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ICO Review: Is Bidao Chain ICO worth looking into?

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bidao ico review

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It has been a while since we have done any ICO Reviews. Not because ICOs are not happening but because good ones have mostly been taking place behind the closed doors giving access to high net worth individuals.  

This is primarily because the SEC has been cracking down on ICOs offered without its blessings.

Irrespective of the reasons, the whole spirit of cryptocurrencies being equalizers of economic disparity has been taking a back seat with many ICOs turning out to be scams and then the rest with the fear of being cracked down by the SEC and the alike.

Today, we are going to look at a new ICO that is currently underway. Bidao Chain.

What is Bidao Chain?

bidao chainDAO stands for Decentralized Autonomous Organization and because this solution is integrated with Binance Blockchain initially it is called BiDAO.  We will call it Bidao, BiDAO, BIDAO interchangeably.

You can think of Bidao as a stable-coin that is blockchain-agnostic, meaning it can accommodate any blockchain network (although it is tied to Binance initially).  It is similar to MakerDAO but without heavily relying on just one blockchain network.  It is the ‘first decentralized, trustless USD stablecoin & DeFi on Binance Chain.’

Similar to MakerDAO, Bidao also has three token structure.   

MakerDAO’s main token is called Maker and Bidao’s main token is called BID.

MakerDAO’s underlying currency is Ethereum while Bidao uses Binance Coin.

MakerDAO’s stablecoin is DAI and Bidao’s stablecoin is called BAI.

As you can see, structurally, it looks like a clone of MakerDAO, however, MakerDAO only has a supply of about 1 million, Bidao has over 2.6 Billion (1.95 billion sold during ICO which represents 75%). 

MakerDAO is also primarily focused on Ethereum Blockchain while Bidao is aiming to be blockchain-agnostic.

Problem Bidao solves

From their executive summaryAt the moment there is no trustless stablecoin that is blockchain-agnostic and allows different crypto assets as collaterals. The only similar system is MakerDAO, but MakerDAO is completely dependent on the Ethereum Blockchain and therefore not able to interact frictionless with other crypto assets. The decentralized finance (Defi) market is growing each day and users are looking for new tools that can be used in the new decentralized.”

Dedicated to DeFi applications

Bidao is looking to focus on Decentralized Finance space. 

Decentralized Finance, as the name suggests, is financial services built and offered on top of trustless systems like Blockchain. Currently, the biggest offerings under the DeFi are:

  • Stablecoins
  • Crypto Lending services
  • Decentralized Exchanges
  • Tokenization platforms

Stablecoins touch almost all aspects of DeFi.  Bidao addresses the stablecoin aspect.

Executive summary explainsBidao is building a new blockchain system that is dedicated to DeFi. In the beginning, Bidao will be completely integrated with the Binance Blockchain and BNB will be used as the collateral. In the future also other Blockchains will be integrated into the Bidao ecosystem. Our goal is to create a blockchain-agnostic ecosystem for DeFi applications.”

Team

Bastian Aigner is the CEO of Bidao Chain who is just 21 years old.  You might be tempted to see him as the new Vitalik.  Don’t let his looks fool you – Bastian has been coding since he was 9 years old and he is among the only few people in the world to have received Apple WWDC Student Scholarship, 3 times.  

Bastian has been working in the blockchain industry for the past 3 years and he is fond of Binance and naturally Bidao is now tied to Binance Coin (and platform).  We will let him give you his own intro.

21-year-old Apple Scholar Launches Bidao on the Binance Chain!

Decentralized finance and trustless Stablecoin on the Binance-chain. You can find more details here: https://bidaochain.com/ Our CEO is a three-times Apple s…

Their CTO, Brian Condenanza, was among the top 10 of the 2018 “Top 100 Young Entrepreneurs in the World” and a TED talk fame.   

Partnerships & Progress

Bidao Partnership withWe must say that Bidao has been quite impressive on the execution side. It has already worked on and released over 140,000 lines of code.

