The DigitalBits Project Introduce - Integration of blockchain technology into the mass market

"WHAT DIGITALBITS"

OPEN-SOURCE PROJECT SUPPORTING ENTERPRISE ADOPTION OF BLOCKCHAIN

DigitalBits™ is an open-source project supporting the adoption of blockchain technology by enterprises. The technology enables enterprises to tokenize assets on the decentralized DigitalBits blockchain; transfer & trade those tokenized assets on-chain; and enables fast payments & remittances.

The DigitalBits Foundation supports the DigitalBits open-source project by providing development resources, infrastructure, events and education. The Foundation’s vision is to see the DigitalBits blockchain help solve portability, security and liquidity issues with certain digital assets, such as Loyalty and Rewards programs, and help generate additional value for consumers, businesses and certain charitable organizations.

The DigitalBits blockchain network is for anyone to use. Anyone is able to create digital assets (also known as digital tokens) that are 100 percent portable/transferable on this decentralized network. When enterprises tokenize their loyalty points on this network, consumers will receive points in the form of digital tokens.

Users can trade these various digital tokens (e.g. token A for token B) directly on-chain along with the blockchain’s native digital asset called “digitalbits” or XDB. The decentralized DigitalBits Network requires no centralized middlemen to impose excessive fees. Transfers take only a few seconds and require only a nominal fee.

	DigitalBits	Stellar	Ethereum
Blocktime (w/	2-5s	2-5s	5m to 1h+
Confirmations)
# of Confirmations	1	1	30
Processing Method	Validation	Validation	Confirmations via
			Mining / PoW
Transaction Costs	Very Low	Very Low	High
Multi-Asset	Built-in	Built-in	Custom App via
			Smart Contracts
Distributed Exchange	Built-in	Built-in	Custom App via
			Smart Contracts
Compliance Mechanism	Built-in via	Built-in	No
	compliance
	server
Inflation	No	Yes	Yes
Mining	Pre-mining	Pre-mining	PoW & PoS
Certified Token Issuer	Yes	No	No
TNCS	Yes	No	No
Automatic Algorithmic	Yes	No	Yes
Native Token Distribution

Fig. 1: Platform Comparison of DigitalBits, Stellar and Ethereum.

I/       DigitalBits System Design and Architecture

The DigitalBits network consists of entities that perform di erent but compli-mentary roles in order to maintain the health of the network. The key role is played by the nodes that run the DigitalBits blockchain-based software and con-nect to one another. These nodes are well supported by nodes that provide ser-vices such as compliance veri cation, mapping and RESTful APIs. Additionally, APIs, SDKs and wallets provided by DigitalBits facilitate businesses and third party developers to easily develop and deploy their custom apps and wallets. Below, Section  presents the high level network overview that consists of the various entities that play a vital role. Next, Section presents the technology stack and nally Section focuses on the system architecture itself.

1.1    DigitalBits Network Overview

Fig. 2: High Level DigitalBits Architecture Overview

Figure 2 illustrates an overview of the Digitalbits architecture. The DigitalBits architecture consists of the key components described below.

*   Frontier

Frontier provides a RESTful API for the DigitalBits ecosystem. It acts as the interface to applications that wish to access the DigitalBits network. Frontier facilitates actions such as the submission of transactions to the network, check-ing the status of accounts and subscribing to event streams. It also ingests and re-serves the data produced by the Digitalbits network in a form that is eas-ier to consume than the performance-oriented data representations used in the network.

Application developers interact with Frontier's Restful API via the web browser, simple command line tools like cURL, or the DigitalBits SDK. Digital-Bits maintains JavaScript, Java, and Go-based SDKs for communicating with Frontier. There are also community-maintained SDKs for Ruby, Python, and C#. The Frontier APIs and SDKs can also be used to build or enhance custom brand speci c Apps and clients.

*   Network Backbone: DigitalBits Core

Fig. 2: Quorums, i.e., circles of trust formed among DigitalBits core instances (represented as DB core) of various partner institutes and individuals. The Dig-italBits core instances can choose to belong to one or more quorums and utilize them in a hierarchical manner or based on the type of transaction that needs to be veri ed. The nodes belonging to a quorum need not be located close to one another as can be observed in the blue quorum set.

The DigitalBits core is the backbone of the DigitalBits network. The Digital-Bits Core software interacts with a chosen subset of other instances of cores in order to validate and agree on the status of every transaction through the DigitalBits Consensus Protocol (DCP) which is based on the Stellar Consensus Protocol (SCP) [4]. Similar to Stellar's SCP, DCP relies on a Federated Byzan-tine Agreement (FBA). Unlike the Byzantine Algorithm [9], the FBA does not have a single list of trusted validators, i.e., a centralized list of trusted validators. Instead, an FBA allows for di erent quorums or sets of validators to co-exist. The nodes can determine the composition of the quorum in a decentralized man-ner. As shown in Figure 10, DigitalBits core instances of di erent institutions can choose to participate in one or more quorums subject to the existing quo-rum members agreeing to grant it access. The quorums facilitates the compliance process based on legal requirements. Organizations may choose one or more quo-rums that satisfy their requirements. Nodes or organizations could also choose to have a hierarchy of trust with the parameters that de ne the level of trust that a node accepts for each transaction. In other words, quorum composition and aspects such as simple majority vs. 2/3 majority are de ned for di erent classes of transactions, similar to parliamentary systems in many parts of the world.

