A recent announcement from the XDB Foundation has officially stated that major updates have been addressed in the DigitalBits Mainnet 2.0 network, which is now live. Additionally, a rollout plan will deploy three products from XDB in the upcoming weeks.
What Branded Stablecoins Bring to the Table
Supporting consumer digital assets, namely branded cryptocurrencies and branded stablecoins, is the driving function of the DigitalBits network. Branded stablecoins are a new subset of branded cryptocurrencies that afford brands the opportunity to merge blockchain technologies with the stability of pre-existing, established currencies. An adoption of branded crypto assets would allow brands to launch a stablecoin attached to their name. With the real-world value this would allow them to engage the user more directly in terms of promotion, launch alliances and commerce inside a singular network, and gain access to other benefits as well. This is due to the design of branded cryptocurrencies supporting higher levels of consumer engagement and market intelligence.
Branded Stablecoin Use Cases in Esports and Gaming
As E-Sports continue to grow in popularity beyond the billions of gamers around the globe they already entertain, certain challenges, such as securing methods of payment and establishing secure transaction processes, face the industry. A partnership between Zytara and Prime Trust aims to solve the inadequacies in E-Sports posed by these issues with the launch of the Zytara dollar (ZUSD). The 100% collateralized branded cryptocurrency will provide a reliable foundation for real-time fund transfers for instances, such as tournament payments and merchandise sales.
“We are excited to work with our partners to fulfill our vision of expanding the Zytara dollar onto the DigitalBits blockchain network, following the successful launch of ZUSD on Ethereum in 2020, “ stated Lisa Loud, General Manager of Digital Currency at Zytara. “Zytara is also committed to operating DigitalBits network nodes across the globe, helping to transform this blockchain into a world-class technology.”
XDB and DigitalBits to Update Their Resources
Upcoming updates will occur on the XDB and DigitalBits websites including a batch of new developer documents, node programs, tutorials and walkthroughs, and tokenomics. XDB, specifically, will be releasing educational curriculums, hackathons, developer challenges, and startup competitions designed to accelerate product development and integrations of the DigitalBits blockchain network.
Mainnet 2.0’s Strategic Launch
Although the Mainnet 2.0 repository will be publicly available the week of February 22, 2021, many strategic ecosystem participants have already accessed the network and relayed their laudation regarding the important upgrades.
“We’re very excited to support the transition of DigitalBits to Mainnet 2.0,” said Kory Hoang, Stably CEO. “Assets issued through our Stablecoin-as-a-Service will now be able to leverage the speed and power of the DigitalBits blockchain. Stably is also committing to operating nodes on the DigitalBits network globally to support decentralization and security of the network.”
To celebrate these latest developments, the XDB Foundation will be expanding the XDB Liquidity Reward Program originally launched on Uniswap on December 30, 2020, to include a XDB-ZUSD pairing activation.
“We look forward to both new and existing ecosystem participants beginning to engage with Mainnet 2.0 and its associated applications, as we execute on our mission to build one of the world’s largest blockchain ecosystems,” stated Michael Gord, Managing Director of the XDB Foundation.
DigitalBits is an open-source project developed through the DigitalBits blockchain protocol. It delivers “a secure, low-cost global transaction network, and tools to go along with it. Supporting consumer digital assets such as branded cryptocurrencies, branded stablecoins, loyalty and reward points, and even gift cards is made possible through the protocol layer blockchain,” the company says. The XDB Foundation is a non-profit focused on assisting DigitalBits and related technologies.