The BNS story

I will walk you through what is BNS ? What’s the rationale of building it. Why did we do pre sales. Why they were structured the way they were, why vesting, so on and so forth.

I have also done a youtube AMA on this. Feel free to check it.

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So let’s go back to the start of how the journey all began not just of BNS but about what we fundamentally are trying to do.

You get fascinated by an idea. It gets you so enchanted that it doesn’t let you sleep. For Prashant me and Srikanth that idea was empowering users to save money, make money or reduce their commerce friction. This is such a powerful mission that it’s going to be relevant 5 years 15 years or 50 years down the line. And that’s when we set on building things that help people save money or make money and we have built global first never before seen innovative tools and scaled them to 10s of millions of users. We have been innovative in doing all these and have thriftily managed to build scale amongst these products.

We abided by the principles of being different. The way we approach things build them all are radically unique and most of our products solve consumer pain points. Here’s a short video which explains what we stand for and what we would like our users to stand for as well.

So we started building things and we have built many useful products because of which people’s lives have changed. Let’s look at what people have to say about us

There are thousands of such feedbacks we get on a monthly basis across all our products.

For bitbns you can find some examples here https://medium.com/bitbns/crypto-tales-success-story-of-navjyot-singh-37f592269d6c?source=collection_category---4------6-----------------------

For usemycards you can find tons in the grp. A few of them have set up mobile shops using the saved money. They have saved upwards of a 8–10 lacs using UMC. This is a 5 month old pic from a user. The user has saved much more.

Tatkalforsure books 2% of all (Online or offline) the tatkal tickets booked in India. It comes in recommended suggestions when you search for tatkal on google

Usemysubscription.com is also coming up and it would have many unique things going forward.

Same with flightsforsure — The world’s first automated flight booking place at best price.

The scale at which people have saved or made money over years is upwards of 1500+ crores.

We want bns to become the lifeblood of this ecosystem that we are building where we continuously innovate and build innovative use cases for users which empower them to save money or make money and with bns they get more.

Now let’s look at things. Here’s the data of the token release schedule for the first 18 months.

The team owns 0 tokens as of date. Yes 0. And would be owning less 2.4% in the first year. This is for project that has been operational for over 2.5 years and is one of the largest exchange in India. Compare that with binance. Binance had 20% opening on listing of token just when it started for the team and 20% every year.

After year 1 Bitbns unlock. 2.5%
After year 1 Binance unlock 40% (16 times more)
And that’s true with most other crypto projects. Bns has the lowest team unlock across any crypto project globally by end of first year.

Because we are here for the long term and we would want that to be the case even with our users. Nothing meaningful in this world gets built in a day. And we want the community to be there as we build things to be a part of showing the world what does a built in India for the world company looks like.

Seed/private tokens are locked for 16 months in total with less than 30% coming in the first 9 months. And no release for seed/private on listing on listing

Now let’s compare it with other tokens just for reference. that’s one way to analyse things. This

Which markets are we tapping into

Current marketcap:

Market cap 1.3 million USD. That’s it. 56 million tokens with a price 0.024 USD
For understanding BNB market cap is 2.9 billion USD. > 2000 times of BNS.

Now let’s do some FAQs

Q. Why a vesting schedule ?

Everyone we have ensured has a vesting. The team the largest vesting. Of 30 months. Seed have for 16 months . The pre public sale has the lowest.

Q. How is it 56.84 million ?
41.666 million IEO + 20% of bitbns pre sale of 60 million which is 12 million + bounties and team tokens is total 56.841 million

Q. Price of IEO lesser than 0.032

Price for pre public sale was from 0.008 to 0.032. Ideally IEO prices are lower than pre sales. In this case in fact it is higher than 2 pre sales. And equal to 3. Average buying price was 0.024 USD. This is in fact a great thing and it’s being painted as negative. Do not fall for FUD.

IEO does not have fixed allocation. It is based on lottery system. In a lottery you may or may not get tokens. And you can’t get the amount you want.
In pre-public sale you have got assured tokens via bitdroplet and other mediums but Lottery system is completely different thing.

All IEOs always have lesser rate than pre-public sale rate, Even on Binance and Kucoin.
Binance Harmony IEO:
https://cryptorank.io/currencies/harmony/ico
IEO price: $0.00317
Pre-public sale price: $0.0065
For example see this on kucoin:
https://www.kucoin.com/news/en-announcement-of-chromia-chr-token-sale-on-kucoin-spotlight
In case of bitbns it’s average of all sale prices. So no investor has suffered any loss.

Q. Why was the roadmap updated ?
Why did we update the roadmap is a question FUDDers keep raising. Number 1 reason for this is we want the value to get accrued to BNS. So launching them before we have BNS trading live was not relevant. 2nd we released an immense amount of things during this time course. It’s higher than every other Indian exchange. Here are the digests March April May June

Q. What happens to other exchanges where pre sale took place ?
First they are not getting unlock now. Their listing happens much later. They would follow similar time based vesting schedules and have refund option open.

Q. IEO related details

Flash sale for Indian users is at 530 pm here https://land.kucoin.com/spotlight/112?lang=en_US

Trading starts at 830 pm tomorrow on bitbns and kucoin
Kucoin has BNS/ BTC and BNS / USDT pairs
Bitbns has BNS/ INR and BNS/ USDT pairs

So I think broadly have covered most of it.
You can find a small list of why BNS here https://medium.com/bitbns/to-buy-or-not-to-buy-bns-d3d200c43313

Now let’s move our attention to people spreading FUD or negativity ?

I have conclusively time and again always answered all questions raised and we would continue to do so.
Check this pic. This is a FUDDer of Tesla. He has been bearish about Tesla since years.

But what eventually has happened. Tesla has changed the world. People who believed in tesla have reaped the returns. Tesla stock went 9x over the last year.

So what should you do ?

Q. First never believe anonymous random profiles on the internet Telegram twitter etc.
Q. Question what would be their motive. Why would someone invest hundreds of hours to typically target and malice a company
Q. What have they themselves done in their life ? Have any of their things turned out to be true
Q. Ask them to get on a one on one conversation directly over youtube. Bitbns representatives would always be there.
Q. Self evaluate. You as a user have used things and then see if you have had a good experience using the product.
Q. Is the team available for resolving your things. In bitbns even the founders are available across the board whenever possible.

Fight FUD with the right things.

And wrt BNS

Kaam woh karne mein maja aata hai jisme tum Duniya badal do saath milkar. Jitne jyaada log saath mein judte hai utna poora movement strong hota hai. If you are giving your youth to something make it bloody fucking huge.

BNS mein this has been the motive all along the way. We are building some things that have never been there. Join us if you concur with the mission and let’s change the world day by day !