Introduction of BitDAO(BIT)
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BitDAO(BIT)is a DAO investment created in 2021 and supported by Peter Thiel, Fund Founders and Bybit. It has the world’s leading DAO bank with approximately $2.5 billion under management. BitDAO’s mission is to support the growth of open currencies and help support a token-based economy.
Before its launch, BitDAO raised $230 million in a private sale. It has received funding from investors such as Peter Thiel, Founders Fund, Pantera Capital and Dragonfly Capital. Companies such as Jump Capital, Spartan Group, Fenbushi, Alan Howard and Kain Warwick of Synthetix, support BitDAO. The DAO raised another $365 million in the launch of its official token, BIT.
In addition to the funding, Bybit, the leading crypto exchange, has promised to provide all 2.5 basis points of BitDAO’s future trading market, which is currently around $1. dollars per year. Bybit’s offer will decrease over time.
This grant is intended to provide initial capital to start a DAO. Since July 2021, ByBit has contributed more than $400 million in digital assets such as ETH, USDC, and USDT to the BitDAO bank. Most of it is BIT and ETH now but it will gradually change to token exchange. BitDAO has attracted many token holders and contributors. Currently, more than 15,000 people have its official symbol – BIT.
History of BitDAO
BitDAO was founded by Bybit, an exchange launched in China and based in Singapore. It raised $230 million in its first round of funding led by Peter Thiel of Pantera Capital and Dragonfly Capital. Official tokens announced for BitDAO, BIT and MISO token startups by SushiSwap exchange have changed.
The launch raised 112,000 Ethereum coins, or about $325 million from 9,200 participants. 180 million BIT tokens were purchased using ETH while 20 million BIT tokens were purchased using SUSHI, SushiSwap’s cryptocurrency.
Working theory of BitDAO (BIT)
BitDAO is governed and managed by BIT token holders. It works in DAO format as shown below.
DAO (Decentralized Autonomous Organization) is a common governance structure used by crypto businesses. Through a strategy and voting system, the DAO system allows BIT token holders to control the operation of BitDAO.
The following steps will be implemented only when the proposal and voting are successful on the DAO platform:
In order to develop BitDAO solutions or to support partner products, development teams and R&D companies will receive significant funding or incentives. BitDAO’s core principles will be updated, especially governance and financial management.
For existing and new plans, token exchange service will be provided. The money will be deposited in the bank according to different criteria.
Grants will be awarded for blockchain technology projects, educational programs and other blockchain projects. Support will be provided for partner initiatives in terms of financial systems.
Use of the BIT Token
For BitDAO’s BIT token, the key uses of the token are:
The BIT token is used to convert it into a cryptocurrency and the participation of BitDAO will be needed to help establish the partnership.
Manage and modify DAO definitions or service types
Governance and voting for the DAO of the following projects.
BitDAO Features
Some of the advantages of using BitDAO can be considered, including:
Don’t worry: BitDAO is decentralized, which means it’s not controlled by any central government. This makes it resistant to drugs and research. Earn interest: Users can earn interest on their digital assets by exchanging them for BitDAO tokens.
Tokenization: By creating digital assets, BitDAO facilitates their exchange and transfer to the Ethereum blockchain. Security: The Ethereum blockchain provides high security for users’ digital assets.
BitDAO crypto a Good Investment?
One of the main attractions of investing in cryptocurrency is the potential for high returns, but it is important to keep in mind that investing in cryptocurrency has a high level of risk. Prices can fluctuate wildly and you could lose all your money.
Before investing in cryptocurrency, it is important to do a thorough research and consider various factors.
This includes understanding the technology behind the part, the team that creates it, and the use cases the part can be used for. It is also important to consider the general market conditions and general sentiment for the coin.
It is also important to keep in mind that cryptocurrency is a highly speculative market and it is important to be aware of the risks associated with each investment and not to invest more than you can afford. fall
However, it may be worth considering investing in BitDAO. If you are interested in digital currency.
This type of investment can be very profitable in the long run. Furthermore, it is predicted that the value of BitDAO may reach an all-time high in the near future assuming a favorable market situation.
Is BitDAO safe?
The BitDAO platform uses SSL encryption to protect the personal information of its users. In addition, BitDAO has formed a partnership with Amber, a cybersecurity and cryptosecurity company that provides advanced security tools such as Fireblocks and BitGo.
The BIT token holders own and control this platform, and all actions such as token exchange, money allocation, financial support, donations and protocol improvements will only be taken when the plan is successful in the local elections.
Also, the main feature of BitDAO is decentralized governance where management and investment decisions of the fund are taken by “authorities” elected by local elections. This structure creates transparency, accountability and capacity for better investment planning. Also, it ensures that the interests of the workers are taken into account in the decisions rather than being controlled by the local authorities.
BitDAO is designed to be the main token economy model for a long time, thanks to the open and comprehensive DAO governance system.
The application has the potential of a great protocol, because its information can be disseminated to other different cryptocurrency platforms through cooperation and integration.