The bene t of hosting an own instance of DigitalBits core as compared to just running an App or client is many-fold. Transactions can be submitted with-out having to rely on a third-party and the DigitalBits core can select its own instance of who to trust, i.e., the quorum. The more organizations and partners contribute instances of DigitalBits core to the network, the more reliable and robust the network becomes. Each organization can choose to run one or more DigitalBits core nodes, which also participate as validators.

*The DigitalBits Network

The DigitalBits network itself is a collection of connected DigitalBit cores run by various individuals and entities around the world. Instances of DigitalBits core add reliability to the overall network. Additionally, they may choose to have a Frontier server for communication in order to access the DigitalBits Network. The distributed nature of the network makes it reliable and safe. All these Dig-italBit cores within the network eventually agree on sets of transactions. Each transaction on the network costs a small fee: 100 nibbs (0.00001 XDB). This fee helps to prevent bad actors from spamming the network. The DigitalBits Foundation also maintains archive servers with live backups of the current state in the network in order to facilitate new DigitalBits cores to come in sync with the current status of the network.

1.2    Technology Stack

Figure  illustrates the key components of the DigitalBits architecture, namely the application server, the bridge server, the federation server and the compli-ance server. Below, we describe each of these key components. In Section 

We provide the overall architecture and a owchart based description of how transactions are performed in the DigitalBits network.

                                                                 Fig. 3: Technology Stack

Bridge Server 

The Bridge server is designed to support applications in easily performing trans-actions on the DigitalBits network. The bridge server enables applications to use the federation and compliance servers to send and receive payments. As shown later in Figure 15, when a sender wishes to perform a transaction, the sender's client contacts its bridge server in order to initiate the transaction. If required, the bridge server then connects the federation server of the receiver and its own compliance server. If all veri cations are successfully completed, the transaction is recorded in the DigitalBits network. The bridge server on the receiver's side periodically monitors the DigitalBits network and spots transactions destined for its end-point and then connects to the required federation and compliance servers as well as nally accepts the transaction. The bridge servers then inform the respective end-points about the result of the transaction.

II/ HotelBrand is a hotel chain

HotelBrand is a hotel chain. Like other hotel chains, HotelBrand has a permanent loyalty program, which has about 30 million customers and about 40 billion points. However, due to the tough competition in the hotel services market, HotelBrand is currently in 10th place. In addition, he faces tough competition from various innovative start-ups, which are primarily focused on a joint economy. To increase its market share in the coming years, HotelBrand has determined that the key solution for market promotion should be the restructuring of their LRP program in order to make it more customer oriented.

The customer-oriented LRP program has features such as ease of registration and use, and, more importantly, it contributes to high liquidity, that is, it allows the client to easily collect, track, share and use the points collected. High liquidity leads to increased customer involvement and increased perceived value of the LRP program. This encourages new customers, in addition to their current clientele, to use their services in comparison with competitors. HotelBrand strives to expand its worldwide presence and strives to be a market leader. Therefore, they are interested in creating a platform that can dynamically and easily scale in accordance with their ambitious goals.

The HotelBrand system monitors the excitement over the blockchain, which stands as a solution to many common technological problems. However, early prototypes examined by their teams showed that blockchain-based solutions have their drawbacks, such as huge transaction fees and time. Recently, HotelBrand has been intrigued by the blockchain-based solution offered by DigitalBits, especially as it overcomes many of the limitations of earlier generations of blockchains.

The key feature provided by DigitalBits is that the offered tokens have high liquidity in accordance with the orientation of HotelBrand customers. DigitalBits will allow you to create a new LRP program for free. They also understand that the system can dynamically scale to serve its global customers. Moreover, they understand that they can start by using the base application provided by DigitalBits, and then invest in developing a specific brand application on top of the base application using its API and SDK. The only thing they carry is a very low transaction fee, the cost necessary to ensure the integrity of the transaction. The fee is used to maintain the system. Therefore, HotelBrand uses the money saved to provide more benefits to consumers, as well as to increase their marketing and consumer activities and, more importantly, to focus on their main product.

DigitalBits creates a new HotelBrand token for its brand and indicates the maximum number of tokens that they would like to receive. When a consumer books a room in one of their hotels, they transfer some tokens to the consumer based on their own internal algorithm. The consumer will immediately see an increase in HotelBrand tokens in her DigitalBits-enabled application, which she regularly uses with other brands. Moreover, she is glad that she does not need to install another application or fill out a form for another loyalty card. Later, the consumer will want to use some of his HotelBrand tokens to free up a room at HotelBrand, and also convert the rest into tokens to take advantage of a discount on his next flight. The consumer also periodically chooses to convert some of their tokens to XDB tokens in order to capitalize on the growing cost of the DigitalBits network.

Detail about project you can find at link below:

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

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MEW : 0xc19A0C710c1f57b930C82350d5A200a1C48f62de