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BiDao (BID) ICO Review

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BiDao is a new blockchain system [2] that creates a trustless stablecoin and a new decentralized financial tool that allows leveraged trading in a trustless setup. Moreover, BiDao is a one-stop-shop for DeFi applications.

The Problem

At the moment there is no trustless stablecoin that is blockchainagnostic and allows different crypto assets as collaterals. The only similar system is MakerDAO, but MakerDAO is completely dependent on the Ethereum Blockchain and therefore not able to interact frictionless with other crypto assets. The decentralized finance (Defi) market is growing each day and users are looking for new tools that can be used in the new decentralized financial world.

The Solution

BiDao is building a new blockchain system that is dedicated to DeFi. In the beginning, BiDao will be completely integrated with the Binance Blockchain and BNB will be used as the collateral. In the future also other Blockchains will be integrated into the BiDao ecosystem. Our goal is to create a blockchain-agnostic ecosystem for Defi applications.

Essential Information
Ico Time
Sep 6, 2019 – Nov 30, 2020
Token Name BiDao
Token Symbol BID
Whitepaper View Whitepaper
Website Link Home
$0. 01
Platform BEP-2
Soft Cap
Hard Cap

More about BiDao (BID) ICO:

Market Analysis
One major problem of most cryptocurrencies is that their prices are highly volatile. To reach mass-adoption a trustless stablecoin will be needed. Many applications will only become possible, once a trustless and blockchain agnostic stablecoin is established. At the moment there are many centralized stablecoins like Tether and others. All these stablecoins share the same weaknesses – you cannot trust them.
Moreover, these stablecoins are often very intransparent and in general, diffecult to monitor. Decentralized stablecoins like MakerDAI are just useable on a single platform and too complicated forcasual users. It is needed to create an easy-to-use and trustless stablecoin – exactly this is the goal of BiDao. Moreover Blockchain interoperability becomes more and more important. Blockchains like EOS, Tron, Cosmos and Tezos gain more popularity each month. So it is key to create a DeFi ecosystem that is able to communicate with all these different Blockchains and their assets. Stablecoins and DeFi are already big markets. The market cap of Stablecoins is about 4 billion USD and about 450 million USD are currently locked in DeFi applications.
3 Technology
3.1 Binance-chain as Settlement Layer Instead of using ETH as collateral and Ethereum as the settlement layer, BiDao uses BNB (Binance coin) as collateral and the Binancechain as Settlement Layer. Using BNB instead of ETH as collateral has multiple advantages for the Users.
3.1.1 BNB vs. ETH
• ETH is primarily used to pay for code execution on the Ethereum Blockchain. The drawback of this is that ETH is not used as a store of value. Instead of that BNB, it the primary coin of Binance Exchange and Binance DEX. BNB is the base pair for multiple other cryptocurrencies on Binance Exchange and Binance DEX. Moreover, BNB is burned regularly, which makes it more attractive for users to hold.

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BiDao (BID) ICO Scam or Not?

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