The Badger Dao system is a decentralized automated organization, built as an open-source platform that allows the development of specific infrastructure and products meant to simplify the use of Bitcoin as a form of collateral across several smart contract platforms.
The network is essentially a platform shared by different developers, known as Badge Builders that are allowed to collaborate and make use of Bitcoin as collateral to a plethora of blockchain networks. The system also presents the developers with an avenue to earn a portion of the fees and BADGER tokens from the developer mining pool to be used for executing daily implementations. The systems mainnet was officially launched on December 3, 2020.
On the platform, there can be a builder made up of just one developer, or in some cases, a collection of developers. The network has no rigid obligations for its participants to meet before they can execute responsibilities, thus allowing anyone to be able to create. Just like most of the other blockchain networks which serve a purpose, the Badger DAO network has certain pillars which uphold its existence and they include the Badger Builders, the Dedicated team of Badger, the fairly initial distribution of the BADGER tokens for governance, products created within its ecosystem, and the open-source basis of all codes relating to the Badger network.
Who are the Founders of Badger DAO (BADGER)?
The Badger network was established by four long-term crypto enthusiasts and friends known as Chris Spadafora, Albert Castellana, Alberto Cevallos, and Ameer Rosic. While the network’s DAO infrastructure was under development, the founding team collaborated with a company that is well-grounded in the development of DAO-related systems known as dOrg.
Chris Spadafora is a respected individual in the crypto community who has spent a vast number of years working in the industry. After obtaining his degree in finance and entrepreneurship from Ryerson University, he went on to work at and facilitate the establishment of several companies including Blockgeeks.com, Spadafora & Associates, and North Block among others. While Spadafora is a serial entrepreneur, he has also facilitated the coming into existence of several solutions, one of which is the Crypto COVID19 Charity Poker Tournament, which was a system aimed at uplifting people during the middle of the global pandemic. Presently, Chris Spadafora, as well as Ameer Rosic are key parts of the Badger operational team, while the other founders Albert Castellana, and Alberto Cevallos have mainly taken up roles as advisors in the platform.
What is Badger DAO (BADGER) used for?
The Badger DAO platform has aided the world’s first generation of cryptocurrency to transcend into a functional part of the Defi world. Crypto enthusiasts, as well as casual investors, have identified the goal of the Badger in making bitcoin into a Defi ecosystem as valuable. The network has made its products into viable solutions and in so doing, it has created a DAO structure that is aimed at active and collaborative serving in a community that continually strives to improve on its products.
People interested in participating within the Badger ecosystem will need to obtain BADGER tokens. While this is not a specific requirement, it will provide the holder with governance power. Similarly, participants who wish to harness the plethora of offerings of the Badger Defi system may also hold BADGER tokens expressly for that purpose.
What Is the Unique Point of Badger DAO (BADGER)?
The Badger DAO network has several divisions but the entire ecosystem is focused on the delivery of two products which are Sett and DIGG. The network is driven by the community, and as such, prior to the development of any product, the ideas first need to be pitched to the entire community, go through scrutiny, then votes are cast by token holders. The result of the voting process is what determines if the product is approved or not.
Sett is a system under the decentralized finance concept which serves as an aggregator having flash loan mitigation models directed towards tokenized Bitcoin via five different methods. When a user makes a deposit, they can then be entitled to a yield which is executed by the protocol’s smart contract technology.
For the participation of participants on the network to be incentivized, farmers who deposit tokenized Bitcoin into the vault of the Sett system can earn both BADGER and DIGG. Apart from having a 0.5% fee, the system also deducts 4.5% of the profits to cater for transaction costs and cover the fees.
DIGG on the other hand is a non-custodial synthetic got of Bitcoin on the Ethereum blockchain which is pegged to Bitcoin prices and has a flexible supply, as well as a re-base function. The main function of the system is to eliminate the power of centralized third parties.
How many Badger DAO (BADGER) coins are in circulation?
Initially, when the BADGER token was created, it was supposed to serve expressly as a governance token in the Badger DAO network as a whole, however, expansions were made to the network, giving room for more functionality for the token. Apart from the regular voting rights, the system also added staking as well.
Currently, the Badger DAO (BADGER) ecosystem has a circulating supply of 7,339,511 tokens as of 2021, with a maximum supply pegged at 21,000,000 BADGER.
According to the network, the token’s total supply is a mirror of Bitcoin. This implies that based on the software regulations in place, the 21 million Badger tokens will remain constant. When the full supply has been circulated, there will be no minting of new BADGER tokens.
Is the Badger DAO (BADGER) Network secured?
The Badger DAO network’s smart contract Austen was audited by the Zokyo audit team and it passed the audit with no major issues found in its system.
The Badger DAO network created a committee with the main responsibility of providing security advisory and the committee is made up of white hat hackers who review the project’s ecosystem regularly. The network is also working on an incentive system where public peer reviewers get rewarded and also implement a bug bounty agenda.
How do I buy Badger DAO (BADGER)?
Over the years, the problem of crypto-based collateralization has been a critical problem. The lack of technologies solely designed to track synthetic Bitcoin derivatives. Now, with the series of provisions made by the Badger DAO network, these technologies have been provided with several major additions focused on making the world of cryptocurrency even simpler for everyday users. This is also good for the Badger company as its tokens have become more mainstream and are available on several exchanges. These BADGER tokens can be easily purchased by the following procedure.
- create an account with the crypto trading platform,
- transfer a specific amount of fiat money to your crypto account through the funding options.
- Wait till the transaction is confirmed and then you can go on to buy your ONT tokens.
Which Cryptocurrency Wallet Supports Badger DAO (BADGER)?
The PTPWallet system is a platform created to suit a specific purpose which is the easy facilitation of cryptocurrency-based services. The system can achieve this firstly by supporting a vast majority of cryptocurrency tokens, one of which includes the BADGER wallet. The system is also easy to use as navigating through their system has been made easier over time.