Binance will support🤝 a Taproot Bitcoin (BTC) update, which will happen on 709,632 blocks of the core network, or approximately November 14, 2021 (UTC).
The update is intended to improve the efficiency and capabilities of smart contracts on the network, will not lead to the creation of a new token, and will not affect BTC trading.
#bitcoin #binance #taproot
The update is intended to improve the efficiency and capabilities of smart contracts on the network, will not lead to the creation of a new token, and will not affect BTC trading.
#bitcoin #binance #taproot
New York launches its own cryptocurrency
Newly elected Mayor Eric Adams has a big goal to turn the Big Apple into the cryptocurrency industry capital. The mayor's plans include creating a supportive environment for cryptocurrency projects in the state. Also, in a recent interview with CNN, Adams suggested introducing the study of cryptocurrencies into the school program.
On November 8, it was announced that New York City will launch its cryptocurrency this month, at the initiative of the future mayor and the city's community. The altcoin is called NYCCoin and will be issued on the CityCoins platform.
The coin will begin mining on November 11. The altcoin will be used to raise investments in the New York City budget to fund city initiatives and events. In return, investors will receive a reward in Bitcoins for stacking the city token.
Developers will be able to create smart contracts and decentralized applications (dApps) based on NYCCoin.
@BaksDAO
Newly elected Mayor Eric Adams has a big goal to turn the Big Apple into the cryptocurrency industry capital. The mayor's plans include creating a supportive environment for cryptocurrency projects in the state. Also, in a recent interview with CNN, Adams suggested introducing the study of cryptocurrencies into the school program.
On November 8, it was announced that New York City will launch its cryptocurrency this month, at the initiative of the future mayor and the city's community. The altcoin is called NYCCoin and will be issued on the CityCoins platform.
The coin will begin mining on November 11. The altcoin will be used to raise investments in the New York City budget to fund city initiatives and events. In return, investors will receive a reward in Bitcoins for stacking the city token.
Developers will be able to create smart contracts and decentralized applications (dApps) based on NYCCoin.
@BaksDAO
Annual U.S.🇺🇸 inflation🇺 rose to 6.2% in October 2021, the highest since November 1990 and above forecasts of 5.8%. This announcement yesterday pushed Bitcoin's exchange rate to new records, and ATH is now locked at $69,000📈
According to the data, Japan (0.2%)🇯🇵 Saudi Arabia (0.6%)🇸🇦 and Switzerland (1.2%)🇨🇭have the lowest inflation among countries👍.
Turkey (19.9%)🇹🇷, Argentina (52.5%)🇦🇷 and Venezuela (1946%)🇻🇪! have the highest inflation.
#economics
According to the data, Japan (0.2%)🇯🇵 Saudi Arabia (0.6%)🇸🇦 and Switzerland (1.2%)🇨🇭have the lowest inflation among countries👍.
Turkey (19.9%)🇹🇷, Argentina (52.5%)🇦🇷 and Venezuela (1946%)🇻🇪! have the highest inflation.
#economics
More than 14,830 ETH🔥 have been burned on the Ethereum network in the last 24 hours.
In total, more than 858,592 ETH have been burned since the activation of the London Ethereum update.
OpenSea (98,575 ETH), ETH transfers, Uniswap and Tether USDT Stablecoin are still the leaders in burning.
#ethereum #baksdao
In total, more than 858,592 ETH have been burned since the activation of the London Ethereum update.
OpenSea (98,575 ETH), ETH transfers, Uniswap and Tether USDT Stablecoin are still the leaders in burning.
#ethereum #baksdao
After another recalculation, bitcoin's mining complexity increased 4.69% to 22.67 trillion hashes (T)⚙️, according to BTC. com.
This is the ninth consecutive increase in mining since July.
The average mining speed⏱ of a BTC block is 9 min. 34 sec. and a hash rate of 162.15 EH/s.
#bitcoin #mining #baksdao
This is the ninth consecutive increase in mining since July.
The average mining speed⏱ of a BTC block is 9 min. 34 sec. and a hash rate of 162.15 EH/s.
#bitcoin #mining #baksdao
Fear and Greed Index is in neutral zone at 52 points. Yesterday's correction failed to cool the ardor of investors, so there is a probability of further decline to $56-57,000📉. For the growth we need to consolidate above $63,000📈.