It already has partnerships with Binance, Tellor, Tron, Chainlink, Ontology, Qtum and they continue to add more.

Building on Binance will give Bidao access to a great pool of traders and projects built on top of Binance.  Bidao expects to make BNB backed loans as simple as clicking a button.

Bidao Chainlink

Bidao Partnerships Binance

Bidao Partnerships

 

Social media following:  This is probably a pet peeve of ours. Bidao seems to lack the social media buzz that it deserves, in our opinion.  At the time of this writing, their social media stats look like this:

YouTube subscribers: 1.8K 

Telegram: 1866

Twitter: 2906

Reddit: 107

We would have appreciated it if they made their links about media mentions live…we couldn’t personally verify these.

Bidao Features

They still have 6 more months to go and may gain traction/following.  

Addressable market size – trillions of dollars

It is expected that Ethereum alone is poised to capture over a Trillion dollar market cap with the DeFi Applications on Ethereum network.  

The entire addressable that could be disrupted by the DeFi applications is worth multi-trillions dollars.

There is room for a lot of players in this space and Binance which is at the forefront of every aspect of Crypto will not stay on the sidelines while Ethereum builds to cater DeFi.

Binance created the crypto news sensation by buying CoinMarketCap for 400 Million dollars. If Binance backs Bidao to make waves in the DeFi space – we could see some push from Binance to promote Bidao.  This is a speculation at this point. 

Nevertheless, the addressable market size for DeFi is too massive and can accommodate many billion dollar companies.

Tokenomics

What is unique about Bidao project is investors can start staking their tokens right away.  This is important because the token sale is going to be going on for a year, similar to EOS, except Bidao is not looking to raise 4 Billion dollars.  Their hard cap is 19.5 Million dollars.  In our view that is a decent hard cap which leaves room for growth.  

Bidao Tokenomics
Source: Whitepaper

Restricted countries: USA, China

Staking tiers:

Investors can stake their coins while the ICO is going on.  Below is the staking tier:

    Bidao ico phase
Source: Whitepaper

Coins purchased post ICO will yield a 3% interest for life.

Bidao token sale

Pros & Cons

Pros: If the profiles were to be believed – the team comes with a good skill set.  In technology – age does not correlate with the experience.  Their partnerships and work put into the project are all a plus. 

Cons: Relatively unknown team although we have 3 time Apple prize winner and a TED talk fame.  Lack of advisors on the project is concerning. Their somewhat salesy approach to token sale is a turn off.

Conclusion

Bidao is a mixed bag of a project. It has the great intellectual backing of young-talented-techie so one could argue it can sore to Ethereum heights, while their videos are pretty ‘salesy’ which can be off putting.  

The staking tier is both a good marketing strategy to lure people to the ICO and at the same time it could be a turn off for many.

It has a lot of partnerships even before the ICO ended and the team seems to be busting it with 140,000 line code.  We expect to see more partnerships and traction for this project.

MakerDAO and Ethereum are already at the forefront of DeFi, however, being among the first – these projects do have some shortcomings that can be exploited by Bidao.

In our opinion, we think this would have been a great project given the team’s dedication and the traction it has gained so far but falls short because of lack of advisors on the team, lack of genuine social buzz, claims of scam and somewhat sales pitch and ICO tier structure.

As with everything in the crypto space, there are no guarantees and one could lose the entire investment. We can only give you our opinion, we cannot tell you what to do.

Disclaimer: We invest in the projects we review, although this is not always the case (especially when there are restrictions), however, we keep our review/opinions unbiased as we are not compensated for posting a review.

Related Articles:

  1. ICO Review: ICON: Could this be the ICONic ICO we have been waiting for?
  2. ICO Review: Could this be the Internet of Things with Wings (IoTW)?

Thank you for reading and sharing this article. Stay safe and healthy!

