Why DigitalBits has the Potential to Disrupt the Consumer Rewards Industry
DigitalBits is a protocol layer blockchain, designed to support consumer digital assets, integration tool to leverage existing apps, tokenization of assets like LRP programs and large brands like (Facebook’s Libra Project). As fork of Stellar, DigitalBits shares many of the benefits of Stellar, but differs in key aspects such as not subjecting its native tokens to inflation, developing a token name certification service and an automatic algorithmic token distribution. This point is key because the token supply of 100 billion looks scary af, but the vast majority will be locked up in what they call an algorithmic pool and will be released very slowly over a period of many years.
What does the project address?
DigitalBits tackles the issue of adoption head on as it’s first use-case will be to disrupt the Loyalty Reward Points industry. To be honest, it’s a pretty ingenious method of inserting blockchain and cryptocurrency into a pre-existing market that such millions (if not billion or more) users utilize it on a regular basis. Another huge plus point of this project is that it is already pretty much built and ready to go except for a few small alterations. Mainnet is ready to go. Businesses and third-party developers can easily develop custom apps by leveraging the Digital Bits API and SDK library.
DigitalBits also provides wallet source code that can be used to create a brand-specific wallet. They’ve got an inbuilt DEX also equipped with their very own “Multi-hop Technology” that will bring a very flexible trading environment to the table also, with users able to interact with one another with many different asset pairings. Multi-hop tech as stated above will allow the trading of different assets and different types of loyalty points between people. It’s important to note here that the loyalty points industry is a near 50 billion a year sector, and 16 billion of that is unredeemed value.
What makes the project unique?
1) The branded currency market is a massive global market. Multi-billions. Therefore, there is room for more than one blockchain to participate within this market and be successful.
2) Not all blockchains focused on this market. A key factor affecting this, beyond just technology, is the experience with the respective teams supporting their respective efforts and approaches. To date, most teams have not taken an effective approach with developing their platforms and their go-to-market strategy. As a result, unless they find an effective way to pivot, they could risk eventual failure. Hence, DigitalBits with an experienced executive team along with strong partnerships that already have access to a mass base of consumers is key.
How can DigitalBits make LRP programs a hit?
Many loyalty programs have become confusing and lacking incentives for consumers, ultimately, affecting the perceived value of their points/rewards. DigitalBits has set their focus on branded cryptocurrencies that have the potential to grow as a category and drive higher levels of consumer engagement versus many of the legacy loyalty/reward points programs, and thereby be a new form of value transfer between brands and consumers. For example, branded stablecoins may drive higher levels of engagement because it is backed by real value and is simple for the consumer to understand.
Therefore, it is evident that Digitalbits is here to help increase enormous market liquidity of as many as possible digital assets (especially the Loyalty Rewards Program) and blend them with existing apps in order to increase the global market adoption of blockchain technology. DigitalBits is a next-generation project that fights the challenges of usability and mainstream adoption. By bringing together technology, team and enterprise-grade execution, DigitalBits might have true potential to help bring this industry to the masses.