All last week the market was at 71-75 points showing greed for the asset and apparently we have yet to experience real fear😱😱.
#baksdao #cryptocurrency
All last week the market was at 71-75 points showing greed for the asset and apparently we have yet to experience real fear😱😱.
#baksdao #cryptocurrency
Time Magazine will keep Ethereum on its balance sheet after its partnership with Mike Novogratz's Galaxy Digital Via and work to support content on the fresh and relevant Metaverse👾 topic.
Not surprisingly, since The Time's🕰 history is closely connected to crypto and the magazine has always supported the industry: they were the first to introduce the concept of cryptocurrency, promoting and researching digital money for 13 years. The Time also created its own NFT collection, in which 4,676 NFT tokens were sold out at the end of September in 1 minute👍.
#NFT #ethereum #baksdao
Not surprisingly, since The Time's🕰 history is closely connected to crypto and the magazine has always supported the industry: they were the first to introduce the concept of cryptocurrency, promoting and researching digital money for 13 years. The Time also created its own NFT collection, in which 4,676 NFT tokens were sold out at the end of September in 1 minute👍.
#NFT #ethereum #baksdao
Senator Jane Hume, while speaking at the Australian Financial Review Super & Wealth Summit in Sydney, described DeFi as a new and fast-growing area of financial technology with many opportunities👍.
In her words:
"... the introduction of cryptocurrency and Defi will boost the country's economy, as well as cement Australia's role as a leader in innovation and economic progress".
Not surprisingly, because according to a survey in the country about 17% of residents invested in cryptocurrency💸, and one of the major banks "Commonwealth Bank"🏛 became the first Australian bank that allowed its customers to own not only fiat funds, but also cryptocurrency.
The population is ready for official recognition of the asset, and the positive attitude towards the DeFi sector could make Australia the first country in the world to appreciate the functionality of decentralised finance!🏆
#defi #BAKS
In her words:
"... the introduction of cryptocurrency and Defi will boost the country's economy, as well as cement Australia's role as a leader in innovation and economic progress".
Not surprisingly, because according to a survey in the country about 17% of residents invested in cryptocurrency💸, and one of the major banks "Commonwealth Bank"🏛 became the first Australian bank that allowed its customers to own not only fiat funds, but also cryptocurrency.
The population is ready for official recognition of the asset, and the positive attitude towards the DeFi sector could make Australia the first country in the world to appreciate the functionality of decentralised finance!🏆
#defi #BAKS
Centralized and decentralized crypto-platforms. Advantages and disadvantages.
Today, it is impossible to imagine the cryptocurrency market without platforms for buying, exchanging and storing cryptocurrency assets. Every day, over $100 billion worth of transactions are made on such platforms. You can find thousands of different services offering exchange, storage and loan services in the market and all of them are divided into two types: centralized and decentralized platforms.
🔺 Centralized platforms 🔺
Such a service is managed from a one center. Control over all transactions and operations lies on the administration of the exchange, and the account and wallet do not belong to the user personally, but are given for use under certain conditions.
Centralization implies the client's trust in the platform and the transfer of his assets to a third party.
Back in the recent past, all organizations that dealt with finances were centralized. They acted as a trusted intermediary for all financial assets. For example, customers would hand money over to a bank for safekeeping, and the bank would have complete control over it.
Pros:
▫️ Ability to work with fiat;
▫️ Wide functionality: availability of trading functions;
▫️ Ability to add any asset to the listing;
▫️ Support service can solve any issue: from restoring access to the account to the cancellation of the operation.
Cons:
▫️ Lack of anonymity;
▫️ Security issues;
▫️ Availability of transaction limits;
▫️ Price manipulation.
❗️Important note: if you keep funds on a centralized platform, they become yours only when you withdraw them to your own wallet.❗️
🔺 Decentralized platforms 🔺
On a decentralized platform, all transactions are based on smart contracts and processed on a blockchain, and users control their own wallets.
Pros:
▫️ Anonymity;
▫️ Security. All keys are in the hands of the owner.
▫️ Full control over your assets and financial transactions.
▫️ Impossibility of financial manipulation even by platform administrators.
Cons:
▫️ Liability. You need to pay attention to the correctness of the data entered in the operations, because it will be impossible to undo them. And also on no account you should not lose the data for access to a purse. Only you have access to these data, so in case of loss no one will be able to help you restore them;
▫️ A limited set of functions, in most cases such services are highly specialized;
▫️ Transactions can only be made in the currency that is supported by the smart contract.
