SAN JUAN, Puerto Rico, March 19, 2018 (GLOBE NEWSWIRE) — CoinAgenda Caribbean — The DigitalBits Project (“DigitalBits”) today announced the launch of the DigitalBits decentralized blockchain network to support the loyalty and rewards industry. DigitalBits also announced the appointment of eight technology, and loyalty and rewards industry leaders to its advisory board.
A wide range of users, including enterprises with existing loyalty and rewards programs, can create digital assets (also known as tokens) on the DigitalBits blockchain network. Members of loyalty programs created on the DigitalBits blockchain are awarded tokens that are 100 percent transferrable within the decentralized DigitalBits Network. Users are also able to trade these tokens for other assets (e.g. token A for token B) they desire within the DigitalBits Network, directly on-chain, or for “digitalbits” or XDB, the blockchain’s native digital asset. XDB enables use of the DigitalBits Network by serving as the token required for the payment of transaction fees and account authentication, in turn providing added network protection.
“Issues of friction and cost have diminished the value of today’s centralized loyalty and rewards programs,” said Al Burgio, founder of The DigitalBits Project. “According to data collected by Colloquy, there are 2.5 billion loyalty memberships in the U.S. alone, but many of these consumers face frustrating challenges when trying to redeem rewards. Meanwhile, the programs themselves often lack liquidity and are costly for many businesses to support.”
“The DigitalBits technology is able to help advance the loyalty and rewards industry by using blockchain to address its shortcomings,” continued Burgio. “We’ve identified how, with frictionless on-chain transfer and trading between tokenized loyalty points, the DigitalBits decentralized network can bring liquidity and added-value to the next-generation of loyalty and rewards programs.”
DigitalBits is also pleased to announce that eight new members have joined its advisory board:
- Nadine Rubin, director of operations at RewardOps. Nadine is a loyalty and rewards industry expert, who was part of the team that led the launch of the Shoppers Optimum loyalty program, which recently merged with PC Plus. Nadine has held roles at LoyaltyOne, the operator of AirMiles and other Canadian and U.S. based proprietary and coalition programs for more than 15 years.
- Paul Gampe, former vice president of Red Hat. Paul has extensive experience in open source software, having previously been the vice president of worldwide engineering services and operations at Red Hat. During his 12-year tenure at Red Hat, Paul directed the company’s global function by delivering software engineering services and pioneered the development of Red Hat’s Asian language products. Currently, he is the chief technology officer of PCCW Global Limited.
- Geoffrey Kent, former VP of product partnerships at Points.com. Points.com’s solutions enhance the management and monetization of loyalty points for more than 50 of the world’s largest loyalty brands, from frequent flyer miles and hotel points to retailer and credit card rewards.
- Anthony Coscio, managing partner at TokenStack Partners. TokenStack Partners is a venture capital firm actively investing in the blockchain space with early-stage participation in various token sales such as, VideoCoin, Lottery.com, Havven, doc.ai, civic, Ocean, WePower, Orchid, Filecoin and others.
- Lars Rensing, co-founder & CFO at Ark Ecosystem. In addition to co-founding Ark Ecosystem, Lars is an advisor to other blockchain-centric companies including Blockport and IOB.
- Michael Morris, founder and former CEO of Slide. Slide was acquired by Raise.com in 2016. Michael has also held multiple global and product development roles at American Express.
- Seth Stover, former managing director, partner development at Flipp. Flipp has partnered with some of the largest retailers in the world, such as Walmart, Target, Kroger, Macy’s and Dollar General.
- Adeel Syed, former vice president at Shoppers Drug Mart. Adeel has had a long career at Shoppers Drug Mart, having previously been the director of strategic partnerships, loyalty innovation & financial services. Shoppers Optimum was one of the most successful retailer-operated loyalty programs in Canada.
“DigitalBits has entered the loyalty and rewards industry at the perfect time,” said Nadine Rubin, member of the DigitalBits Advisory Board. “The industry is in need of change and the DigitalBits blockchain network is well-positioned to support this evolution. Almost instantly, consumers can trade for loyalty perks that they actually want and merchants can once again reap programs’ customer retention and engagement benefits, without the added cost and headache. This technology will be foundational to the next era of the industry. It’s an exciting time, and I’m looking forward to seeing how players in the space take advantage of the DigitalBits decentralized network to build new applications and experiences.”
With no centralized middlemen to impose excessive fees, the DigitalBits blockchain network is unique in how quickly and inexpensively transactions on the network can be resolved. Furthermore, other blockchain networks often take minutes to mine a block, while the DigitalBits Network takes just two to five seconds and costs less than $.00001 per transaction. As such, The DigitalBits Network is ideal for a transaction of any size that requires a near real-time response.
DigitalBits recently attended RestartWeek in Puerto Rico, sponsoring both the Blockchain Unbound and CoinAgenda conferences. “The interest we received in support of the DigitalBits Project from the blockchain community during RestartWeek was incredible,” stated Burgio. “We are looking forward to sharing ongoing updates with the community in the weeks to come.”
About The DigitalBits Project
The DigitalBits Project is an open-source project focused on developing a secure, low-cost global transaction network, protocol and tools for anyone to use, including but not limited to businesses with loyalty and rewards programs and their users. The DigitalBits Network’s native digital asset (“digitalbits” or “XDB”) secures the network, enables functional use of wallets, and is required to cover nominal transaction fees on the network. Loyalty program operators can also create their respective loyalty points as digital assets on this decentralized network and users can trade these various digital assets on-chain along with XDB.
The vision for The DigitalBits Project is to see the DigitalBits blockchain help solve certain portability and liquidity issues with many Loyalty and Rewards programs, and help generate additional value for consumers, businesses and certain charitable organizations. For more information, please visit www.digitalbits.io.
Third party trademarks and company names referenced in this press release are the property of their respective owners and are not owned by or affiliated with The DigitalBits Project.
This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest. DigitalBits tokens, and most virtual currencies are not generally deemed to be legal tender in any country, and are not backed by any government as legal tender, nor should they be treated as such. The DigitalBits Project was initially created by Fusechain Inc. and it intends to transfer this Project to an independent entity.
This announcement does not constitute a prospectus of any sort; it is not a solicitation for investment and does not in any way pertain to an offering of securities in any country.
This release constitutes a description of the DigitalBits Network and the functionality of DigitalBits tokens; it is for informational purposes only and may change as the technology develops over time.