IMPORTANT DISCLAIMER

We have used referral codes where available.

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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5 questions we want XRP army to answer!

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xrp investing news

What follows is our opinion.  

Let’s not be hostile.  

Top 5 Cryptocurrencies 2020

We are simply posing some questions based on the information we came across and our own limited interpretation. 

It is quite possible that the sources we are referring to are at fault or our interpretation is. Either way, just answer these questions for us so that we can learn new things about XRP that we did not know.

Our readers know that we have been anti-XRP for a long time. We got trolled, mocked and called ignorant. Well, to each their own.

Our questions to the entire XRP army are simple, here they are:

Question 1: If crypto was to replace (or at least reshape) the entire banking business then what does a token whose sole business model is based on ‘accommodating’ banks have any future?

To put differently, when the world starts conducting commerce via text messages why do we need banks and Ripple which wants to serve banks?

Our basis for this question: 

In the future when we will start doing business with each other over text messages, wallets and email signatures, why do we need a payment gateway from Ripple?

We know that WeChat payment enables users to transact over chat.  Other companies are trying to catch up with this (primarily why Facebook was looking at creating its own currency, Libra).

However, once we have a digital dollar, we do not even need an outside stablecoin since one could, in theory, use the digital dollar directly.                  

Question 2: Why do you have to pay businesses to use XRP if it is so superior?

Our basis for this question: 

Financial Times reported that Ripple paid Moneygram to use Ripple technology.

Here is a direct quote:

It turns out Ripple has been paying a significant amount of subsidies cash to MoneyGram’s business since buying into the company in June. In the third and fourth quarter alone the Ripple benefits amounted to $11.3m.

What’s more, until a consultation with the SEC**, MoneyGram had been more than happy to book these cash flows as revenues. Due to the SEC guidance, however, it has now had to restate fourth-quarter guidance to account for Ripple payments as “contra expenses”.

XRP Twitter

Question 3: What is Ripple’s revenue worth without the ‘selling’ XRP?

Our basis for this question: 

The question seems to be answered by the XRP’s CEO himself. Here is an excerpt:

Asked if XRP was keeping everything cash flow positive at Ripple Labs, Mr Garlinghouse answered: “Well XRP is one source. I don’t know how to answer that because if you took away our software revenues, that would make us less profitable. If you took away all our XRP, that makes us less profitable. So I don’t think about it as one thing.” 

He clarified later: “We would not be profitable or cash flow positive [without selling XRP], I think I’ve said that. We have now.”

In our opinion, we think that the only reason Ripple (XRP) is even operational is because of the billions upon billions of XRP tokens that they keep dumping on the unassuming investors.  

Is this a wrong assumption?

Question 4: If Ripple does not need XRP, why is XRP needed?

Our basis for this question: 

This is based on our understanding that Ripple’s technology can be used by the businesses without having to use XRP.  It is recommended but not ‘required’.

Is this accurate?

Ripple’s solutions can work without XRP (its native token).  So, if XRP is not a utility token in strict sense, how are its creators able to mint and sell them at will without tripping any security laws?

Question 5: If Ripple [XRP] is to act as the ‘stable’ value while the transactions take place on Ripple network, why should anyone trust XRP which is backed by nothing instead of stablecoins like USDC that are backed by real world assets?

Our basis for this question: 

We would personally trust USDC more or even Facebook’s Libra rather than XRP which is backed by nada.

This is what Demelza’s opinion was during our interview:

“The main point is that if XRP were able to back their currency with financial assets and stabilize the purchasing power of the currency, then that would mean XRP coins should have no price appreciation. In fact, only the equity shares of Ripple Labs would profit from XRP’s adoption as a global reserve currency. But Ripple Labs is a privately held company. After fully understanding what XRP is, one realizes that XRP’s investment pitch does not make sense at all.”