BaksDAO is a decentralized financial service or DeFi. Transactions are made without intermediaries in the form of banks and other centralized financial structures, and do not require the collection of documents or disclosure of identity. It was the decentralization technology that allowed us to create a secure, accessible, convenient and, most importantly, functional service.
Today, it is impossible to imagine the cryptocurrency market without platforms for buying, exchanging and storing cryptocurrency assets. Every day, over $100 billion worth of transactions are made on such platforms. You can find thousands of different services offering exchange, storage and loan services in the market and all of them are divided into two types: centralized and decentralized platforms.
🔺 Centralized platforms 🔺
Such a service is managed from a one center. Control over all transactions and operations lies on the administration of the exchange, and the account and wallet do not belong to the user personally, but are given for use under certain conditions.
Centralization implies the client's trust in the platform and the transfer of his assets to a third party.
Back in the recent past, all organizations that dealt with finances were centralized. They acted as a trusted intermediary for all financial assets. For example, customers would hand money over to a bank for safekeeping, and the bank would have complete control over it.
Pros:
▫️ Ability to work with fiat;
▫️ Wide functionality: availability of trading functions;
▫️ Ability to add any asset to the listing;
▫️ Support service can solve any issue: from restoring access to the account to the cancellation of the operation.
Cons:
▫️ Lack of anonymity;
▫️ Security issues;
▫️ Availability of transaction limits;
▫️ Price manipulation.
❗️Important note: if you keep funds on a centralized platform, they become yours only when you withdraw them to your own wallet.❗️
🔺 Decentralized platforms 🔺
On a decentralized platform, all transactions are based on smart contracts and processed on a blockchain, and users control their own wallets.
Pros:
▫️ Anonymity;
▫️ Security. All keys are in the hands of the owner.
▫️ Full control over your assets and financial transactions.
▫️ Impossibility of financial manipulation even by platform administrators.
Cons:
▫️ Liability. You need to pay attention to the correctness of the data entered in the operations, because it will be impossible to undo them. And also on no account you should not lose the data for access to a purse. Only you have access to these data, so in case of loss no one will be able to help you restore them;
▫️ A limited set of functions, in most cases such services are highly specialized;
▫️ Transactions can only be made in the currency that is supported by the smart contract.
BaksDAO is a decentralized financial service or DeFi. Transactions are made without intermediaries in the form of banks and other centralized financial structures, and do not require the collection of documents or disclosure of identity. It was the decentralization technology that allowed us to create a secure, accessible, convenient and, most importantly, functional service.
Our BaksDAO platform is already on the finish line. Very soon you will be able to fully use DeFi services with us. Today we propose to summarize the preliminary results, because there is actually a lot of💪🏻💪🏻💪🏻 done:
1. we have completed and tested one of the key features on the platform - secured cryptocurrency loan on BSChain Testnet⚙️
2. already made the first integration with the exchange, so that holders can exchange BAKS Stablecoin for other cryptocurrencies, if necessary💰
3. we integrated the function of updating cryptocurrency rates with ChainLink 💸
4. we are actively working on updating the website ⚙️
5. we launched the Bounty program (@baksdao_bounty21_int_bot) 🥥
6. launching testing of deposit function💎
As well as many other things. We continue to pick up speed and will be ready to meet every one of our users soon, on December 15🎉🎉🎉.
Thank you for your trust, stay tuned on social networks and stay with us❤️!
#baksdao #BAKS
1. we have completed and tested one of the key features on the platform - secured cryptocurrency loan on BSChain Testnet⚙️
2. already made the first integration with the exchange, so that holders can exchange BAKS Stablecoin for other cryptocurrencies, if necessary💰
3. we integrated the function of updating cryptocurrency rates with ChainLink 💸
4. we are actively working on updating the website ⚙️
5. we launched the Bounty program (@baksdao_bounty21_int_bot) 🥥
6. launching testing of deposit function💎
As well as many other things. We continue to pick up speed and will be ready to meet every one of our users soon, on December 15🎉🎉🎉.
Thank you for your trust, stay tuned on social networks and stay with us❤️!
#baksdao #BAKS
Baksdao
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🤘🏻December is the most important month for BaksDAO🤘🏻
Today marks the start of the last month of the year. Many are slowly reflecting on the events that have passed, beginning to take stock and plan for a leisurely future🥱....
