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HomeCOINSWhat Is Bitblocks Fire (BFIRE)? Complete Guide Review About...

What Is Bitblocks Fire (BFIRE)? Complete Guide Review About Bitblocks Fire.

What Is Bitblocks Fire (BFIRE)?

Bitblocks Fire Finance is a decentralized exchange running on Binance Smart Chain, with lots of other features that let you earn and win tokens. What they are trying to do is create a perpetual deflation token, the BBKFI, that allows a constant price pump with a sufficient burn mechanism. They are not trying to replace the swap & exchange but to add value into the system and create a suitable and sustainable environment for people to yield farm with high APR.

Bitblocks Fire Storage Key Points

Coin BasicInformation
Coin NameBitblocks Fire
Short NameBFIRE
Circulating Supply509,440.00 BFIRE
Total Supply1,000,000
Source CodeClick Here To View Source Code
ExplorersClick 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

Burn Mechanism

There will be a transaction fee during staking which will then be used to purchase BBKFI. The current transaction fee is set at 4%. Bitblocks Fire will review the price of BBKFI and see if should increase or decrease the fee.

Burn:

  • 80% of the 4% fee will be used to purchase BBFI and burn this coins.
  • 10% of the 4% fee will be used to purchase wBBK and burn this coins. (wBBK and BBK will be burned)
  • 10% of the 4% fee will be sent to the developer’s address as payouts.

Security

Bitblocks Fire have published an article about Pancake swap can take all your money within 6 hours. Although they might not do it, the code is still present in their contract and this code is exactly how all the rug pulls were done. They have removed the following migratory code from your contract which was forked out from Pancake swap. You can see the following code is still present in pancake swap’s contract and github.

How to check if deposit fee is compromised

Bitblocks Fire system requires users to deposit a fee when staking, therefore it is possible for the chef to edit the deposit fee to 100%, therefore taking 100% of NEW USER STAKING. The 3rd lottery number will be determined based on the %10 remainder of a hash encoded by the blockhash and the timestamp of the last lottery participant at the entry deadline. The 4th lottery number will be determined based on the %10 remainder of a hash encoded by the blockhash and the block difficulty at the entry deadline.

How are ticket numbers drawn?

The lottery aims to be completely random. Even though the ticket numbers given out are determined by a front-end logic, there is an extremely low chance that anyone is able to determine the 4 winning numbers ahead of time. The 1st lottery number will be determined based on the %10 remainder of a hash encoded by the blockhash and the number of participating users at the entry deadline. The 2nd lottery number will be determined based on the %10 remainder of a hash encoded by the Bitblocks Fire and the total pooled BBKFI balance at the entry deadline.

Vote system

At Bitblocks Fire avoid making arbitrary changes, You as a user have the power to choose the next changes of the BBKFI project. To vote on new proposals it is necessary to have BBKFI stopped in your wallet, (It cannot be in a pool or farm). Your voting power is based on the amount of BBKFI you had in your wallet in the exact block of the snapshot. Any user can create a proposed change to the BBKFI using the website https://snapshot.org/#/bitblocks.eth. For a proposal to pass, there are some rules.

Proposal created by the team

The proposals created by the Bitblocks Fire team are special, for it to pass the above rules are not necessary, these proposals appear when a change in the BBKFI is necessary. (BBKFI team cannot vote in this proposals). To win the lottery jackpot (50% of the entire lottery pool), users need to match all 4 numbers on their tickets in the same position as the 4 winning numbers. If you don’t match all 4, no need to worry. As long as you match 2 or more numbers in the correct position, you are guaranteed to win a reward.

Nile
Nile
Nile Is Very Old Author At Wootfi Blog . We Loves To Write About Altcoin , ICO & Defi . In Free Time He Loves To Play Football .