DigitalBits” project to potential platform participants and those who are interested in contributing to its development

DigitalBits

Abstract. 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.

Introduction

The vision for cryptocurrencies has been embraced by many people around the

world. In 2017, the world saw a surge in Initial Coin Offerings (ICOs) with

associated whitepapers that has driven tremendous enthusiasm for the futurist

possibilities of blockchain technology and utility tokens [3][43]. However, as the

end of 2018 is near, many people are beginning to wonder: When will many of

these cryptocurrencies and utility tokens begin to gain wide real world use and

adoption? 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.

Loyalty and rewards points (LRPs) presents a unique opportunity as the first

digital asset category to leverage the DigitalBits blockchain and help drive mass

growth of cryptocurrency adoption. Such programs are established means to improve customer engagement and brand awareness. Needless to say, due to their

recognized and tremendous potential, these membership programs spread across

several industries, as for example, travel, retail, financial services, and so on. A

successful loyalty and reward program ensures that a customer keeps returning

to a specific brand in order to make purchases and subsequently earn reward

points thereby building loyalty and retaining customers over the years. At the

same time, companies that effectively create, launch and run loyalty programs

underline their commitment to long term relationships with their customers [29].

A 2014 report suggests that 91% of companies employ some form of customer

engagement or loyalty program [18], resulting in 3.8 billion individual loyalty

program memberships just in the United States [12]. The average U.S. household participates in 29 different loyalty programs [11], whereas in the UK the

average customer is a member of more than 14 different loyalty programs [14].

According to a report from 2017, the estimated overall corporate liability for

loyalty points exceeded $100 billion, thereby representing a new unsurpassed

high and an enormous business potential [6].

However, despite the widespread availability of these programs, only a small

fraction of their potential is used. Consumers are generally discouraged by unnecessary barriers to accumulate and redeem their points and by changes to program rules or rewards. Hence, users get easily frustrated and millions of points

are unredeemed. Furthermore, the lack of transferability and portability of most

LRP programs affects their perceived value by customers, since they are unable

to transfer or trade those points at any time for other points they desire. Of

the $48 billion in total perceived value of points and miles issued in 2010 in the

U.S., about $16 billion worth of LRPs were left unused [20]. It is important to

note, that it is not just the customers putting up with the downsides of current

state of the art solutions. Loyalty program providers have high entry barriers to

set up their own reward program. Once they have created their own program,

providers suffer from high costs of maintenance. Moreover, even if they wish

Token

Founder

team

Al Burgio

Julie Lyle

Michael Luckhoo

Paul Gampe

Thomas Madej

David Holland

Matthew Roszak

Rajiv Naidoo

information:

Website : https://www.digitalbits.io/
Whitepaper : https://storage.googleapis.com/westart-files/digitalbits-pre-sale/DigitalBits_Whitepaper_2_2.pdf
Facebook : https://www.facebook.com/DigitalBitsOrg/
Twitter : https://twitter.com/DigitalBitsOrg?lang=en
Telegram : http://t.me/digitalbits
Ann Thread : https://bitcointalk.org/index.php?topic=5026550

BTT Profil link: 

https://bitcointalk.org/index.php?action=profile;u=2051385

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