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About Bidao
Key Points
- Bidao is a multi-chain decentralized finance (DeFi) platform and stablecoin pegged to the U.S. dollar (USD) using the Binance Chain platform.
- Allows various cryptocurrencies to be used as collateral for BID stablecoins, including TRON (TRX), Ontology (ONT), and Dash (DASH).
- Integrated with the Binance blockchain, benefiting from speed, reliability, and efficiency.
- Aims to achieve greater transaction speed than traditional ERC-20 tokens and long-term scalability.
Founders
- Bastian Aigner and Long Zhang co-founded Bidao in 2018.
About Bidao: Empowering the Future of Decentralized Finance
Introducing Bidao (BID): A Comprehensive Overview
Bidao is a pioneering multi-chain decentralized finance (DeFi) platform and stablecoin, distinguished by its trustless architecture. Notably, it is the inaugural stablecoin pegged to the U.S. dollar (USD), leveraging the Binance Chain platform. A key attribute of Bidao is its versatility in accepting a diverse range of cryptocurrencies as collateral for BID stablecoins, including TRON (TRX), Ontology (ONT), and Dash (DASH), among others.
This innovative stablecoin solution, introduced by Bidao, is seamlessly integrated with the Binance blockchain, thereby leveraging the platform’s exceptional speed, reliability, and efficiency. By harnessing the capabilities of Binance Chain, Bidao aims to surpass the transaction velocity of traditional ERC-20 tokens, while ensuring long-term scalability through the effortless deployment of sidechains and the optimized smart contracts. Furthermore, the goal is to incorporate additional blockchain networks in the near future.
Leveraging Binance Chain as the settlement layer offers several advantages over alternative platforms, such as Ethereum, including significantly expedited settlement times and substantially reduced fees. To generate BAI stablecoins, Bidao users will require BNB in conjunction with a supported collateral asset. Notably, these stablecoins are pegged at a 1:1 ratio with the US dollar.
To borrow BAI tokens, the stablecoins of the BAI ecosystem, users are required to provide excessive collateral. The Bidao team has developed a sophisticated stability mechanism that incorporates multiple techniques to ensure the stablecoin maintains its parity with the US dollar, pegged at 1 USD.
The Visionaries Behind Bidao (BID): Unveiling the Founders
Bastian Aigner and Long Zhang co-founded Bidao in 2018, bringing together their diverse expertise. Aigner, a seasoned AI and Internet of Things (IoT) developer, had previously co-founded Crococoding, a thriving platform for website design. Meanwhile, Zhang, a Duke University alumnus with a strong background in applied and computational mathematics and statistics, also serves as a research executive at the esteemed Duke Blockchain Lab.
The Bidao team boasts an impressive roster, featuring Brian Condenanza, a University of Oxford alumnus who serves as the chief technology officer (CTO), and Caroline Kurpiers, a seasoned professional with a rich consulting and research background, who assumes the role of chief marketing officer (CMO).
The Bidao team’s paramount objective is to establish a blockchain-agnostic ecosystem, meticulously designed to cater specifically to DeFi applications. Furthermore, the Bidao team aspires to pioneer the development of the world’s first open-access stablecoin, distinguished by its unparalleled user-friendliness, courtesy of the diverse range of collateral assets supported by the platform.
Unveiling the Distinctive Attributes of Bidao (BID)
One of the key distinguishing features of Bidao lies in its trustless setup, meticulously crafted to cater specifically to DeFi applications. The ecosystem is built upon a tripartite architecture, comprising BID as the staking and governance coin, BAI as the stablecoin, pegged 1:1 to the U.S. dollar, and BNB as the primary collateral token.
Unlike traditional platforms, Bidao pioneers a novel blockchain architecture, leveraging Binance Chain to deliver a faster and more cost-effective alternative to Ethereum-based solutions, such as Tether (USDT) and TrueUSD (TUSD).
BID tokens can be “powerstaked,” a process that involves holding them in a private wallet without transferring them. By adopting this approach, BID holders can contribute to the Bidao network’s stability while simultaneously earning staking rewards, currently set at a 3% annual percentage rate (APR).
Notably, BAI’s stability mechanism diverges from most competing stablecoin solutions, as it employs a dynamic stability fee system to stimulate demand for BAI when its price dips below its peg, or, conversely, increase the supply of BAI by making BAI collateralized debt positions (CDPs) more appealing to borrowers if it surges above the peg.
What Is the Circulating Supply of Bidao (BID) Coins?
Bidao boasts a total supply of 4,000,000,000 BID tokens. Notably, a substantial portion of at least 1.8 billion tokens was successfully sold during its September 2020 token sale, generating a remarkable $18 million in revenue. Meanwhile, any unsold tokens allocated to the Bidao token sale are slated for burning. As of October 2020, the detailed tokenomics for the BID token remain pending release.
The Bidao token debuted in the market in September 2020, subsequent to a triumphant token sale. The total supply of Bidao tokens is anticipated to experience a steady, 3% annual inflation rate, with the freshly minted tokens being allocated to BID stakers.
The Security Architecture of the Bidao Network
The Bidao blockchain employs the proof-of-stake (PoS) consensus algorithm as a robust security safeguard. This configuration necessitates that users stake their BID tokens, thereby contributing to the network’s overall security and integrity.
The BID token also serves as the network’s governance token, conferring upon holders the privilege of voting rights and the ability to submit proposals for network governance, which, if approved by a majority, can effect changes to the network’s operational framework.
Where to Acquire Bidao (BID): A Comprehensive Guide
BID debuted on exchanges in September 2020 and is currently listed on a select few platforms, including centralized exchanges such as Poloniex, Hoo, and LBank, as well as the decentralized exchange (DEX) Uniswap V2. As of October 2020, no fiat trading pairs are available for BID. To discover how to acquire other cryptocurrencies using fiat,
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Pertinent Pages
Familiarize yourself with the intricacies of stablecoins at CoinMarketCap Alexandria.
Delve into the world of Tether (USDT), the premier dollar-backed stablecoin, renowned for its unwavering stability and widespread adoption.
Delve into the world of Wrapped Bitcoin (WBTC), a pioneering asset that bridges the gap between Bitcoin and Ethereum, offering a seamless BTC-pegged experience.
Remain ahead of the curve with the latest insights and trends from the CoinMarketCap blog, your premier source for cryptocurrency market intelligence.