PROJECT DISCLOSURE
With today’s announcement of XDB CHAIN v20 Futurenet and the upcoming XDB CHAIN v19 Mainnet deployment, the XDB Foundation is providing comprehensive community disclosure regarding the transition that has led to the enhancement of the former Digitalbits blockchain vision and the previous governance structure.
This transition aims to facilitate the continued growth of the project within the XDB CHAIN ecosystem under renewed governance.
As XDB CHAIN embarks on a new trajectory of growth, in collaboration with announced partners who will develop products and applications on it and bring their multi-million user communities, all ecosystem members should expect the highest level of openness, disclosure, and transparency. This document marks the initial step of a new journey, as part of our broader commitment.
The primary objective of this disclosure is to address all relevant aspects concerning the tokenomics of the former Digitalbits Blockchain project, which has required some fundamental changes now integrated and openly shared with the XDB CHAIN community. It is vital to acknowledge that this project, in its former vision, encountered various execution challenges.
However, the current primary goal is to advance it and continue growing by enabling Technology mass adoption and instilling confidence in partners building on this ecosystem and trusting its remarkable community. Together, we aspire to create a more vibrant and prosperous future with no excuses whatsoever.
Over the past few months, the former organizations Fusechain I XDB and Zytara, along with their founder, Al Burgio, have progressively withdrawn support for the Digitalbits Project, as well as any communication and disclosure to the community. Recently, the Digitalbits Foundation, now rebranded as the XDB Foundation, has been diligently working, as evidenced on xdbatlas.com, to redefine an enhanced multi-organizational governance structure to ensure trusted decentralization and a broader network integrity that will continue to support the ecosystem and its community.
Every blockchain project requires its governance to be clearly and transparently communicated, and this is foundational as XDB CHAIN moves forward.
As a result of this governance change, it is imperative to provide the community with the utmost level of transparency and disclosure regarding the former Digitalbits XDB coin supply.
The previous concept and disclosure about the Digitalbits XDB coin’s circulating supply were entirely managed off-chain because no smart contract functionality was ever implemented on the Digitalbits protocol up to this point.
Today’s announcement by the XDB Foundation to accelerate support for smart contracts on XDB CHAIN was primarily driven by the need for transparency, with the further goal of providing assurance about the figures reported by the Governance structure as a whole. Transparency without governance is pointless.
The value creation of L1 Blockchain Technology derives from its trustless design, which must be embedded in its governance and disclosure processes.
Under the assumption above, the native coins of the Digitalbits supply are considered in circulation unless locked by an auditable smart contract or burned into an auditable and permanently locked address. Digitalbits v18 has not implemented smart contracts to date.
Therefore, today, all Digitalbits XDB native coin token metrics are as follows:
Digitalbits Mainnet v18
MAX TOKEN SUPPLY: 20,000,000,000
TOTAL TOKEN SUPPLY: 19,974,370,019.97
CIRCULATING SUPPLY: 19,974,370,019.97
As part of the transition from Digitalbits v18 to XDB CHAIN v19 and in alignment with this new governance structure, the XDB Foundation commits to reducing both the total supply and circulating supply by 1,000,000,000 XDB CHAIN native coins. This will be executed following the completion of XDB CHAIN Mainnet v19 upgrade.
XDB CHAIN Mainnet v19
MAX TOKEN SUPPLY: 20,000,000,000
TOTAL TOKEN SUPPLY: 18,974,370,019.97
CIRCULATING SUPPLY: 18,974,370,019.97
BURNED COINS: 1,025,629.980.03
Nevertheless, the XDB CHAIN Project’s commitment, beyond the immediate 1,000,000,000 XDB CHAIN native coin burn upon XDB CHAIN Mainnet v19 launch, is to commence quarterly burns starting Q1 2024, to further reducing both the total and circulating supply of XDB CHAIN to get to 10,000,000,000 billion coins through auditable and transparent communication and disclosure processes.
The project’s growth will primarily hinge on the launch of multiple BCO (branded coins) and brand’s payment integration, some of which have already been announced and will commence shortly.
Additionally, for the sake of transparency, the XDB Foundation proactively discloses the holdings of the following Digitalbits XDB coins that are considered as in circulation, as per the statement above.
They are held in the following address:
GB6AOHN5VNCSG73XWZ226O6MJ743BZ2VOSBKNQSFIFERKR4CMHNURXPZ with a current balance of 2,776,699,937.99996 XDB coins.
The upcoming 1,000,000,000 token burn exercise will be executed from this address.
Initially, the XDB Foundation received an allocation worth 3,999,999,999 Digitalbits XDB coins to support the protocol’s technological growth, of which 1,223,300,061.00004 Digitalbits XDB coins have been disbursed over the last 14 months and were already included in the former and disclosed Digitalbit’s circulating supply since the Digitalbits Mainnet launch in August 2022.
To summarize:
- Circulating Supply can only be trusted if non-circulating coins are locked by an auditable smart contract supported by the protocol and/or declared as burned into an auditable wallet or by an auditable smart contract.
- XDB Foundation has deployed XDB CHAIN v20 on Futurenet, supporting smart contracts, and will soon release v19 protocol on Mainnet
- Digitalbits XDB coin’s effective total and circulating supply is 19,974,370,019.97 because no smart contracts are supported
- XDB Foundation announces the upcoming burn of 1,000,000,000 XDB CHAIN native coins upon the Mainnet network upgrade from Digitalbits v18 to XDB CHAIN v19
- Upon Mainnet v19 launch, XDB CHAIN will have a total and circulating supply of 18,974,370,019.97
- XDB CHAIN v20 will support smart contracts once v19 is stabilized on Mainnet, and testing will be completed.
- XDB CHAIN will progressively burn and reduce the total native coin’s total and circulating supply on a quarterly basis to 10,000,000,000 native coins thanks to multiple BCOs and brand’s payment integration activities. This will commence on Q1 2024
All the information provided above will be incorporated into an officially released document on the new website, xdbchain.com, and will also be tracked on relevant websites.
About XDB CHAIN
Website | Twitter | Instagram | LinkedIn | Facebook | Telegram | Announcement | Discord |
