Home » Crypto » What is Bidao coin (BID) and how does it work?

What is Bidao coin (BID) and how does it work?

by Financial Economy

Bidao is described as a product of the decentralized finance (DeFi) stream as well as a stablecoin running on the Binance chain. The difference of Bidao from other stablecoins is that it is a new generation algorithmic stablecoin that integrates the chains of Bitcoin, Ethereum and Binance. Detailed information about what is Bidao coin BID, how does it work, how to buy, how much is the price of BID coin, etc. is in the continuation of the article. For information about Unibright coin (UBT), you can check here.

What is Bidao coin (BID) and how does it work?

Bidao is described as a multi-chain decentralized finance (DeFi) platform and stablecoin. Bidao is the first non-trust stablecoin indexed to the US dollar (USD) to use the Binance Chain platform. One of the main features of Bidao is that different cryptocurrencies such as TRON (TRX), Ontology (ONT), and Dash (DASH) can be collateralized for the BID stablecoin.

This new stablecoin solution offered by Bidao is fully integrated with the Binance blockchain so it can benefit from the speed, reliability and efficiency of the platform. Bidao aims to achieve higher transaction speeds and long-term scalability than traditional ERC-20 tokens, thanks to the ease of installation of sidechains and the efficiency of smart contracts offered on Binance Chain. In the near future, other blockchain networks are also planned to be included in this system. Bidao was founded in 2018 by Bastian Aigner and Long Zhang.

Thanks to the “powerstake” method, BID tokens can be transferred and held in a private wallet without being transferred. In this way, BID holders can earn 3 percent compound interest staking reward every year while helping to support the Bidao network.

So where to buy Bidao coin and how much does it cost?

Bidao coin (BID) can be purchased from listed cryptocurrency exchanges. However, it is necessary to make sure that the exchange to be traded is “reliable”. As of August 23, 2021, the value of 1 BID coin is around $0.017.

Caution: The information contained in this content is for informational purposes only. It is not investment advice.

For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency

Related Posts

Leave a Comment