Many, but not us! We're announcing the hottest, most productive and eventful month ever! 💪🏻💪🏻💪🏻
This December we will be:
- Finish testing the deposit function and doing a clean run of all transactions👍🏼
- Undertake an audit and get platform cleanliness confirmation ✅
- hold a unique online session with developers and project funders to celebrate the launch of BaksDAO📢
- launch the platform in the official release and test its features for the first time🔥
- summing up the results of the bounty program and giving away the first BDV voting tokens and BAKS💸 stablecoins
- Celebrating Christmas and the New Year🎄 with you for the first time
- Rushing into 2022 full of energy and plans🎉!
🚀🚀🚀Today, December 1, we're starting the countdown to the launch of BaksDAO! Time is running out, and soon we'll be able to use this modern, relevant, affordable service together for everyone!
Follow our news and social networks, we'll write you about all the details right away! It won't be long before we become a big decentralized family🙏🏼!
#baksdao #BAKS
Today marks the start of the last month of the year. Many are slowly reflecting on the events that have passed, beginning to take stock and plan for a leisurely future🥱....
Many, but not us! We're announcing the hottest, most productive and eventful month ever! 💪🏻💪🏻💪🏻
This December we will be:
- Finish testing the deposit function and doing a clean run of all transactions👍🏼
- Undertake an audit and get platform cleanliness confirmation ✅
- hold a unique online session with developers and project funders to celebrate the launch of BaksDAO📢
- launch the platform in the official release and test its features for the first time🔥
- summing up the results of the bounty program and giving away the first BDV voting tokens and BAKS💸 stablecoins
- Celebrating Christmas and the New Year🎄 with you for the first time
- Rushing into 2022 full of energy and plans🎉!
🚀🚀🚀Today, December 1, we're starting the countdown to the launch of BaksDAO! Time is running out, and soon we'll be able to use this modern, relevant, affordable service together for everyone!
Follow our news and social networks, we'll write you about all the details right away! It won't be long before we become a big decentralized family🙏🏼!
#baksdao #BAKS
Baksdao
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Dear friends! There are important news about the BaksDAO release.
We are starting an audit of our platform's smart contracts with an international cybersecurity auditor. All smart contracts will be tested for security and operability. We will definitely inform you about the results of the audit.
You will receive a high-quality and safe product with which you will be able to increase your fortune.
BaksDAO's open online presentation will be on December 16, 2021. BaksDAO founders will give you a tour of the platform, talk about the intricacies of working with it and answer questions from the audience. The form for registration for the meeting will appear later.
And until December 25, we will summarize the results of the Bounty program and distribute gifts 🎁
You still have the opportunity to become a member of the program — just follow the instructions of the bot.
Thank you for joining the community and waiting for the release of the platform with us. 💫
@baksdao
#baksdao #bounty #security
We are starting an audit of our platform's smart contracts with an international cybersecurity auditor. All smart contracts will be tested for security and operability. We will definitely inform you about the results of the audit.
You will receive a high-quality and safe product with which you will be able to increase your fortune.
BaksDAO's open online presentation will be on December 16, 2021. BaksDAO founders will give you a tour of the platform, talk about the intricacies of working with it and answer questions from the audience. The form for registration for the meeting will appear later.
And until December 25, we will summarize the results of the Bounty program and distribute gifts 🎁
You still have the opportunity to become a member of the program — just follow the instructions of the bot.
Thank you for joining the community and waiting for the release of the platform with us. 💫
@baksdao
#baksdao #bounty #security
Dear friends, thank you very much to those who are participating in our airdrop! 🤗
As promised we are posting the google form in order to check eligibility and collect payment information, so we can distribute prizes properly. Just a friendly reminder - in order to get prizes you need to fulfill all requirements, i.e. join our other social media as well. For your convenience, here are links to our social media that we asked you to join:
https://news.1rj.ru/str/BaksDAO_INT_COMMUNITY
https://news.1rj.ru/str/BaksDAO_IntBlog
https://twitter.com/BaksDao
https://www.facebook.com/BaksDAOint/
https://medium.com/@BaksDAO
Get 10 BAKS + 500 BDV tokens if you are among the first lucky 50 participants;
3 BAKS and 250 BDV tokens if you are among the first 200,
and 100 BDV tokens if you are among the first 500.
