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Oddgem’s Digitalbits AMA – Full Transcript


Digitalbits AMA

The following AMA transcript has already been kindly typed up by Reddit user TheEyeofXDB.

On Friday December 6th, the Digitalbits team ran an AMA hosted in Oddgem’s Telegram group. I thank Faisal for allowing me to share this on The Daily Chain.


Full Transcript Below:

Q1. What is being done to increase the usage and spendability of $XDB similar to the pundix partnership? are more payment services being looked into such as @FlexaHQ?

RE Q1: On/off ramps for DigitalBits, like Visa, point-of-sale integrations, and third party exchange solutions have been actively pursued. These integrations will enhance the accessibility and utility of XDB. The integration with Pundi X’s global network is just one example of this. In addition to DigitalBits’ direct efforts, other partners within the DigitalBits ecosystem are also supporting these integration initiatives.

Q2. Regarding the publicly listed company partnerships that have been circulating, when can we expect to hear some kind of news about these or is there any info about these companies we can know?

RE Q2: As a policy, we cannot violate the confidentially agreements that have been signed and are in place with certain companies. Applicable information will follow in due course.
However, we can state that some of the companies that have been engaged to date support members that are well in excess of 10million consumers for a single program.

Q3. Why have you chosen the Stellar blockchain to fork from in 2017 and what advantages did you get out of that?

RE Q3: The Stellar blockchain is a scalable, secure, decentralized blockchain solution. DigitalBits forked the Stellar blockchain in 2017, and launched MainNet in March 2018. Doing so allowed the project to leverage various technological advances that the Stellar protocol had achieved, including but not limited to:

-High Scalability (10 000+ TPS capacity)
-Low Latency (2–5 second confirmation times)
-Low transaction fees (0.00001 XDB/XLM)

That being said, DigitalBits has since made certain changes to support its applicable use cases since first forking Stellar in 2017.

For further details, you can check out our medium post “Piecing it Together Pt.3 – Forking Stellar”.

Q4. What is the biggest challenge of Digitalbits? Has it been resolved yet?

RE Q4: One of the largest challenges that many blockchain projects are obviously facing is likely adoption. From day1, this challenge was a key focus area for DigitalBits and I’m comfortable with now stating that amazing progress has since been made to align with key partners to put DigitalBits on the path to drive significant adoption.

Q5. There are 2 to 3 projects solve 01 same problem in real world, so how could I know who are the best and why do I have to choose XDB ?

RE Q5: First, the branded currency market is a massive global market. Multi-billions. Therefore, there is room for more than one blockchain to participate within this market and be successful.

That being said, not all blockchains focused on this market have been positioned the same nor have they all been injected into this market in the same manner. A key factor affecting this, beyond just technology, is the experience with the respective teams supporting their respective efforts and approaches. To date, it is my personal opinion that many of these teams have not taken an effective approach with developing their platforms and their go-to-market strategy. As a result, unless they find an effective way to pivot, they could risk eventual failure.
An experienced executive team along with strong partnerships that already have access to a mass base of consumers is key.

Q6. How can Digital bits make loyalist programs great again?

RE Q6: Many loyalty programs have become confusing and lacking incentives for consumers, ultimately, affecting the perceived value of their points/rewards. We believe branded cryptocurrencies have the potential to grow as a category and drive higher levels of consumer engagement versus many of the legacy loyalty/reward points programs, and thereby be a new form of value transfer between brands and consumers. For example, branded stablecoins may drive higher levels of engagement because it is backed by real value and is simple for the consumer to understand.

Q7. Are the Loyalty stable coins based on XDB convertible in to XDB in case users want to buy in to XDB ? Will user end up with multiple stable coins from different loyalty programs with no way to spend? How XDB solves this?

RE Q7: Stablecoins issued by brands will function much like many of the other stablecoins in the market. For example, USDT and USDC are redeemable for fiat which implies that indirectly can be used anywhere. In addition, it is expected that brands will incorporate their branded stablecoins into various campaigns and programs including some of retail-partners, all of which will drive a broad set of utility for their stablecoins.

Many brands already have a massive base of consumers, therefore, even if they initially limit the use of their respective stablecoins to only certain retail-partners, this is still provides a massive portion of the population with access and use in the beginning. Keeping in mind that its redeemability into its fiat form indirectly makes it convertible into other currencies, etc.

As for XDB, as certain branded cryptocurrencies are created on the DigitalBits blockchain, users of each of those respective branded tokens will require an amount of XDB for the purposes of activating their blockchain accounts and to pay for the cost of transaction/transfer fees.

It is also expected that other technology companies within the DigitalBits ecosystem will help support the frictionless use of these branded stablecoins within a single app, versus needing multiple apps to hold and use each branded stablecoin. Such apps can also make it turn-key to procure the requirement amounts of XDB to ensure the ongoing functional use of the branded stablecoins.

Q8. A major brand decides to work with DigitalBits and they require 10 million wallets for their customers that in turn would require 100 million tokens for wallet staking where would these tokens come from? OTC with DigitalBits or the open market ?

RE Q8: DigitalBits doesn’t have the obligation to supply consumer wallets with XDB tokens. Therefore, companies and their respective applications that are used by consumers will have the responsibility to ensure that their wallets have a sufficient amount of XDB tokens if they want to ensure consumers have a frictionless user-experience.

I notice that your question references a multiple of 10 tokens. To clarify, 10 tokens is not an absolute number. Based on the intended use of a specific wallet, it may require significantly more tokens. The current formula set within the blockchain protocol is (2 + # of entries) x 10 XDB tokens. For example, if a wallet held two branded stablecoins, it would require a minimum of 40 tokens based on this current formula.

Q9. Is the XDB team going to announce any partnerships or new exchanges?

RE Q9: To date, the exchange listings that have occurred have first been announced by the exchanges themselves. For example, today we saw another exchange make an announcement of their listing of XDB that we had no prior notice of. I think a safe assumption is that I’m comfortable stating is that… as major partners emerge and as they announce their use of DigitalBits, that form of activity will stimulate major exchanges to announce their listings of XDB.

10. How are you leveraging the advisors connections that were involved with Walmart, Cisco and Hertz?

RE Q10: Something’s coming… Stay Tuned!

I wish I could say more.

For more Digitalbits content on The Daily Chain see the links below:

DigitalBits’ Pursuit of Blockchain Adoption Targets Established Brand Ecosystems

DigitalBits: What is a Branded Currency?

The Daily Chain Primers: DigitalBits Introduction

BlockFyre Coin Research: DigitalBits

*Disclaimer – DigitalBits are our Media Partners and therefore this content is sponsored by them. The fees paid by this project are used to pay for The Daily Chain salaries, dev work, hosting services, travel expenses etc.. that are required to make this company a success and continue to provide the community with great content on a daily basis.

Alex Smith
Alex is the Founder of The Daily Chain and has been in the space for just over two years. Fascinated by the community and everything that blockchain has to offer, Alex dedicated himself to creating content and contributing back to the industry.

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