Conclusion

We are trying to convince ourselves as to why we need Ripple in the crypto space if:

  • Future of payments is going to be ‘self-bank’ & over the chat
  • There are better stablecoins in the market 
  • Ripple itself as a technology doesn’t need its own native token, XRP

For this very reason, our opinion is that the money will flow out of XRP and the creators will keep dumping their bags into the market until the market can no longer absorb it and then it will be ‘lights out’.

We await for the XRP army to provide us insights that we did not know and our opinion changes…

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

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IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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DeFi is Not the Holy Grail of Crypto, Here is Why

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Defi Yfi

DeFi has been making millionaires overnight and turning millionaires broke at the same speed.

Those who are on the bandwagon are rejoicing and those who either missed out or got burned by one of the fake projects are yelling ‘Scam’ at DeFi.

Top 5 Cryptocurrencies 2020

Our views are a bit different on the subject.

We do think DeFi is going to be a successful vertical among the blockchain (and crypto) solutions.

It will not be THE holy grail for the redemption of crypto status though.

Supply Chain, Crypto Lending, Insurance, Financial Services, Accounting, Identity, and many more verticals will collectively take blockchain and crypto to the masses.

Shifting our focus back on DeFi, here are some of our thoughts on the current state of DeFi. We do appreciate you dropping any insights you have that we might have missed.

DeFi is not a ponzi, here is why

If the DeFi project you are eyeing meets the following conditions, it is not a ponzi:

  • Audited code: Is the code on which DeFi runs is audited by reputable blockchain auditors? 
  • Reliable team: Who is behind the project? Do they have the know-how? Do they have a history of running scams or leading successful projects? 
  • Actual (sustainable) revenue model: What is the revenue model?  Is it too ‘scammy’ sounding or is it based on sound mathematical (and algorithmic) models?
  • No lock-in periods: Is it easy to get in and out of the platform without any restrictions or lock-in periods?

If you answered yes to ALL of these questions then there is a 100% certainty that the DeFi you are dealing with is not a ponzi (or scam).

However, a caveat is due here.  

Just because the project is not a ponzi doesn’t guarantee its success. Lot of well intentioned companies fail, that’s just the nature of business.

So, do not be one of those guys who sells their home to invest in crypto or DeFi (and that itself is not advice, just an opinion).

If you don’t want to hear it from us, listen to what Yearn Finance creator has to say about DeFi tokens (not all, obviously) having ZERO value.

Source: Crypto Culture

DeFi on Ethereum is not sustainable, here is why

Ethereum DefiMost, if not all, DeFi projects that are making the news today are on Ethereum. 

Ethereum is not a reliable blockchain when it is overloaded.  It gets choked and crashes.  

People are already complaining about exorbitant fees on the network due to the DeFi craze.  

DeFi itself as a crypto vertical is quite new and we are sure there are going to be a lot of ‘killer apps’ that will show up on the scene.

We are currently looking at the DeFi solutions that are being built on other blockchain networks (subscribe for free to know when we post that article).

PolkaDOT is not the end all be all, here is why

Polkadot Defi EcosystemMany are turning to the DOT as the next big thing after Ethereum.

It may very well be.

However, it has not had the chance to prove itself, not yet.

Ethereum’s resilience (or lack thereof) was revealed only during the ICO craze (and then later during CryptoKitties debacle).

What monsters lie in the DOT’s belly?  We don’t know and we would be weary of anyone who claims to know with certainty.

Other things to consider

Entire DeFi space is pretty new and we do not know what we do not know about potential vulnerabilities.

While this is true of Bitcoin itself, Bitcoin has withstood assault for over a decade and still stands stronger.  

Same cannot be said about DeFi.  

Can you imagine someone investing their life-savings into DeFi only to have funds taken because of a bug in the code?

Needless to say, many folks are exploiting the looping system in the DeFi where they take loan against their deposit then lend it back to the platform to take another loan against their deposit, and ad infinitum.

This is causing the DeFi systems to show more liquidity than what truly is.

