What is BitDAO (BIT)?

BitDAO is a decentralized autonomous organization that seeks to support builders in both new and existing projects including DeFi, NFTs, DAOs, and gaming. BitDAO is one of the world’s newest and largest autonomous organizations- meaning no one controls it- that aims to support developers with research, liquidity, bootstrapping, and funding.

The DAO’s core mission is to provide the tools and resources for builders to create, participate in, and benefit from a secure, transparent, decentralized, and democratic platform.

Holders of BIT tokens are in control of making decisions on the platform by voting on various proposals. Possible proposals may include

– Potential collaborations or swaps with new and existing projects

– Project expansion through funding, liquidity farming, cooperatives, and so on.

– Provision of grants to development teams or public projects in the crypto industry

– Treasury allocation into various strategies

Bybit is a major contributor to the BitDAO treasury, which has experienced a 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. Members of the ecosystem can contribute, collaborate, and profit from BitDAO through its token system, which employs a democratic DAO approach to accept or reject proposals.

BitDAO members have a voice in the ecosystem through a transparent voting system for proposals, or by being selected as decision-makers of any area of responsibility on behalf of the network. More importantly, only BIT token holders have voting rights on any proposal submitted on our platform. This algorithm ensures proportional participation from eligible voters while eliminating malicious actors who may try to promote self-interests over others.

Decision-makers balance their interests with those of the community at large by using a system of checks and balances similar to a paradigm used by the Government. The system is designed to ensure no one person or group can manipulate outcomes in their favor at the expense of other voters.

The BitDAO network is backed by Peter Thiel, Founders Fund, Dragonfly, Bybit, Pantera, and more.

 

What is BitDAO (BIT) used for?

BitDAO offers a wide range of uses to its token holders, these uses involve the network itself, and its new features.

Staking

Staking is locking up one’s resources on the platform to support the network’s security protocol and also earn rewards. BitDAO users get to delegate their tokens and start earning rewards according to the agreed clauses in the smart contract.

Exchange

Users can exchange the BIT tokens for corresponding altcoins and tokens like Tezos, and Ethereum; This shows transactions are strictly streamlined to the use of the official utility token

Trading

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 get to enjoy rewards and incentives based on the excesses of the platform’s resources. This excess can then be shared in an agreed value to ensure equality.

Governance

The users get to be the fundamental driving force in DAO as actions and development can only be implemented by communal agreement. BitDAO users can shape the platform’s feature by holding a specific amount of tokens; however, the higher the tokens held, the greater the governing power.

Purchasing of products and services on and off the platform without the need for intermediaries

Through the BIT token, BitDAO can get products, services, NFTs, and organize charity find rainy programs agreed by a majority of the members.

 

What is the unique point of BitDAO?

Unlike most DAO platforms that are based on solitary development, BitDAO aims to interact and partner with other preexisting Defi and Cefi projects via token swap. The token swap will allow the treasury to share, gather, and research a collage of top tokens used by most decentralized platforms.

Their plans encompass the need to build better technology that will facilitate its users’ experience and also help improve the functionality of its platform. This technology ranges from better on-chain governance solutions and higher incentives and earnings yield.

For students, individuals, or researchers with a profound interest in studying and proving cryptocurrency experience, BitDAO has put plans in motion to provide grants for such individuals and organizations.

 

How Many BitDAO (BIT) Tokens Are There in Circulation?

Currently, there is no accurate price chart, not market statistics for BitDAO tokens as public trading has not begun yet. How we, their whitepaper aims at a distribution of 200,000,000 BIT that will be transferred as follows:

Launch Partner Rewards – 5% (10000000 $BIT)

Private Sale – 5% (10000000 $BIT)

BitDAO Treasury – 30% (600000000 $BIT)

Partner (Bybit) Locked – 45% (900000000 $BIT)

Partner (Bybit) Flexible – 15% (300000000 $BIT)

 

Is the BitDAO Network Secured?

The platform is secured with SSL encryption that is designed to safeguard all information (be it financial or personal) orbits users on the platform, protecting it from hackers and blockchain glitches that may cause any leak.

To strengthen its security, BitDAO has also partnered with a cyber and crypto security organization, Amber. Amber is an award-winning blockchain security organization coupled with high-tech infrastructures like Fireblocks and BitGo.

The platform is further secured as total ownership, control, and governance belong to all BIT token holders and not the developers of the platform, and every action or development implemented will only be excited after successful voting.

These security measures have proven to be effective countless times as there has been no recorded breach in the BitDAO network.

 

How do I buy BitDAO Network (BIT)?

BitDAO Network is a new DeFi platform that aims at providing financial and non-financial support for organizations and individuals who lack resources to study or research cryptocurrency and its use. It offers loads of benefits like grants, staking, trading, and high yields. BIT tokens can be easily purchased by the following steps.

* Open an account with the crypto exchange platform. Bybit is the primary exchange for purchasing BIT tokens.

* Transfer the specific amount of your fiat currency to your account.

* Wait for your deposit to be confirmed and Buy BitDAO tokens through your trading account.

 

Which Cryptocurrency Wallet Supports BitDAO (BIT)?

The PTPWallet platform supports many cryptocurrencies simultaneously such as BitDAO (BIT). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their BIT wallet because it offers a simple BIT interactive interface making it easy for people to navigate its system.

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