BiDao cryptocurrency (BID) is a trustless stablecoin based on the Binance chain. BiDao uses a completely decentralized proof-of-stake blockchain. In the future, BiDao seeks to integrate with other blockchains like EOS, Ethereum, and Tezos and become the one-stop shop for Decentralized Finance (Defi) applications. Moreover, Bidao seeks to build a trustless stablecoin system to create a more open, transparent, borderless world using financial services. A decentralized stablecoin system allows for a more transparent financial system. The decentralized governance system of Bidao supports its mission of creating an open financial system.
Currently, there is no reliable, blockchain agnostic(multiple blockchain compatible) stablecoin that allows different crypto assets as collaterals. According to its whitepaper, BiDao solves this problem by creating a blockchain-agnostic ecosystem for Defi applications. BiDao has plans to develop a new DeFi-dedicated blockchain system.
Some of the main features of the BiDao ecosystem include security and stability. BiDao ecosystem offers a programmable digital asset that anyone can securely store and transfer. The ecosystem is 100 percent collateralized by cryptocurrency. BiDao maintains its price stability through blockchain technology.
BiDao system has three tokens within its ecosystem :
-BAI Token is the stablecoin of BiDao.
-BID token is the staking and governance coin. Moreover, BID token holders can use the tokens to pay the fees within the BiDao system. BID token holders play a vital role in governing the BiDao system. The governance system of Bidao allows BID token holders to make decisions and vote for proposals. By owning more BID tokens, the voting power of a specific address increases. Addresses with more BID tokens have more voting power than addresses with fewer BID tokens.
-BNB token is the collateral coin of the BiDao ecosystem.
