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Branded currencies, an asset category that DigitalBits has been hyper-focused on, was considered among other tangible solutions blockchain technology could be leveraged for in response to current economic conditions. COVID-19 has had widespread negative impacts, in times of economic downturn consumers have historically turned to branded currencies in order to stretch budgets. Further to this, DigitalBits has been active in the development of branded stablecoins, an emerging asset category that will allow for more efficient payments and transfers, as well as the better intake of consumer information, allowing for catered programs and promotions as consumers seek to maximize value.

Following the wax and wane of the 2017 bull run and subsequent 2018 crash, blockchain has found itself at an impasse. One impediment in particular is the lack of real-world adoption. Despite significant institutional interest, billions of dollars in value, and no shortage of proposed applications, the actual use of blockchain technology remains low. Many cryptocurrency “users” are more or less traders that jump arbitrarily from one digital asset to another – few of which are used for anything besides trading. Where is this decentralized token economy of the future?

Technology should be easy, seamless, and able to provide value to the end consumer without changing learned behavior.

The blockchain industry stands at a crossroads where superior technology lacks real-world utility. Despite Satoshi initiating a decentralized revolution, billions of dollars flowing into cryptocurrency markets, and extensive institutional interest, actual utility remains low. The realm of blockchain more resembles a developer playground than a utopian digital economy. How do we cross the chasm of blockchain adoption?

DigitalBits is a protocol layer blockchain focused on supporting consumer digital assets, specifically branded currencies. This is inclusive of assets such as loyalty and rewards points, gift cards, and notably, the growing asset category of branded stablecoins.

Today’s economies are heavily reliant on stability, the lack of which has proven a hindrance to blockchain adoption. Fiat currencies, such as the US dollar, allow users to effectively price goods and services, store wealth, and make sound financial decisions. By combining the stability with blockchain technology, stablecoins look to be the next big wave in blockchain innovation, and could be the catalyst to the mass adoption of blockchain and cryptocurrencies.

KuCoin is extremely proud to announce yet another great project coming to our trading platform. DigitalBits (XDB) is now available on KuCoin. Supported trading pair includes XDB/USDT.

DigitalBits offers you to spend your hard-earned rewards differently. Find out how.

What is DigitalBits? The protocol layer blockchain is designed to support consumer digital assets. In particular, branded currencies that you can spend on rewards and offerings. That said, the company is planning to take the feature to a completely new level.

In the last couple of years, notable brands such as Facebook and Walmart have entered the crypto/blockchain space. These companies are developing grand projects like Libra, among others.

With this, branded currencies look to play a significant role in developing the blockchain landscape. To that end, DigitalBits, which is aiming to create a platform for the provision of branded currencies, seems to be right on time.

Interested in joining the team researching, supporting and launching these projects?