Digitalbits Whitepaper

Blockchain technology is promoted as one of the great technological advances of our time and considered as a solution to many of the technical problems faced by industries in sectors such as finance, automobile, and retail. Despite growing attention and utilization, 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 in a digital asset category; Not to create a competing tokenize digital asset, but instead to transform these legacy digital assets into tokens on a public blockchain with key functionality that benefits both consumers and the enterprise-issuers of these digital assets.

This whitepaper fills the gap in the state of the art by presenting the DigitalBits blockchain powered infrastructure that builds a bridge facilitating the implementation of new technologies to support and enhance our every day life interactions as well as foster blockchain mass adoption. The DigitalBits blockchain allows for easy asset-tokenization using a transaction and trading layer for the point economy. We present a loyalty- and reward points focused running case, detail the advantages of the system, outline the requirements and goals, as well as the architecture of the DigitalBits network and ecosystem. In addition, we present the on-boarding process of digital assets and the asset tokenization which is an indispensable functionality of our platform. Furthermore, we introduce the novel idea of the token name certification service (TNCS) that prevents malicious network entities from issuing and distributing illegitimate tokens of assets that they are not associated with. Finally, we present the XDB token value proposition and the surrounding token economy ecosystem that fuels the platform.

digitalbits_whitepaper_2_3

Digitalbits Website
Digitalbits Whitepaper