Please fill out this form at your earliest convenience!
Here is this form: https://forms.gle/8RxPXWJHzUzqCnP29
Your tokens will be credited to you no later than December 25, 2021, so that you have a pleasant Christmas 🤍🎄
As promised we are posting the google form in order to check eligibility and collect payment information, so we can distribute prizes properly. Just a friendly reminder - in order to get prizes you need to fulfill all requirements, i.e. join our other social media as well. For your convenience, here are links to our social media that we asked you to join:
https://news.1rj.ru/str/BaksDAO_INT_COMMUNITY
https://news.1rj.ru/str/BaksDAO_IntBlog
https://twitter.com/BaksDao
https://www.facebook.com/BaksDAOint/
https://medium.com/@BaksDAO
Get 10 BAKS + 500 BDV tokens if you are among the first lucky 50 participants;
3 BAKS and 250 BDV tokens if you are among the first 200,
and 100 BDV tokens if you are among the first 500.
Please fill out this form at your earliest convenience!
Here is this form: https://forms.gle/8RxPXWJHzUzqCnP29
Your tokens will be credited to you no later than December 25, 2021, so that you have a pleasant Christmas 🤍🎄
BAKS Stablecoin, part 1
BAKS is an algorithmic stablecoin that does not depend on a complex algorithm to maintain liquidity and stakeholder value.
The main principles on which the BAKS stablecoin is built are:
✅ Simplicity.
✅ Reliability
✅ Stability
✅ Affordability.
BAKS has 100% security in the form of coins placed on the platform. A stabilization fund is responsible for maintaining stability, in which, if the exchange rate of any pledged coin changes, BAKS Stablecoin is burned or added.
For example:
🔹 The total issue of BAKS is $1,000,000;
🔹 There are $1,000,000 worth of cryptocurrencies in collateral and deposits. Cryptocurrency rates are subject to volatility, which means they can rise or fall during the day;
🔹 Let's assume that the value of coins in collateral and deposits has changed. The stabilization fund bots constantly analyze the situation and if the total price change, more than 1%, will trigger the rebalancing function in the smart contract, which will burn or release the missing amount of BAKS stabelcoin in exact accordance with the difference from the market price of the assets on the platform
Data on the number of coins released and the number of cryptocurrencies in pledges and deposits can always be checked in Etherscan.
BAKS is an algorithmic stablecoin that does not depend on a complex algorithm to maintain liquidity and stakeholder value.
The main principles on which the BAKS stablecoin is built are:
✅ Simplicity.
✅ Reliability
✅ Stability
✅ Affordability.
BAKS has 100% security in the form of coins placed on the platform. A stabilization fund is responsible for maintaining stability, in which, if the exchange rate of any pledged coin changes, BAKS Stablecoin is burned or added.
For example:
🔹 The total issue of BAKS is $1,000,000;
🔹 There are $1,000,000 worth of cryptocurrencies in collateral and deposits. Cryptocurrency rates are subject to volatility, which means they can rise or fall during the day;
🔹 Let's assume that the value of coins in collateral and deposits has changed. The stabilization fund bots constantly analyze the situation and if the total price change, more than 1%, will trigger the rebalancing function in the smart contract, which will burn or release the missing amount of BAKS stabelcoin in exact accordance with the difference from the market price of the assets on the platform
Data on the number of coins released and the number of cryptocurrencies in pledges and deposits can always be checked in Etherscan.
BAKS Stablecoin, part 2. BAKS stablecoin balancing mechanism 🪙
In order to ensure the stability and reliability of the BAKS token, a dual algorithm for issuing and maintaining value has been developed.
The issuance algorithm is based on securing the issuance of the token with funds (other crypto-assets) locked on the platform's smart contracts.
There are 3 funds on the platform:
💠 Stabilization Fund.
💠 Exchange fund
💠 Development Fund.
Maintaining the stability of BAKS takes place in the Stabilization Fund. Depending on the market situation, coins are either issued or burned. The process is instantaneous, so 1 BAKS is always equal to $1.
The Stabilization Fund is replenished from various sources:
💵 funds from investors.
💵 part of funds from loans (issuance)
💵 part of funds from deposits(issue)
The fund is regulated by the smart contract of stabilization of issued stabelcoins.