Conclusion

We think DeFi is an exciting development, however, we still put it alongside ICO craziness for now.

When this space matures and we see reliable solutions emerge – DeFi has the potential to drive a trillion dollar vertical on its own.  

That is just the potential, all the trials and tribulations that we have to go through to get there is going to be one hell of a ride.  

So buckle up and enjoy (and please do not lose your shirts on the ride)!

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

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IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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These forgotten gems could resurge during this bull run

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Forgotten Crypto Gems

Forgotten Crypto Gems

Disclaimer:  We own few of these tokens and there is no guarantee that these coins will actually resurge. Everything you are about to read is an opinion.  Our intention is to put some projects that have taken the backseat in recent times.

If you are curious as to why we give away so much for free – please check this Crypto Freebies page.

Top 5 Cryptocurrencies 2020

Crypto market is quite weird.  

It deceives the onlooker as if it’s learning from its past mistakes but it’s really not.

For instance, during the 2017 ICO craze, anyone could pitch any half-assed idea and raise millions from unassuming investors.

This bull run in 2020 is all about DeFi and Data Oracles.

Just slap ‘DeFi’ to any project without an actual product or even a single line of code written and you will make a boatload of money.

Because the ‘pump and dump’ practices are not closely monitored in the crypto space, many YouTubers are dumping their bags on their viewers.

It is so blatant that the YouTuber will start out saying “I loaded my bags with this” and then go on about all the mooning stuff and throw in a small disclaimer somewhere and voila. 

They make hundreds of thousands or even millions each day. And we are not exaggerating about that.

You contrast that with what you find here.  

We are giving away all the information we are digging up for free (including our Top 5 tokens for the next decade that we hope will 100x).  If you are curious as to why we give away so much for free – please check this Crypto Freebies page.

We recently started the microcap gems series where we are looking to dig up projects with a decent team, an actual product and lower market cap (usually under $5 Million, sometimes even less).

Because of the $$ limit on the microcap gems, there are some projects that we couldn’t cover in that series.

However, we wanted to float these projects in front of the discernible audience (and newbies who may not have looked into these).

This article’s sole aim is to ‘point’ you to these projects. It will not be a deep dive and as always we encourage you DYOR before investing.

Dragon Chain

Dragon Chain price prediction“Dragonchain is an enterprise and start up ready platform to build flexible and scalable blockchain applications.”

Like most projects we pick, Dragon Chain has solutions ready for business today.  This is not a pipedream or a 15 year roadmap.  That is why we think this is a forgotten gem.

This project is still going strong in the background in terms of development and traction.  They released a video in August about how their anti-fraud and transparency proof systems are used by an exchange.

Website: https://dragonchain.com/

Ticker: DRGN

ATH: $5.27

ATL: .02

Current Price: $0.079

Cindicator

Cindicator CND price prediction

“Cindicator builds predictive analytics by merging collective intelligence and machine learning models. Cindicator’s analytical products are available exclusively to holders of CND tokens.”

Market pays top dollar for prediction data.  Cindicator is one of the first projects to build an AI based market intelligence platform on blockchain.

Cindicator boasts over 135,000 analysts from over 135 countries.

In our opinion, Cindicator is a viable project, although it has not gained traction.

Website: https://cindicator.com/

Ticker: CND

ATH: $0.347

ATL: $0.002

Current price: $0.011

FunFair

Funfair Price Prediction

“FunFair is a revolutionary blockchain technology platform that provides low cost, high quality, transparent casino experiences that are Guaranteed Fair.”

The space that FunFair is targeting is a massive one and is expected to grown even more in the coming years.

Ticker: FUN

ATH: $0.33

ATL: $0.0010

Current price: $0.0052

This page will be updated with future ‘forgotten gems’, so please consider subscribing

Acronyms used: 

ATH: All Time High

ATL: All Time Low

DYOR: Do Your Own Research

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

best Crypto Tax Software

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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