Got $BITE: The DragonBite Way — Foundations
Myths move us. They bring meaning to our days and inspire our hours. We can all remember the stories from childhood that guided our development into the world.
Many adults take refuge in the cinema, remembering the thrills experienced when encountering other worlds for the first time and believing them to be authentic.
The sad truth is that for most adults, the fantastical realms that inspired their youth are no longer taken seriously; life has taught them that there is a difference between reality and fantasy.
“Thanks to technology, these seemingly well-educated and mature individuals fail to realize that what was previously thought impossible is now possible.” — Confucius Dragon
One pervasive and straightforward example of note and, relatable to anyone who lived before its emergence, is the smartphone.
In that time before the existence of the smartphone, to believe that such a device could exist was, to all without wild fantasies, an impossibility. But it’s not. I bet you have a smartphone in your pocket or nearby as you are reading this, no?
And now, there is a new technology whose existence is ever-present, gaining momentum and undoubtedly real.
But, this technology continues to baffle those who left the realm of fantasy to the fading memories of their youth. Of course, we are talking about blockchain technology (and Dragons — a certain kind of mythological technology of sorts — we’ll save that part for later, though).
Blockchain technology forges new possibilities, making what was once impossible possible. And that is where DragonBite comes in.
But first, a cryptocurrency primer because to understand $BITE, you first must understand the technology that supports it.
We’ll get back to our mingling of myth, the impossibility of dragons, and The DragonBite Way further along in this series, so make sure to subscribe to DragonBite’s Medium, or else, you are sure to miss out.
Since the invention of Bitcoin, cryptocurrencies have risen to prominence in the media and public consciousness.
The meteoric rise and fall of Bitcoin have been something of a sensation, while other cryptocurrencies such as Litecoin and Ethereum have arisen in competition with this now-established currency.
What exactly are cryptocurrencies?
In short, a cryptocurrency is a specific type of digital money. One crucial distinguishing feature of cryptocurrency is strong cryptography to secure transactions made using that currency. Another key feature is that cryptocurrency is decentralized, unlike other forms of virtual currency (it’s not controlled by any bank, government, or other authority).
The decentralized control of cryptocurrencies is maintained through distributed ledger technology (DLT), where records of all transactions made in that currency are synchronized and shared publicly. The most common form of DLT is blockchain, a continuous linear collection of digital records (the “block”) secured using powerful cryptographic techniques so they can’t be altered.
Cryptocoins, the basic units of cryptocurrency, are produced through a process called mining.
Rather than extracting a physical commodity, cryptocurrency mining involves solving complex mathematical problems using a computer. While it was initially possible to mine Bitcoins using an ordinary home computer, the amount of processing power and electricity required now mean it’s virtually impossible to do so without access to a specialized mining facility. (Some alternative coins — altcoins — can still be mined by domestic computers, although these are not worth as much as Bitcoin.)
Cryptocurrencies have several advantages over conventional means of digital exchange.
They don’t require users to divulge their bank details to do business; they also provide privacy and discretion, as a cryptocurrency transaction can be hard to trace back to the individuals involved.
There are also some serious disadvantages.
Cryptocurrency transactions are irreversible, so there’s no way to recover one’s money if a seller fails to deliver goods or services. It’s difficult for governments to tax income in cryptocurrency since it doesn’t pass through any banking authority. From the perspective of law enforcement, cryptocurrencies facilitate the commission of crimes by allowing criminals to send and receive money in a way that’s hard to trace.
A significant disadvantage of cryptocurrency for the average user is its volatility. Since any central banking authority doesn’t back a cryptocurrency, there’s no way to guarantee that it won’t lose all of its value essentially overnight.
While some investors have enjoyed impressive profits by buying and selling cryptocurrency, other people have lost everything. It’s challenging to anticipate highs and lows in the cryptocurrency market since many factors impacting its value (such as significant thefts or the collapse of widely-used exchanges) are impossible to predict.
Wrapping Up: The DragonBite Way — Foundations
“To not believe may be the most insanely effective way to confuse yourself.” — Confucius Dragon
You made it this far, so your belief in Dragons must persist.
In this first post of a multi-part series, you have started down the path of understanding by reading up on the foundational background (myths, paradigm shifts, cryptocurrency primer) required to prepare you for more and move ahead.
As you journey along the path towards a comprehension of a legend in the making, The DragonBite Way — you can count on having a lucky Dragon by your side to protect you from gotchas along the winding road ahead.
So, in upcoming reveals, we will journey together to uncover the driving mechanics at the heart of DragonBite, its loyalty points system.
Don’t say that you weren’t tipped off because once our myth breathes life into reality, you will wish you’d Got $BITE in your wallet before it rockets up in price on Uniswap.
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DragonBite is a decentralized ecosystem that puts the power of the cryptocurrency market into the hands of its users. DragonBite offers various products and services, catering to almost every aspect of the cryptocurrency economy, including a digital wallet, a cryptocurrency exchange, loyalty redemption points, discounts/purchases with crypto, and more. Using the DragonBite application, users gain access to every feature they could need within the cryptocurrency market.