Bidao is implementing Digibyte (DGB) as collateral asset

Bidao Chain
Sep 25, 2020 · 2 min read

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 + Digibyte = ❤

Bidao is implementing DGB as a collateral asset. This means that DGB can be locked up in CDPs to generate the BAI stablecoin.

Using DGB as collateral is very easy. At first, the DGB 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 DGB, the BAI has to be repaid to the system. This is simply done by a simple function call and sending back the BAI to the CDP. After that, the DGB 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 Digibyte

DigiByte is an open-source blockchain, created in 2013 and released in early 2014 by DigiByte founder Jared Tate. Its network is based on three layers: smart contracts, decentralized applications (DApps) and customizable tokens. The middle layer, the public ledger, is where DigiByte digital assets exist in the network, while the third and bottom later hosts the decentralized nodes, the client software and their communication. A unique factor of DigiByte is its five mining algorithms — Sha256, Scrypt, Skein, Qubit and Odocrypt — whose advanced difficulty adjustment aims to keep the blockchain secure and protect it from malicious attacks. DigiByte has its own block explorer, DigiExplorer. DigiByte was the first major altcoin to activate Segwit in April 2017.

In May 2019, DigiByte launched DigiAssets, which is a scalable second-layer solution on top of the DigiByte blockchain that offers the decentralized issuance of assets, smart contracts, digital identity and other features.