BIT meaning in Cryptocurrency ?
Answer:
To learn more about this project, check out our deep dive of BitDAO.
What Is BitDAO (BIT)?BitDAO is a decentralized autonomous organization that wants to level the playing field for every person in the world by building a decentralized token economy. This protocol is one of the world’s newest and largest decentralized autonomous organizations focused on DeFi, and is managed by holders of BIT tokens.
One of the initiative's primary aims is to attract developer talent via token swaps and co-development efforts. The token swaps will enable the BitDAO treasury to accumulate a collection of the top crypto project tokens.
BitDAO's vision is open finance and a decentralized tokenized economy. BitDAO hopes to support a broad range of projects including DeFi, DAOs, NFTs and gaming. Support will be in the form of research and development, liquidity bootstrapping and funding.
Who Are the Founders of BitDAO?BitDAO has no founders; the project is maintained by a group of contributors holding BIT tokens.
The protocol has no teams or companies behind it — as it is a DAO — meaning that various individuals can propose changes to be made to the BitDAO protocol and it is up to the BIT holders (contributors) to vote on whether to accept or reject these suggested proposals.
One of the largest DAOs, it is supported by Peter Thiel, Founders Fund, Pantera, Dragonfly, Spartan, Bybit and others.
Bybit is an early supporter of BitDAO and has pledged recurring contributions to the BitDAO treasury which at 2021 rates exceeds 1B dollars per year. See: https://www.bitdao.io/analytics/
What Makes BitDAO Unique?BitDAO aims to partner with existing and emerging projects through token swaps. Token swaps will enable the BitDAO treasury allocation to gather a collection of top crypto tokens. The priority is spot and derivatives DEXes.
BitDAO aims to build core products that will help the functionality and effectiveness of BitDAO and other DAOs. The core product includes a set of on-chain and off-chain governance solutions and products, with the DAO’s treasury management able to deploy and monitor assets to earn yield. In addition, BitDAO aims to provide grants to teams in the crypto industry for research or products. All grants are voted on and are given for the public good of the crypto world.
Here are some of BitDAO’s goals:
Partner with projects via token swaps and co-development efforts. Token swaps will enable the BitDAO treasury to accumulate a collection of the top crypto project tokens;Build core products which enable BitDAO and other DAOs to function more effectively. This includes on-chain and off-chain governance solutions, and DAO treasury management solutions;Provide grants to teams that produce research or products that are public goods for the crypto industry.All treasury actions will be determined by BIT token holders via a proposal and voting process.
BitDAO is not a company. It does not have a management team or employees.BitDAO is a collection of contributors. Contributors will hold BIT tokens and are motivated to make the project a success.Various individuals and teams will propose changes to the BitDAO protocol. It is up to BIT holders to vote to accept or reject these proposals.Holding BIT entitles you to submit and vote on proposals. It does not entitle you to impose your will upon other contributors.BitDAO will be an evolving project, and community leaders will emerge over time. Governance proposals and forum participation will affect the direction of the project.The vision and mission of BitDAO will be driven by token holders, contributors, and community leaders.Find out more at https://medium.com/bitdao/introducing-bitdao-464ebf80eb56 https://docs.bitdao.io/
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How Many BitDAO (BIT) Coins Are There in Circulation?As of now, there are no market statistics for BitDAO coins, as the trading has not yet begun. However, BitDAO aims at an initial distribution of 200,000,000 BIT.
The breakdown of the distribution will be as follows:
Private Sale - 5% (10000000 $BIT)
Launch Partner Rewards - 5% (10000000 $BIT)
BitDO Treasury - 30% (600000000 $BIT)
Partner (Bybit) Flexible - 15% (300000000 $BIT)
Partner (Bybit) Locked - 45% (900000000 $BIT)
The distribution of the tokens has vesting for the private sale to be held on Oct. 15, 2021. The BitDAO treasury holds 30% of the total tokens, which are owned by the contributors (token holders) in proportion to the number of tokens they hold. The treasury tokens can be used for rewards, grants and swaps, and their usage is determined by the proposal and voting of the contributors.
Bybit — through the flexible and locked tokens — has the largest percentage of BIT tokens. These Bybit tokens can be used for R&D purposes. Bybit has pledged to make a significant contribution to the BitDAO treasury.
How Is the BitDAO Network Secured?The BitDAO Platform uses SSL encryption to protect the personal data of users on the platform. BitDAO has also partnered with Amber, which is invested in cyber and crypto security and has industry-leading security infrastructure like Fireblocks and BitGo.
BitDAO is owned and governed by BIT token holders, with the following actions executed only after a successful proposal and vote:
token swaps with existing and emerging projects.treasury allocation into various strategies.liquidity support for partner projects.grants or milestone rewards to development teams and R&D centers (to build BitDAO products, or support partner products).grants to blockchain technology projects, education programs, or other blockchain public goods.updates to BitDAO core protocols (including governance and treasury management functions).When Will BitDAO Trading Begin?BitDAO trading has begun as of Aug. 16.
Can BitDAO Hit $1?As of Aug. 21, BitDAO is trading at over $1.
Where Can You Buy BitDAO (BIT)?You can see which markets BitDAO is trading on by looking at the markets tab here.
If you need a guide on how to buy a cryptocurrency, click here
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