BitMart, a premier global digital asset trading platform, recently listed DigitalBits (XDB), a protocol layer blockchain built to support consumer digital assets, specifically branded currencies. This is inclusive of assets such as loyalty and rewards points, and notably, the growing asset category of branded stablecoins. Considered the second generation of stablecoins, a Branded Stablecoin enhances the relationship that exists between the brand and consumer.
On Aug 4, 2020, to better help BitMart users know more about DigitalBits and its team, we held a Telegram AMA with the topic of "DigitalBits: Branded Stablecoin Explained". We are pleased to have Michael Gord, Managing Director of the XDB Foundation, join the AMA, and share valuable insights with our community members.
If you miss the AMA live, check our AMA recap below for more details:
[ABOUT THE GUEST SPEAKER]
Michael Gord is the Managing Director of the XDB Foundation, a non-profit organization focused on supporting the DigitalBits blockchain and related technologies.
Michael is also the co-founder & CEO of Global Digital Assets (GDA) Group of Companies, which are focused across capital markets verticals in the blockchain industry.
He has advised on over $20.5 Billion in digital asset offerings, helped to secure over $5 Billion in asset placements and has worked with Fortune 500 companies and global governments.
Michael was one of the first advocates for digital assets in Canada, built the first university communities for blockchains in Canada and was the first enterprise blockchain developer that TD Bank hired. Michael has introduced digital assets to tens of thousands of people through his initiatives.
Q1. Why did you choose to launch the XDB Foundation and work specifically with the DigitalBits blockchain?
Branded currencies have been around for decades and they hold a huge amount of market capitalization already. Unfortunately, the rails they run on are pretty archaic by today’s standards and we’ve got billions of dollars held in these branded currencies with really limited utility.
I understand and appreciate DigitalBits mission to unlock the value held in these assets, and on a higher level, deliver to people what they already own in a usable format. Branded cryptocurrencies and stablecoins are going to really revolutionize the consumer digital assets space.
My mission since going all-in into digital assets in 2013 has been to make blockchain technology and digital assets mainstream and the XDB Foundation marks a maturity in DigitalBits lifecycle, moving from proof-of-concept to actual implementation. You can think about this launch as the beginning of DigitalBits commercial phase. I’m really excited to see the ecosystem grow from here and to accelerate my goal of bringing digital assets to the mainstream consumer.
Q2. What do you think are XDB’s biggest problems and how do you plan to solve them?
DigitalBits has built an impressive ecosystem and community up until this point. There’s a really strong following, but far from what we need to get real mainstream adoption. I’d like to implement programs and campaigns that accelerate enterprise, community and developer adoption and bring more venture capital interest into funding tools using DigitalBits software. DigitalBits has done a great job with their Early Access Program, but it remains a closed-loop environment that is great for the enterprise but that I think needs to be more open to reaching a mainstream audience.
Some things to accelerate the growth of the community include partnerships with large existing developer networks and blockchain communities, global case competitions and hackathons that activate the student audience, and startup competitions to engage investors and entrepreneurs. I’ve always prioritized education in the blockchain space, and I think among other things, this is a really big gap I can help fill. Blockchain is an incredible technology, and it doesn’t take people very long once they start understanding it to begin to see the larger picture.
Q3. What’s your long term vision for DigitalBits? Where do you expect to see this technology in the next year? In the next five years? Are we really going to be using DigitalBits without knowing it?
My long term vision is to have 1B users of branded stablecoins daily. In 5 years I see a complete ecosystem of contributors including enterprises, community groups, developer organizations and open-source contributor networks, venture capital firms, among others.1B+ I should say I guess doesn't make sense to stop at 1B
Q4. There's been a lot of talk about “Brand Integration” - in the press release it was stated that in the following quarters a new category would be added to the roadmap. What does this mean and what would it look like? What value can holders expect to see as brands begin coming on board?
“Brand Integration,” is one of the ultimate goals of DigitalBits and the XDB Foundation and is a milestone that is achieved when a brand is successfully onboarded with the DigitalBits software building their branded stablecoin infrastructure.
The XDB utility token plays various roles in brands issuing on-chain assets and consumers interfacing with the technology for day-to-day activities. We hope to see many of the operations that are performed by brands running on blockchain technology and utilizing customized branded stablecoins. We have proven that the implementation of these assets increases efficiency, lowers costs, increases access to products, and introduces a unique line of services. XDB is the fuel.
Q5. What will be done towards the token side of things? Obviously, Digitalbits belongs in the Top 100 digital assets but it's still far away from it.
Firstly thank you for that! Firstly thank you for that! We will continue to build out the infrastructure and relationships for the Branded Stablecoin city. Now it looks like a small town and the plan is for it to become a metropolis.
Q6. How many XDB will be needed to stake to be a node operator?
We have not yet determined the exact policy and requirements for being a node operator. We will release this information as soon as it is ready.
Q7. Are there going to be credit/debit cards available and is there a timeline for this?
All I can say here is that with GDA we have experience setting up credit/debit cards for multiple digital assets we have relationships with. I cannot comment on the timeline on this for DigitalBits.
Q8. What will be the token circulation supply by the end of the year?
We will also communicate this to the community as soon as the new token economics is in place for the mainnet chain.
Q9. How many brands are integrating XDB at the moment?
We have been working on an enterprise Early Access Program with several brands that are interested in building branded stablecoin infrastructure. The XDB Foundation will be coming to market with the next phase of the Early Access Program, as well as inviting the next wave of enterprises to participate.
Q10. What are your plans for marketing?
We plan to coordinate a global community and developer activation campaign that coincides with the start of each school year in North America. The plan is for each school year to start with an awareness campaign so new students become aware of DigitalBits, is followed by an educational campaign to accelerate learning about the blockchain, DigitalBits, and branded currencies and then a developer campaign/hackathon to encourage building on DigitalBits. I’d like to also have startup competitions to encourage people starting companies and helping to create an accelerated path to getting those companies funded.
Q11. Why did you choose to list on BitMart Exchange? On the last note please let us know about this.
We have a great relationship with the BitMart team and it is one of the best exchanges in the world with a significant community and audience.
[About The Project]
DigitalBits is a protocol layer blockchain built to support consumer digital assets, specifically branded currencies. This is inclusive of assets such as loyalty and rewards points, and notably, the growing asset category of branded stablecoins.
Considered the second generation of stablecoins, a Branded Stablecoin enhances the relationship that exists between the brand and consumer.
XDB token services three main functions on the DigitalBits blockchain:
- Projective Security Feature
- Enables transactions among non-native token
- Leveraged for fast and low-cost payments and remittances.
- Official Website: https://xdbfoundation.com/
- Whitepaper: https://www.digitalbits.io/wp-content/uploads/2020/07/digitalbits-overview-v2.pdf
- Telegram: http://t.me/digitalbits
- Twitter: https://twitter.com/digitalbitsorg