It could be the new age gold rush. It could also be another online bubble waiting to burst. Since Bitcoin’s creation in 2008, cryptocurrency has steadily attracted international interest. A simple Google search will show you the search density for Ethereum in 2020. Google Trends shows increased interest in cryptocurrency in non-Western countries.
Occasionally, something new emerges, and it generates traction within the crypto space. One new project causing ripples within the crypto pond is DXB. So, what is all the hype about DXB?
A Brief Overview of DXB
Over the years, many blockchain innovations have emerged within the crypto space. Some of them were based on accredited Proof-of-Stake—this enabled a certain amount of nodes to validate transactions safely. The star blockchain is Binance Smart Chain (BSC), which paved the path for building new projects.
These projects are immediately able to provide several applications, particularly for cheap and fast exchanges. They also added value and liquidity to the blockchain. DXB is among the few in the token model space to choose BSC to improve its decentralized trading, business plans, and payment gateways.
All eyes on DXB
So, why is DXB attracting so much attention right now? Let us look at some of the primary reasons.
Low Transaction Fees and High Speed
Volume and speed are the key features of modern decentralized finance. DXB strives for flexibility and expansion without creating bottlenecks because of high gas fee demands. The platform was created knowing very well that high fees are why small-scale investors shy away from doing financial transactions. This issue has led to a decrease in decentralized financial and cryptocurrency adoption, as excessive fees show that the system is open for large-scale holders. They can operate in the market without worrying about high gas fees.
Best Suited for Microtransactions
With more expensive gas fees and lengthy transaction validation times, making small transactions through the network is not a friendly choice anymore. The DXB token, on the other hand, is a digital asset aimed at accumulating various technologies for decentralized financial systems, merchant payment channels, and charitable purposes.
The ultimate aim of DXB is to create a user-friendly payment standard that uses cross-chain capacities to meet the business needs of merchants. It creates a reliable means for online merchants and implements a fast and simple method to confirm transactions on the blockchain.
Smart Contracts for the Win
With the appearance of the BSC network, smart contracts became very popular. It provides more safety and security compared to other cryptocurrencies. DXB’s goal is to create several revenue streams and build incentives using smart contracts. At its heart, the DXB project helps smart contracts to deliver on their original agreements.
The hype around DXB stems from the anticipation of its real-world use-case in the DeFi space. It is also bound to grow faster than original projections. The cited goals are a rational explanation for the hype that DXB has attracted.