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Bidao is implementing Bitcoin Diamond (BCD) as Collateral Asset

By Август 10, 2020 No Comments
What is Bidao
Bidao is building a new blockchain system that is dedicated to
Decentralized Finance, short DeFi. Our goal is to create a
blockchain-agnostic ecosystem for Defi applications. The Bidao
ecosystem uses 2 different Tokens: the governance Token BID and
the stablecoin BAI. Users can also stake their BID tokens and support
the Bidao network. The stablecoin BAI is an algorithmic stablecoin
that is pegged 1:1 to the US-Dollar.
Bidao + Bitcoin Diamond = ❤
Bidao is implementing Bitcoin Diamond as a collateral asset.
This means that Bitcoin Diamond can be locked up in CDPs to
generate the BAI stablecoin.
Using Bitcoin Diamond as collateral is very easy. At first, the Bitcoin
Diamond is locked up in the CDP. In return, the appropriate amount of
BAI is generated and can be used freely by the CDP creator. To regain
access to the locked Bitcoin Diamond, the BAI has to be repaid to thesystem. This is simply done by a simple function call and sending
back the BAI to the CDP. After that, the Bitcoin Diamond are unlocked
and can be transferred freely again by the CDP creator.
About Bidao
The Bidao Cryptocurrency (BID) utilizes a completely decentralized
proof-of-stake Blockchain with an additional collateral-backed value
token which is 100% stable in value quite in contrast to for example
Bitcoin, Binance Coin or Ethereum which experience huge fluctuation.
Bidao is integrating with many different Blockchains like Ontology,
Tron, Bitcoin and Ethereum. This way Bidao becomes the
one-stop-shop for Decentralized Finance (Defi) applications.
About Bitcoin Diamond
Bitcoin Diamond (BCD) is a hard fork of Bitcoin. The fork occurring at
at block height 495866, implemented changes including a new proof
of work algorithm to deter attacks on the network and segregation of
transaction signatures from transactions on the chain for additional
capacity allowing a greater number of transactions per second on the
network as a whole.