BitDAO is a decentralized autonomous organization that wants to level the playing field for all people in the world by building a decentralized token economy. This protocol is one of the newest and largest decentralized autonomous organizations in the world focused on DeFi and is managed by holders of BIT tokens.
In this article, we will discuss:
What is BitDAO (BIT)?
BitDAO is an autonomous decentralized organization that seeks to support builders on new and existing projects, including DeFi, NFTs, DAOs and games. BitDAO is one of the largest and newest autonomous organizations in the world – meaning no one controls it – that aims to support developers with research, liquidity, bootstrapping and funding.
DAO's primary mission is to provide the tools and resources for builders to create, participate in and benefit from a secure, transparent, decentralized and democratic platform.
BIT token holders are in control of decision-making on the platform by voting on various proposals.
Possible proposals may include:
- – Potential collaborations or exchanges with new and existing projects
- – Project expansion through financing, liquidity agriculture, cooperatives and so on.
- – Providing grants to development teams or public projects in the cryptocurrency industry
- – Allocation of treasury in various strategies
Bybit is a major contributor to BitDAO's treasury, which has experienced robust growth to $2 billion per year in 2022.
Who are the founders of BitDAO (BIT)?
BitDAO is a Decentralized Autonomous Organization (DAO) with no specific founders. Ecosystem members can contribute, collaborate, and profit from BitDAO through its token system, which employs a democratic DAO approach to accepting or rejecting proposals.
BitDAO members have a voice in the ecosystem through a transparent voting system for proposals, or by being selected as decision-makers from any area of responsibility on behalf of the network. More importantly, only BIT token holders are entitled to vote on any proposal submitted on our platform. This algorithm ensures the proportional participation of qualified voters, while eliminating malicious actors who may try to promote their own interests at the expense of others.
Decision makers balance their interests with those of the community at large using a system of checks and balances similar to a paradigm used by government. The system is designed to ensure that no person or group can manipulate the results in their favor to the detriment of other voters.
The BitDAO network is supported by Peter Thiel, Founders Fund, Dragonfly, Bybit, Pantera and more.
How does BitDAO (BIT) work?
BitDAO offers a wide range of uses for its token holders, these uses involve the network itself and its new features.
Staking
Staking is to lock someone's resources on the platform to support the network security protocol and also earn rewards. BitDAO users can delegate their tokens and start earning rewards as per the agreed clauses in the smart contract.
Exchange
Users can exchange BIT tokens for altcoins and corresponding tokens such as Tezos and Ethereum; This shows that transactions are strictly simplified for the use of the official utility token.
Negotiation
BitDAO users can deposit their BIT tokens and start trading by navigating their funds to the appropriate wallet sections to earn money.
Incentives and rewards
BitDAO users enjoy rewards and incentives based on excess platform features. This excess can then be shared at an agreed amount to ensure equality.
Leadership
Users become the fundamental driving force in DAO, as actions and development can only be implemented by common agreement. BitDAO users can shape the platform's resource by holding a specific amount of tokens; however, the higher the tokens, the greater the power of government.
Purchasing products and services on and off the platform without the need for intermediaries, Through the BIT token, BitDAO can obtain products, services, NFTs and organize charity programs to find rainy programs agreed upon by most members.
What makes BitDAO different?
Unlike most DAO platforms based on solitary development, BitDAO aims to interact and partner with other pre-existing Defi and Cefi projects via token exchange. The token exchange will allow the treasury to share, gather and search a collage of top tokens used by most decentralized platforms.
Their plans encompass the need to build better technology that facilitates their users' experience and also helps improve the functionality of their platform. This technology ranges from better on-chain governance solutions to greater incentives and profit yield.
For students, individuals or researchers with a deep interest in studying and proving experience in cryptocurrencies, BitDAO has put in place plans to provide grants to these individuals and organizations.
BitDAO (BIT) Growth Strategy
BitDAO will seek projects to collaborate through token exchanges and co-development initiatives. The project will exchange tokens and build a portfolio of the best existing and new DeFi and cryptocurrency ventures. BitDAO will be rewarded for helping these partner projects in their quest to become category leaders. It will also award grants to teams doing research or products related to cryptocurrencies that provide benefits to a wide range of audiences. The project aims to create these key products that will help BitDAO and other DAOs run more efficiently. These include:
- A combination of on-chain and off-chain products and best practices that make up the governance package.
- The ability of DAOs to deploy and oversee assets to generate revenue or launch merchandise, also known as Treasury Management.
- The project will form new alliances, acquire DeFi assets with growth potential, and develop useful solutions utilizing resources through regular assets and contributions. BitDAO's ultimate goal is to invest in the success of its partners and the industry as a whole.
Partnership with SushiSwap DAO
BitDAO has partnered with SushiSwap DAO which is a community-oriented decentralized platform with a total market cap of US$1.573.218.925,49 with its token known as SUSHI priced at US$12,39, at the time of publication. redaction .
SushiSwap assisted BitDAO with the design and strategy for its governance and treasury management. In the near future, SushiSwap and BitDAO plan to collaborate on the growth of both platforms – awaiting approval of both DAOs protocols.
BIT token
There is currently no accurate price chart or market statistics for BitDAO tokens as public trading has not yet started. Like us, their whitepaper targets a distribution of 200.000.000 BIT which will be transferred as follows:
- Launch Partner Rewards – 5% (1.000.000$BIT)
- Private Sale - 5% (10000000 $BIT)
- BitDAO Treasury – 30% (600000000 $BIT)
- Partner (Bybit) Blocked – 45% (900000000 $BIT)
- Flexible Partner (Bybit) – 15% (300000000 $BIT)
Is the BitDAO network secure?
The platform is protected with SSL encryption which is designed to protect all information (whether financial or personal) that orbits users on the platform, protecting it from hackers and security failures. blockchain which may cause any leakage.
To strengthen its security, BitDAO has also partnered with a cyber and cryptographic security organization, Amber. Amber is an award-winning blockchain security organization, along with high-tech infrastructures like Fireblocks and BitGo.
The platform is even more secure as full ownership, control and governance belongs to all BIT token holders and not to the platform developers, and each action or development implemented will only be animated after successful voting.
These security measures have proven to be effective countless times as there has been no breach recorded on the BitDAO network.
What is the Price Forecast for BitDAO cryptocurrency (BIT)?
BitDAO price is predicted to reach a high level of $3.533 throughout 2022.
As early as 2023 according to our crypto price prediction index, BitDAO (BIT) may reach a maximum level of $6.798, with the average trading price of $5.055.
In 2025 according to our crypto price prediction index, BIT is expected to cross an average price level of $8.195. The expected minimum value of the BitDAO price at the end of the current year should be $7.567. Furthermore, BIT can reach a maximum price level of $8.352.
Where to buy BIT token?
BIT cryptocurrency can be traded on the following exchanges:
- FTX
- bybit
- Gate.io
- Uniswap (V3)
Conclusion
BitDAO is one of the largest decentralized autonomous organizations (DAOs) in the world. In the BitDAO ecosystem, BIT is a governance token with the right to propose and vote. The aim of the project is to build a decentralized tokenized economy that is available to everyone.
