BiDao (BID) ICO
April 30, 2020
Published by Timothy Hicks
BiDao (BID) ICO Review
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Essential Information
Ico Time |
|
Token Name | BiDao |
Token Symbol | BID |
Whitepaper | View Whitepaper |
Website Link | Home |
Price |
$0. 01
|
Platform | BEP-2 |
Soft Cap |
N/A
|
Hard Cap |
N/A
|
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.
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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