📉 When the rate drops, (before the Margin Call and loan liquidation) the Stablecoin is burned in the Stabilization Fund and the balance is automatically equalized.
📉 If the rate continues to fall and there is a liquidation of the collateral (When the collateral price from the initial falls to 78.74% or LTV of the loan 83%), the collateral is sold or sent to the fund and the loans are liquidated.
📉 When the market falls critically (50% or more), funds are transferred from the Exchange and Development funds to the Stabilization Fund.
The main protection against inflation of the BAKS stablocoin is its overcollateralization with investors' funds in all three funds.
In order to ensure the stability and reliability of the BAKS token, a dual algorithm for issuing and maintaining value has been developed.
The issuance algorithm is based on securing the issuance of the token with funds (other crypto-assets) locked on the platform's smart contracts.
There are 3 funds on the platform:
💠 Stabilization Fund.
💠 Exchange fund
💠 Development Fund.
Maintaining the stability of BAKS takes place in the Stabilization Fund. Depending on the market situation, coins are either issued or burned. The process is instantaneous, so 1 BAKS is always equal to $1.
The Stabilization Fund is replenished from various sources:
💵 funds from investors.
💵 part of funds from loans (issuance)
💵 part of funds from deposits(issue)
The fund is regulated by the smart contract of stabilization of issued stabelcoins.
📉 When the rate drops, (before the Margin Call and loan liquidation) the Stablecoin is burned in the Stabilization Fund and the balance is automatically equalized.
📉 If the rate continues to fall and there is a liquidation of the collateral (When the collateral price from the initial falls to 78.74% or LTV of the loan 83%), the collateral is sold or sent to the fund and the loans are liquidated.
📉 When the market falls critically (50% or more), funds are transferred from the Exchange and Development funds to the Stabilization Fund.
The main protection against inflation of the BAKS stablocoin is its overcollateralization with investors' funds in all three funds.
DeFi 101. Everything you need to know about decentralized finances 💸
Decentralized finances, or DeFi, is an ecosystem of financial applications created using blockchain technology without a bank or any third party.
Every financial system is locked within its own boundaries: geographic, social, legal.
DeFi breaks down those boundaries.
And it does so by replacing outdated technology with public, global, distributed, and decentralized networks specifically designed to make transactions without intermediaries.
📍DeFi in cryptocurrency: Origins of the term
The term DeFi was born in August 2018 in an Ethereum developer chat during a brainstorming session. Inje Yeo of Set Protocol, Blake Henderson of 0x, and Brendan Forster of Dharma participated in the discussion.
They discussed what to call the movement of open source financial applications created on Ethereum. Open Horizon, Lattice Network and Open Financial Protocols were also considered. But the choice fell on DeFi.
Three years later, DeFi has become big business. A user with a cryptocurrency wallet can trade digital assets, get credit, get insurance and more. About $90 billion is stored on DeFi sites; more than 10 million people downloaded MetaMask, one of the most popular digital wallets used to open access to decentralized networks.
📍DeFi's core principles are.
1. Noncustodiality
Non-custodial distributed networks allow people to have complete and sole control over their assets and data.
Users are the sole owners of the keys to their wallets and have complete control over their funds. The term used to describe this feature means that DeFi applications are "non-custodial" because no third party owns your assets - you own them.
2. Open boundaries
There are no boundaries in the open networks of this financial system, and anyone can access it.
To start interacting with DeFi apps, all you need is a cryptocurrency wallet and an internet connection. The services will not ask users for personal information. Your identity in DeFi is a set of letters and numbers that make up your address in the blockchain.
3. Transparency
Transactions are governed by smart contracts. No one, including the administrators and owners of the DeFi platform, can make changes or manipulate exchange rates and interest rates, or misappropriate someone else's assets. Since all transactions take place on the blockchain - the data cannot be altered, falsified or deleted, which gives a guarantee to the user.
4. Decentralization and Collective Management
Beyond a basic level of decentralization, DeFi platforms are built to be managed by the user community. Users become owners of their financial applications; they can participate in key decisions, including proposing changes themselves, and benefit from the growth and development of the DeFi platform. The main principle is that no centralized party (whether platform owners, investors, or ordinary users) can unilaterally take control of funds or change the rules of the game.
Decentralized finances, or DeFi, is an ecosystem of financial applications created using blockchain technology without a bank or any third party.
