Bittrex, Uniswap (V2), DigiFinex, BKEX and Hotbit.

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