Recap — Talk to the team, 4th of July, 2022

Today, 4th of July, 2022, Daniele Mensi, Managing Director of DigitalBits Foundation has updated the community through the monthly “Talk to the team”.

Questions have been copied, pasted, and answered as they are. For total transparency, we have filtered out double or triple questions, as well as those that have extensively used the space to express subjective statements and those submitted by unverified user details. This audience is meant to address community questions by genuine members.

Any plans for a new Liquidity provider?
This is a very open-ended question however I will try to explain it as best I can. Secondary Market has seen the addition of Digifinex which after the token swap is expected to bring additional liquidity as more users will be aware, and more exchanges are expected to add support of DigitalBits mainnet to provide deeper liquidity and exposure. If the question is more related to are you adding a Market Maker then this is not something that quality projects will openly discuss that are mindful of compliance and regulations frameworks.

When T1 and token swap?
The date for the first exchange facilitating the Token swap has already been announced, more will follow in due course and we aim for other exchanges to be providing the swap at similar times. The timing is defined by participating exchanges.

What should we expect from DigitalBits progress-wise by the end of the year?
We have just released as promised the next 12 months' Roadmap, worth checking out. https://medium.com/digitalbitsorg/digitalbits-12-months-roadmap-d30c08ec1163

What is DigitalBits’s/Zytara’s current revenue and what is it planned to be in the future?
DigitalBits is the blockchain while Zytara is building today a mobile banking app of tomorrow. The two projects are run independently and have different objectives. Nevertheless, when it comes down to building products and applications on a blockchain, Zytara is committed to leveraging DigitalBits.

DigitalBits Blockchain is a layer 1 that creates economic value based upon the volume of transactions as well as the overall liquidity that is locked or staked in the protocol. Simply put, with the launch of the Mainnet Token, DigitalBits will now be fully accessible by the whole community while being a functioning Blockchain for more than a year, allowing many of our ecosystem partners to utilize the network. This will result in Transactions that create protocol fees and revenues which is the same way that all Blockchains create income.

Will the maximum supply of the DigitalBits mainnet token also be 1.5 billion tokens?

Full disclosure has been provided regarding the reduction of ERC20 token supply, from the original 100 billion to the reduced 1.5 billion after the burn in 2019. These tokens are burnt and gone forever and as previously confirmed the Swap will be on a 1–1 basis, when an ERC20 is swapped for the Native token the ERC20 token will be burnt via Smart Contract and removed from circulation.
For further reference you can find the disclosure here:

https://www.coingecko.com/en/coins/digitalbits

https://coinmarketcap.com/currencies/digitalbits/

In order to avoid any ambiguity regarding this matter, an updated version of the whitepaper is expected on July 15th, 2022

Is there any plan to add DigitalBits mainnet support for cold storage like Ledger?

There are ongoing conversations with cold storage providers that have reached out to extend support to DigitalBits mainnet. It would be a great addition for many token holders and we confirm we’re working to facilitate this process. Also, note that after the swap you will also be able to hold your native XDB tokens on the non-custodial wallet AstraX.

Are plans to grow the official DigitalBits telegram beyond 5,000 users?

Telegram official channel is indeed one of the most active channels, but we should not forget that growth on Twitter was terrific by reaching 22k users as well as on Instagram with 12.5k users of organic increases. We aim to grow the community across all channels and this will be made easier once the token swap is completed and the network will have users and utility.

Is the team going to release staking for DigitalBits, not the one that was announced before?

This can be answered in two ways. The first option is to say that a “Standard” Staking service will be available in the future on DigitalBits. More details will be provided when finalized. The second option is with the token swap as with the majority of other Layer 1’s, 3rd party applications will likely build their own apps to include staking and other DeFi options.

Without sharing NDA information or giving a timeline can you take us through the processes the team has taken to solve the liquidity issues and actions taken to get listed on a T1 exchange?

First and foremost there’s no single definition for T1 exchanges. The evaluation process that most quality projects follow is to “review” and “normalize” their real volumes and provide support to access core documentation or questionnaires. Nowadays, Listings require for Exchanges a deeper level of compliance in light of new regulations and are very time-consuming. With regards to the NDA side, these are strict and there will be no discussion of dates or which exchange until the exchange themselves announce the listing.

What percentage of the total supply belongs to the team and is there any lock-up schedule?

This has already been detailed in the original Whitepaper, the update to the Whitepaper will be released on the 15th of July 2022 and will further clarify the Tokenomics post-burn.

Hi, when zytara card ( with staking) are available in Europe. Thanks

We do not have a fixed date to communicate yet on the release schedule for additional countries. We fully expect the rollout to be ongoing over the course of this year and will update the community once confirmed dates are known.

In the previous AMA, I asked if the network was fully in use. You answered yes. My question now is why, if the network works perfectly, can’t users use it?

The network can be used and there are applications like AstraX and Mitngo, as well as a technical interface xdbportal.com that is fully operational on both mainnet and testnet. The first version of the explorer is being fully integrated with Fireblocks already. With regards to mainnet I guess the question is rather how can DigitalBits community members get access to mainnet tokens: this process is managed by participating exchanges that will provide support to the token swap functionality, the first exchange that communicated the date is Digitfinex, which will start on Aug 15th. Others will follow.

Why do we have products on the blockchain like MintnGo and the likes of incorporation with Chili and everything else it entails but we don’t have a native xdb token to use it with? What’s the point if 98% of people can’t use it therefore there is no use case

It is key that mainnet is fully launched with thousands of users before it gets stressed by higher and higher amounts. This is a normal product release schedule process that allows developers to keep monitoring network performance. But in short, the date for the first Exchange to enable Token Swap has already been released giving the whole community the opportunity to use the apps on the Blockchain with the native token.

Has the company considered buying back coins from the market? Given the coins current market cap and the need to issue coins in the future for the staking program would it not be prudent to buy back at these current valuations?

There are no plans to buy back tokens currently, tokens required for future use are already detailed within the tokenomics.

Has the company considered listing on TZero?

There has been no discussion with regard to listing on TZero, however it is something that we may look into once our key T1s have been finalized.

Can you give us some insight into financing the project? Does Digitalbits foundation have sufficient funds to pay sponsorship commitments and comfortably finance development of the blockchain?

DigitalBits Foundation does not pay for any sponsorships, all sponsorships are funded by Zytara.

What is the role of Beckham and Totti to promote Digitalbits worldwide. We haven’t seen their contributions yet.

It’s an ongoing process, each Ambassador brings a wealth of connections but takes time to nurture.

Where do you see XDB in 5 years?

It is all about capturing value with network growth and adoption, The aim is to rapidly grow 3rd party applications building on the DigitalBits Blockchain utilizing the Native token or custom tokens. More applications and users equate to more transactions which creates transaction fees. This along with total value locked has a direct impact on the Network value and its ranking by any relevant KPI.

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