What is BitDAO (BIT)?
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. The management of the protocol belongs to the holders of BIT tokens.
BitDAO will provide funds to develop the DeFi ecosystem by developing DeFi products BitDAO and supporting other DeFi partners and projects. At the same time, they can also pay contributors to develop their own governance module, community management initiative or BitDAO platform in the future. The project plans to support these initiatives to encourage the rest of the community to keep contributing to them. All decisions are made through the BitDAO voting and recommendation system.
Under the umbrella of the Bybit derivatives exchange, BitDAO raised $ 230 million in a private sale in June 2021 led by Peter Thiel, Founders Fund, Pantera Capital and Dragonfly Capital. Other participants are Alan Howard, Jump Capital and Spartan Group. In August, they successfully sold $ 335 million in a token auction round on Sushi’s MISO platform.
How can I join the BitDAO project?
Anyone can join the BitDAO community by contributing to the project, becoming a partner or owning BIT tokens.
Those who do not have tokens can join forums and social media and come up with their ideas. BIT token holder considers good ideas. From there, the community leader will vote by proxy.
Employees and partners
Any DeFi or CeFi project can help BitDAO or be ready to look for ways to work together through a partnership.
Holder token BIT
The BIT token holder is the owner of the platform and has the opportunity to recommend and vote on BitDAO’s growth strategies as well as the use of BitDAO’s treasury resources.
How does BitDAO work?
BIT holders manage BitDAO and the process works on the DAO mechanism.
The DAO is a common governance structure used by many crypto companies. Through a proposal and coordination process, the DAO framework enables BIT owners to control the operation of BitDAO.
The following measures will only be implemented after successful proposals and coordination on the DAO platform:
– Development teams and research and development (research and development) centers that create BitDAO solutions or support partner products are given financial incentives or incentives to celebrate milestones.
– Basic BitDAO protocols, especially administration and treasury management, will be updated.
– Token swap is provided for existing and new initiatives.
Treasury funds are used according to different tactics.
Grants are given to blockchain technology projects, educational programs, and other blockchain services.
– Cash flow partner initiatives are also supported.
BitDAO’s BIT governance token is an example of the Compound Finance (COMP) governance token. It was preferred to the traditional ERC-20 token as it enables proxy voting and off-chain voting aggregation, with the option to switch to on-chain governance in the future.
Voting by proxy
BIT holders cannot vote or make suggestions unless their voting rights have been delegated to an address. A unique address, for example the owner’s own address, can only be authorized in a single instance.
No key or token transfer is required for authorization. If the authorized person’s wallet is hacked, compromised or linked to the wrong smart contract, the authorizing person does not lose the BIT and can delegate it to another address.
BitDAO growth strategy
BitDAO will look for projects to collaborate on through token swaps and joint development initiatives. The project will exchange tokens and build a portfolio of many DeFi companies, the best cryptocurrency available now and in the future. BitDAO is rewarded for supporting these partner projects in their development in order to be at the forefront of the field. The organization will also sponsor teams that research or develop crypto-related products that will benefit a wide audience. The project aims to develop such important products that make BitDAO and other DAOs more efficient. Consists:
– The combination of on-chain and off-chain products and best practices forms the governance suite.
– Use the DAO asset provisioning and monitoring feature to generate interest or introduce new assets, also known as Treasury Management.
The project will form new alliances, acquire DeFi assets with growth potential, and develop useful solutions by being funded through assets and regular donations. BitDAO’s ultimate goal is to invest in the success of its partners and the industry as a whole.
BitDAO’s token economy
The total supply of BIT is 10,000,000,000. BitDAO Treasury keeps 30% of all tokens. In essence, holders own treasury tokens in proportion to their holdings (e.g.
BitDAO principles make it unique
In contrast to a regular company, BitDAO does not work with a traditional hierarchical management system of managers and employees. Rather, an organization is a group of contributors building a project. They are rewarded with BIT and want the project to reach its true potential.
Changes to the BitDAO protocol are suggested by a wide variety of people and teams. BIT holders have the right to vote on whether these proposals should be approved or rejected. Those involved in the project can submit proposals and vote on them, provided they are the owners of the FOITT. BitDAO is a growing project, and over time a division of community leaders has formed. The progress of the project is influenced by governance recommendations and participation in forums. In short, token holders, investors and community members will come together to advance BitDAO’s vision and goal of providing financial and human resources to support DeFi’s development.
cooperation with SushiSwap KNIFE
BitDAO is currently working with SushiSwap DAO, a community-operated decentralized platform.
SushiSwap supported BitDAO in designing and developing strategies for treasury governance and management. In the near future, SushiSwap and BitDAO plan to collaborate on the development of both platforms – currently they are waiting for approval of both DAO protocols.
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