Every financial system is locked within its own boundaries: geographic, social, legal.
DeFi breaks down those boundaries.
And it does so by replacing outdated technology with public, global, distributed, and decentralized networks specifically designed to make transactions without intermediaries.
📍DeFi in cryptocurrency: Origins of the term
The term DeFi was born in August 2018 in an Ethereum developer chat during a brainstorming session. Inje Yeo of Set Protocol, Blake Henderson of 0x, and Brendan Forster of Dharma participated in the discussion.
They discussed what to call the movement of open source financial applications created on Ethereum. Open Horizon, Lattice Network and Open Financial Protocols were also considered. But the choice fell on DeFi.
Three years later, DeFi has become big business. A user with a cryptocurrency wallet can trade digital assets, get credit, get insurance and more. About $90 billion is stored on DeFi sites; more than 10 million people downloaded MetaMask, one of the most popular digital wallets used to open access to decentralized networks.
📍DeFi's core principles are.
1. Noncustodiality
Non-custodial distributed networks allow people to have complete and sole control over their assets and data.
Users are the sole owners of the keys to their wallets and have complete control over their funds. The term used to describe this feature means that DeFi applications are "non-custodial" because no third party owns your assets - you own them.
2. Open boundaries
There are no boundaries in the open networks of this financial system, and anyone can access it.
To start interacting with DeFi apps, all you need is a cryptocurrency wallet and an internet connection. The services will not ask users for personal information. Your identity in DeFi is a set of letters and numbers that make up your address in the blockchain.
3. Transparency
Transactions are governed by smart contracts. No one, including the administrators and owners of the DeFi platform, can make changes or manipulate exchange rates and interest rates, or misappropriate someone else's assets. Since all transactions take place on the blockchain - the data cannot be altered, falsified or deleted, which gives a guarantee to the user.
4. Decentralization and Collective Management
Beyond a basic level of decentralization, DeFi platforms are built to be managed by the user community. Users become owners of their financial applications; they can participate in key decisions, including proposing changes themselves, and benefit from the growth and development of the DeFi platform. The main principle is that no centralized party (whether platform owners, investors, or ordinary users) can unilaterally take control of funds or change the rules of the game.
Dear friends!
We have great news.
BaksDAO platform has successfully passed the audit for the absence of vulnerabilities in the system 🎉
The international auditor Solid Proof checked our platform for security and functionality.
No violations were found in the system. Based on the results of the audit, comments were made to remove some non-applicable features, which will be eliminated before launching the product.
This means that the BaksDAO platform is ready to release!
📍The launch of the platform will take place on December 25.
The full auditors' report can be found here.
We have great news.
BaksDAO platform has successfully passed the audit for the absence of vulnerabilities in the system 🎉
The international auditor Solid Proof checked our platform for security and functionality.
No violations were found in the system. Based on the results of the audit, comments were made to remove some non-applicable features, which will be eliminated before launching the product.
This means that the BaksDAO platform is ready to release!
📍The launch of the platform will take place on December 25.
The full auditors' report can be found here.
BAKS token and BDV government token 🪙
The platform will be released very soon, which means it's time to tell you about the two tokens issued by the Baks DAO platform - BAKS token and BDV government token.
📍 BAKS token
BAKS is an algorithmic stabelcoin issued by the platform to make loans. Stablecoin is tied to the number of assets placed and is the main technical token of BaksDAO.
BAKS Stablecoin is calculated using a unique algorithm, due to which the coin's liquidity is fully secured by collateral on smart contracts. 1 BAKS coin is always equal to $1.
The platform allows issuing BAKS only when the user makes a pledge or deposit to a smart contract. It is not possible to issue the token any other way.
The stability of the coin is maintained by the coin volume balancing module. As soon as there is a difference between the amount of BAKS Stablecoins issued and the amount of all blocked funds on the platform, the module burns or releases the necessary amount of coins to keep the balance.
This allows BAKS Stablecoin to be independent of external and internal market changes and to remain stable in all conditions.
Learn more about BAKS algorithms
📍 BDV government token
BDV is a collaborative platform management tool. The token will be issued in a limited quantity of 2 billion BDVs, 1 billion of which will be publicly burned during the platform's transition to a decentralized DAO management type. The tokens run on the ERC-20 and BEP-20 protocols.
