The Daily Chain Primers: DigitalBits Introduction
Between cryptocurrency enthusiasts it is agreed that the technology that powers cryptocurrency has unfathomable potential and could evolve to play an integral role in future society.
However, less than 1 in 100 people worldwide interact with cryptocurrency on a monthly basis. The vast majority of people do not know what cryptocurrency is and they certainly don’t understand how it could bring value to their lives.
The adoption of cryptocurrency is being stunted because, above all else, it is intimidating. Long wallet addresses, the need for high security, KYC, the chance of losing your money… it’s all very off putting.
Growing pains of a new industry are inevitable, but when cryptocurrency as a whole seems to rely massively on large scale adoption, a quick change is needed to help this space survive. That’s why DigitalBits is tailor-made to tackle the adoption problem.
What is DigitalBits?
DigitalBits is a blockchain project aiming to address and solve the issues preventing cryptocurrency adoption by facilitating the transfer of digital assets on-chain and providing a protocol that can be easily integrated with existing businesses, brands and operations.
With DigitalBits, existing consumer applications are able to leverage the DigitalBits protocol to seamlessly harness the power of cryptocurrency in their daily operations.
How Does it Work?
The protocol layer blockchain allows for the tokenization of any asset, but was optimized to support consumer digital assets, specifically branded currencies, inclusive of the multi-billion dollar loyalty points and rewards industry. With prominent brands such as Facebook and Walmart exploring the realm of branded stablecoins, DigitalBits looks to be onto something.
Through the tokenization of an enterprise program’s existing digital assets such as loyalty and reward points, the active wallets within that ecosystem are instantly transferred onto the DigitalBits blockchain.
Let’s face it – the initial on-boarding process of cryptocurrency is cumbersome and off putting. DigitalBits’ solution means that consumers will be able to benefit from an underlying blockchain layer without ever knowing it.
Cryptocurrency and blockchain could be powering the services consumers use on a daily basis, which would be increasing efficiency and the consumer would be none the wiser. This could be the key to adoption because it’s not about how many people know about cryptocurrency and blockchain, it is about how much it is used and the value it provides. Ensuring that millions are using the technology, whether they know it or not, is adoption.
Within the DigitalBits ecosystem there is a built-in decentralized exchange with what’s known as ‘multi-hop technology’.
The technology enhances liquidity for all available assets, regardless of if a direct market exists or not, creating a fluid and totally customisable digital asset marketplace with no restrictions.
The multi-hop technology can automate trading between multiple order books to facilitate. Accessibility in the ecosystem is high – you can hold what you want and convert when necessary. The entire ecosystem is interconnected and users are not forced to hold assets just for payment, since multi-hop is always available.
If you’re interested in real cryptocurrency adoption, DigitalBits could be the project for you. They are building a decentralized ecosystem that will be beneficial for businesses.
DigitalBits will function in the background so consumers will harness the power of cryptocurrency without even knowing it.
For a more in-depth analysis of DigitalBits, check out the Blockfyre report.
*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.