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Enhancing the DigitalBits Ecosystem through the XDB Foundation
The DigitalBits ecosystem welcomed a new benefactor in the form of the XDB Foundation, a non-profit organization dedicated to providing support for DigitalBits. The main objectives of the XDB Foundation include the DigitalBits Ecosystem Support Program, supplying both financial and non-financial assistance to qualified entities and projects within the DigitalBits community, with a focus towards innovation and speeding ecosystem growth.
Michael Gord, MLG Blockchain and GDA Capital founder, has been appointed to the role of Managing Director of the XDB Foundation. “I am excited to see the launch of the XDB Foundation and to be joining the DigitalBits ecosystem in this new capacity,” says Gord. “In the coming weeks, the XDB Foundation will share additional updates regarding its key initiatives. Over the past 2 years, we have seen DigitalBits achieve various milestones and with this next chapter I’m excited to see the XDB Foundation contribute as the new project lead supporting education, research and development, and ecosystem growth and adoption.”
Michael Gord’s first initiatives within blockchain started with establishing the McGill Students’ Cryptocurrency Club, McGill Students’ Fintech Association, Bitcoin Canada and providing leadership on the global expansion of the Blockchain Education Network. Notably, he is also a key contributor to the Kerala Blockchain Academy, one of the largest innovation hubs for blockchain technology worldwide.
Under Michael’s leadership, GDA and its affiliates have operated with Fortune 500 companies, such as Toronto Dominion Bank, as well as governments in North America, the Caribbean, Africa and Asia. Michael has participated in some of the world’s largest blockchain ecosystems, including TRX, LRC, and ONT. Gord has fronted initiatives such as Canada’s Next Top Blockchain Exec, the global Blockchain Gauntlet startup competition, global hackathon events such as the Borderless Block Party, and the build-out of global industry ambassador networks.
Foundation Governance and Initiatives
The XDB Foundation will establish a set of committees focused on the supervision of: research and development, ecosystem growth and adoption, education and governance. The Foundation’s central objectives include supporting innovation and implementation of the DigitalBits blockchain, shaping commercial standards and requests for technical development, expanding the DigitalBits Community through a diverse regional strategy, providing accountability and sustainability practices, and facilitating partnerships and ecosystem development.
The DigitalBits Project
The DigitalBits Project is an open-source project that developed the DigitalBits blockchain protocol and a secure, low-cost global transaction network, and tools. This blockchain protocol and network layer support various use cases including consumer digital assets, specifically branded currencies.
The DigitalBits Project, since its founding in 2017 and launching of the DigitalBits blockchain in March 2018, has seen a large array of support from an ecosystem of top-level partners, including developers, other blockchain projects, exchanges and enterprise partners. As the new project lead for the DigitalBits Project, the XDB Foundation will also leverage these building blocks to support the next stage of commercial integrations and brand adoption. The Foundation will provide a framework to help ensure longevity, integrity, and effective collaboration between the Foundation, the DigitalBits Project and a hallmark of commercial companies.
As Q2 approaches its end, the DigitalBits Project is planning its roadmap updates under the oversight of the XDB Foundation. A new category – Brand Integration – has been included in the DigitalBits Roadmap to share updates from the robust ecosystem partners that will leverage the DigitalBits blockchain for their unique solutions.
Polkadot price has been under intense pressure for the past few days amid the recent bearish sentiment in the crypto market. At the time of writing, DOT was barely unchanged, trading at $5.351. The altcoin has dipped more than 25% for the past month but remains 24.23% higher in the year to date. The asset’s total market cap has slipped over the last day to $6.343 billion, ranking it the 13th largest cryptocurrency.
Is the Worst Yet to Come?
Polkadot price has been consolidating for the past few days amid the recent sell-off in the crypto market. Statistics by Coinmarketcap show that the global crypto market cap has dropped 1.29% over the last day to $1.13 trillion, while the total crypto market volume decreased by nearly 7%.
The biggest cryptocurrencies, Bitcoin and Ethereum, have been in a freefall for the past few days, falling to $26,880 and $1,807, respectively. Most altcoins, including BNB, Cardano, Solana, Shiba Inu, and Avalanche, have plunged seeing that most altcoins move in tandem with the performance of heavyweights Bitcoin and Ethereum.
Looking ahead at the global market mayhem with the US debt ceiling debate and the US banking crisis, investors expect more downside in the crypto market. The US dollar has continued growing stronger, hovering around a six-month high against the Yen, as optimism around the US debt ceiling talks in Washington raised expectations of higher-for-longer interest rates.
Two…
Bitcoin price was headed for its worst week since November 2022 on Friday as volatility, buoyed by low liquidity continued to outweigh crypto markets. Bitcoin has dropped below the crucial support level of $26,500, changing hands at this level. The asset’s price has dipped by more than 11% in the past week, while its total market cap inched lower to $516 billion.
Fundamentals
Bitcoin price has been on a downward trend for seven consecutive days amid congestion in the network’s system and the regulatory crackdown on cryptocurrencies. The digital coin has been struggling to gain bullish momentum for the past few days. Bitcoin is currently up by 60.54% in the year to date, but its prices have remained volatile.
The crypto market has been battling low liquidity, regulatory crackdown, and macroeconomic concerns. Data by Coinmarketcap shows that the global crypto market cap has slipped to $1.11 trillion, down from $1.27 trillion earlier in March. Bitcoin’s dominance has also inched lower in the past few days.
The regulatory crackdown on cryptocurrencies has ramped up since the fall of crypto exchange FTX. Ripple Labs has been in a lawsuit against the US Securities and Exchange Commission (SEC) over the last year over concerns about its native coin XRP. Additionally, SEC recently warned Coinbase over potential securities law violations. Binance, the largest cryptocurrency exchange platform, was recently accused of violating trading rules by the Commodity Futures and…
Shiba Inu price has been in the red for the past two consecutive days as investors shift their focus to the Federal Reserve’s two-day monetary policy meeting. The SHIB price has slipped nearly 4% over the past 24 hours, dropping below the important level of $0.00001. SHIB’s total market cap has dropped by 3.31% in the last 24 hours, while the total volume of the coin traded surged 86%. Shiba Inu currently ranks as the 15th largest cryptocurrency after Binance USD and ahead of Avalanche.
Fundamentals
Like other digital assets including, the largest – Bitcoin, Shiba Inu price has been under intense pressure since the start of the week, erasing some of the gains made in last week’s sessions. The cryptocurrency market has been on a downward trajectory ahead of the Fed’s interest rate decision for May.
The global crypto market cap has decreased by 4.30% over the last day to $1.17 trillion, while the total crypto market volume jumped by 43%. Bitcoin’s dominance has also slipped. Bitcoin and Ethereum have each plummeted by more than 5% in the last day, weakening the overall crypto market sentiment. Most altcoins tend to move in tandem with the heavyweights’ performance.
The focus is now on the meeting of the Federal Open Market Committee (FOMC) set to end later on Wednesday. Markets are anticipating a 25-basis point interest rate hike in May as the Fed battles persistent inflation. Notably, investors…
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