DIGITAL BITS: A BRIDGE FACILITATING THE IMPLEMENTATION OF NEW TECH...

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INTRODUCTION
Blockchain technology is considered as one of the great technological advances of our time and also a solution to many of the technical problems faced by industries in sectors such as finance, automobile, and retail. Inspite of gaining grounds and utilization in every sector of the economy, mass adoptions of cryptocurrencies still remain a great lacuna. Hence the birth of Digital bits blockchain platform.
Digital bits is a protocol layer blockchain designed to help facilitate liquidity of various digital assets and integrating existing user application to drive mass adoption also creates a decentralized marketplace for digital assets. However, presenting on-boarding process of digital assets and the asset tokenization which is an indispensable functionality of our platform and introducing 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. 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.
32FTXiZsHoAW6noHJDhrg3W8ZKHVFSsLYM859aTDCF8iErM2rNWBF1Vy4rXPrXLv4D8o3bLhRqgVpSGATTUcTYGbd2HsHvsG93qMaJg3omQgBLGUCxfu1X1n6QqrXpC7fNKq1STNWFZ3qHG2.jpeg A 2014 report suggests that 91% of companies employ some form of customer engagement or loyalty program, resulting in 3.8 billion individual loyalty program memberships just in the United States. 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. 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.
In inclusion, digital bits support the vision of token economy. Also deals with the exemplary stakeholder engagement and service interaction processes that are essential to the DigitalBits platform. First, the onboarding process of digital assets and the asset tokenization which is an indispensable functionality of our platform. Afterwards, present 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. In order to trade and exchange tokenized assets in a proper manner, DigitalBits provides a built-in decentralized multi-hop exchange for cross-asset payments and finally presents the XDB token value proposition and the surrounding token economy ecosystem that fuels the DigitalBits platform.

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