BDV holders can participate in the development of BaksDAO and propose changes to the platform. For example, pledged coin lists, management processes, user roles, individuals and companies for certain tasks will be determined through voting.
First, the issue will be put up for discussion on BaksDAO's social media channels. After discussion, administrators will put the block of changes up for a vote. Two smart contracts with yes and no values are created. In order to cast a vote, the user will need to transfer a BDV token to one of the smart contracts within 5 days. After voting, the token is transferred back to the user's account. Voting takes place for the entire block of changes.
The platform will be released very soon, which means it's time to tell you about the two tokens issued by the Baks DAO platform - BAKS token and BDV government token.
📍 BAKS token
BAKS is an algorithmic stabelcoin issued by the platform to make loans. Stablecoin is tied to the number of assets placed and is the main technical token of BaksDAO.
BAKS Stablecoin is calculated using a unique algorithm, due to which the coin's liquidity is fully secured by collateral on smart contracts. 1 BAKS coin is always equal to $1.
The platform allows issuing BAKS only when the user makes a pledge or deposit to a smart contract. It is not possible to issue the token any other way.
The stability of the coin is maintained by the coin volume balancing module. As soon as there is a difference between the amount of BAKS Stablecoins issued and the amount of all blocked funds on the platform, the module burns or releases the necessary amount of coins to keep the balance.
This allows BAKS Stablecoin to be independent of external and internal market changes and to remain stable in all conditions.
Learn more about BAKS algorithms
📍 BDV government token
BDV is a collaborative platform management tool. The token will be issued in a limited quantity of 2 billion BDVs, 1 billion of which will be publicly burned during the platform's transition to a decentralized DAO management type. The tokens run on the ERC-20 and BEP-20 protocols.
BDV holders can participate in the development of BaksDAO and propose changes to the platform. For example, pledged coin lists, management processes, user roles, individuals and companies for certain tasks will be determined through voting.
First, the issue will be put up for discussion on BaksDAO's social media channels. After discussion, administrators will put the block of changes up for a vote. Two smart contracts with yes and no values are created. In order to cast a vote, the user will need to transfer a BDV token to one of the smart contracts within 5 days. After voting, the token is transferred back to the user's account. Voting takes place for the entire block of changes.
We invite you to join the testing of the BaksDAO platform ⚡️
There is very little time before the release of BaksDAO, so it is very important to us to get feedback from our users. We invite all community members to join the testing.
You will be the first to evaluate the functionality of our platform.
And in order to make the testing process even more interesting, we have prepared gifts for testers 🎁
Anyone who leaves feedback in the testing chat - comments, indication of bugs and their general impressions will receive a reward of 500 BDV 💸
After testing is complete, we will select the 10 most useful reviews. The authors of the best reviews will receive 5000 BDV each
The main prize of 5000 BDV and 100 BAKS will be awarded to the author of the most useful review.
Duration: up to and including December 20.
Sending prizes: up to and including December 25.
There are some simple steps to join testing contest:
1. 📍Join the testing (The detailed instructions are available in the testing chat)
2. Connect Metamask Wallet with the platform
3. Join TestNet
4. Add tokens from the list in instructions to your wallet
5. Send your wallet address in testing chat to get tokens for testing
6. Start testing (Loans, deposits, changing) 📍Link to log in to the test platform
7. Send your feedback in the testing chat 😁
Let's start!
There is very little time before the release of BaksDAO, so it is very important to us to get feedback from our users. We invite all community members to join the testing.
You will be the first to evaluate the functionality of our platform.
And in order to make the testing process even more interesting, we have prepared gifts for testers 🎁
Anyone who leaves feedback in the testing chat - comments, indication of bugs and their general impressions will receive a reward of 500 BDV 💸
After testing is complete, we will select the 10 most useful reviews. The authors of the best reviews will receive 5000 BDV each
The main prize of 5000 BDV and 100 BAKS will be awarded to the author of the most useful review.
Duration: up to and including December 20.
Sending prizes: up to and including December 25.
There are some simple steps to join testing contest:
1. 📍Join the testing (The detailed instructions are available in the testing chat)
2. Connect Metamask Wallet with the platform
3. Join TestNet
4. Add tokens from the list in instructions to your wallet
5. Send your wallet address in testing chat to get tokens for testing
6. Start testing (Loans, deposits, changing) 📍Link to log in to the test platform
7. Send your feedback in the testing chat 😁
Let's start!