What Is Bidaochain? (BID) Complete Guide Review About Bidaochain.

What Is Bidaochain? (BID) Complete Guide Review About Bidaochain.

What Is Bidaochain?

Bidaochain Coin is building a decentralized finance (DeFi) and trustless stablecoin system to create a more open, borderless, transparent world through financial services. A decentralized stablecoin system creates the opportunity for an open financial system, where anyone willing to provide collateral can generate the stablecoin.

Bidao is a multi-chain decentralized finance (DeFi) platform and stablecoin. It is the first trustless stablecoin pegged to the U.S. dollar (USD) using the Binance Chain platform. One of the main features of Bidao is that it allows various different cryptocurrencies to be used as collateral for BID stablecoins — including TRON (TRX), Ontology (ONT) and Dash (DASH).

Bidaochain Coin Storage Key Points

Coin BasicInformation
Coin NameBidaochain Coin
Short NameBID
Circulating Supply
Total Supply 2,650,000,000
Source CodeClick Here To View Source Code
Explorers Click Here To View Explorers
Twitter PageClick Here To Visit Twitter Group
WhitepaperClick Here To View
Support24/7
Official Project WebsiteClick Here To Visit Project Website

Feature

A new standard in DeFi

Secure

Programmable digital money that anyone can safely store, transfer and interact with. 100% collateralized by cryptocurrency and price stable through blockchain technology.

Instant

Bidaochain permissionless, open for anyone to use, send, and open to be used in DeFi applications. Anytime, anywhere.

Bidao Staking Rewards

In addition to being the governance token for the Bidao blockchain the BID token is also the staking coin that brings consensus to this Proof of Stake system. That gives holders of BID tokens the ability to generate passive income by receiving staking rewards.

Bidao Initial Coin Offering

One issue with the BID and BAI tokens is the lack of listings on public exchanges, but that is set to change as Bidao has been raising funds through an initial coin offering which began in the third quarter of 2019 and will conclude in the third quarter of 2020.

The Bidaochain Coin ICO is offering 1.95 billion tokens at a set price of $0.01 per token which would provide Bidao with $19.5 million. Holding BID tokens during the ICO provides 30% staking power, which will drop to 3% once the ICO is complete.

In order to purchase BID tokens during the ICO period users are required to create an account with Bidao, which includes providing their email address. The maximum amount of BID that can be purchased by an individual is 1 million BID or $10,000 worth.

Using Chainlink to Secure Bidao CDPs

Chainlink already has oracles that produce price data for BTC/USD, ETH/USD and LINK/USD and Bidao is using this data as a reliable data feed to support the use of BTC, ETH, and LINK as collateral sources to back the BAI stablecoin. By using the data generated by the Chainlink oracle Bidao is guaranteeing it has price feeds which are decentralized, secure, accurate, and reliable.

A Decentralized Stablecoin Ecosystem

Bidaochain mission for an open financial world is supported by a decentralized governance system that allows holders of the token to take decisions and vote for proposals. An open ecosystem where people can freely use, transact and create applications using the Bidao stablecoin will be the new standard for decentralized finance.

Chainlink

Enter Chainlink (LINK), a decentralized oracle network. It provides decentralization at its oracle level and at the source of the data. Through the use of multiple nodes for each oracle Chainlink protects against any single oracle becoming a point of failure for the network. In the same way, multiple data sources are used in order to keep any one data source from providing false data.

Blockchain

The Bidaochain Coin new blockchain being built by Bidao will use a system that’s similar to MakerDAO in the beginning, but eventually it will morph into a system more suited to decentralized finance (DeFi) as it expands to include numerous cryptocurrencies as potential collateral for the Collateralized Debt Positions (CDPs) that will be created with the Binance-chain smart contracts.

In the Bidao system there are three different tokens that are needed. The first is the governance and staking token, the Bidao or BID. The second is the stablecoin BAI, which will be paid out from the smart contracts.

Blockchain Agnostic

Bidaochain blockchain agnosticism adds another layer of decentralization into Bidao’s stablecoin system. They aspire to create a new standard for digital money, where anyone can mint stable priced coins without requiring to have a specific crypto asset. With powerful partners that let us integrate their tokens to use as collateral, the goal of Bidao is to keep expanding the possibilities of a decentralized stablecoin model.

  • bitcoinBitcoin (BTC) $ 58,198.00
  • ethereumEthereum (ETH) $ 4,445.92
  • binance-coinBinance Coin (BNB) $ 621.70
  • tetherTether (USDT) $ 0.999598
  • solanaSolana (SOL) $ 206.15
  • cardanoCardano (ADA) $ 1.61
  • xrpXRP (XRP) $ 0.999200
  • polkadotPolkadot (DOT) $ 37.07
  • usd-coinUSD Coin (USDC) $ 0.999612
  • dogecoinDogecoin (DOGE) $ 0.216036
  • avalanche-2Avalanche (AVAX) $ 117.34
  • shiba-inuShiba Inu (SHIB) $ 0.000044
  • terra-lunaTerra (LUNA) $ 51.62
  • crypto-com-chainCrypto.com Coin (CRO) $ 0.730424
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 58,225.00
  • litecoinLitecoin (LTC) $ 206.62
  • binance-usdBinance USD (BUSD) $ 0.999067
  • matic-networkPolygon (MATIC) $ 1.79
  • chainlinkChainlink (LINK) $ 24.87
  • algorandAlgorand (ALGO) $ 1.80
  • bitcoin-cashBitcoin Cash (BCH) $ 572.49
  • uniswapUniswap (UNI) $ 20.28