BitDAO (BIT) is a new decentralized autonomous organization (DAO) that was launched in July 2021. The organization is focused on supporting the growth and development of the decentralized finance (DeFi) ecosystem by providing funding and resources to promising DeFi projects.
BitDAO is powered by a community of investors and developers who hold BIT tokens, the native cryptocurrency of the BitDAO platform. These tokens can be used to vote on proposals and decisions related to the governance and direction of the organization, such as which DeFi projects to fund and how to allocate resources.
One of the primary goals of BitDAO is to support the growth and development of DeFi by providing funding to promising projects, as well as building partnerships and collaborations with other organizations in the DeFi space. By supporting the growth of DeFi, BitDAO aims to help create a more decentralized and accessible financial system that is open to everyone, regardless of their background or location.
Overall, BitDAO represents an exciting new development in the DeFi ecosystem, providing a community-driven approach to supporting the growth and development of this important and rapidly evolving area of the cryptocurrency industry.
As a decentralized autonomous organization (DAO), BitDAO (BIT) is not a cryptocurrency that can be stored on a hardware wallet like other cryptocurrencies. Instead, as a governance token, BIT is used to vote on proposals and decisions related to the governance and direction of the organization, such as which DeFi projects to fund and how to allocate resources.
BIT can be stored in compatible software wallets that support ERC-20 tokens, which is the standard for tokens on the Ethereum blockchain, on which BIT is built. Some popular software wallets that support ERC-20 tokens and are compatible with BIT include:
MetaMask: MetaMask is a popular web3 wallet that allows you to store and manage your BIT tokens, as well as other ERC-20 tokens.
MyEtherWallet: MyEtherWallet is a web-based wallet that allows you to store, send, and receive BIT tokens and other ERC-20 tokens.
Trust Wallet: Trust Wallet is a mobile wallet that supports a wide range of cryptocurrencies and tokens, including BIT.
When using software wallets to store your BIT tokens, it’s important to follow best practices for security, such as using a strong password and enabling two-factor authentication (2FA). Additionally, you should ensure that you only download wallet software from trusted sources, and never share your private keys or seed phrases with anyone.
The best option for storing any cryptocurrency would be to use a hardware wallet. These are pieces of hardware that store the private key to your coins offline.
Today, there are two leading hardware manufacturers to choose from – Ledger and TREZOR. Both companies have different models of hardware wallets that will get the job done.
If you want deeper insights on specific models, you can read my Ledger Nano X review or my TREZOR Model T review.
Hardware wallets cost money, so if you’re not sure how serious you are about cryptocurrencies and just want to get taste of what they feel like, perhaps you would be better off starting with a software wallet.
A software wallet is a free program that lets you store your coins on your computer or mobile phone.
The easiest BitDAO software wallets to get started with are undoubtedly Exodus, AtomicWallet and Guarda . All wallets are very intuitive. Exodus, Atomic Wallet and Guarda is available on desktop for Windows, Mac and Linux, as well as on mobile for both iOS and Android. If you want more information you can read my Exodus, AtomicWallet and Guarda review.
Once you decide on an exchange, open an account and buy your BitDAO. Make sure to withdraw the BitDAO from the exchange to your personal wallet.
Never leave coins on an exchange, as you risk losing them all if that exchange gets hacked or shuts down (which has happened in the past).
BitDAO has no founders; the project is maintained by group of contributors holding BIT tokens.
The protocol has no teams or companies behind it — as it is a DAO — meaning that various individuals can propose changes to be made to the BitDAO protocol and it is up to the BIT holders (contributors) to vote on whether to accept or reject these suggested proposals.
One of the largest DAOs, it is supported by Peter Thiel, Founders Fund, Pantera, Dragonfly, Spartan, Bybit and others.
Bybit is an early supporter of BitDAO and has pledged recurring contributions to the BitDAO treasury which at 2021 rates exceeds 1B dollars per year. See: https://www.bitdao.io/analytics/
There are a few things that make BitDAO unique in the world of cryptocurrency and decentralized finance (DeFi):
Decentralized Autonomous Organization (DAO): BitDAO is a DAO, which means that it is run by a community of investors and developers who hold BIT tokens and use them to vote on proposals and decisions related to the governance and direction of the organization. This approach to governance is more decentralized than traditional centralized organizations, which are run by a small group of individuals.
Community-Driven Approach: BitDAO is community-driven, which means that it is focused on supporting the growth and development of the DeFi ecosystem by providing funding and resources to promising DeFi projects. By empowering its community of investors and developers, BitDAO aims to create a more accessible and decentralized financial system that benefits everyone.
Funding for DeFi Projects: One of the primary goals of BitDAO is to provide funding and resources to promising DeFi projects. By doing so, BitDAO aims to support the growth and development of the DeFi ecosystem, which is an important and rapidly evolving area of the cryptocurrency industry. By supporting DeFi projects, BitDAO aims to help create a more decentralized and accessible financial system that is open to everyone.
Focus on Long-Term Value: BitDAO takes a long-term view of its investments and focuses on creating value for its investors and the wider DeFi ecosystem. By taking a patient and strategic approach to its investments, BitDAO aims to create sustainable growth and long-term value for its community of investors and the wider DeFi ecosystem.
Overall, BitDAO represents an exciting new development in the world of cryptocurrency and DeFi, with a community-driven approach to governance and a focus on supporting the growth and development of the DeFi ecosystem.
BitDAO aims to partner with existing and emerging projects through token swaps. Token swaps will enable the BitDAO treasury allocation to gather a collection of top crypto tokens. The priority is spot and derivatives DEXes.
BitDAO aims to build core products that will help the functionality and effectiveness of BitDAO and other DAOs. The core product includes a set of on-chain and off-chain governance solutions and products, with the DAO’s treasury management able to deploy and monitor assets to earn yield. In addition, BitDAO aims to provide grants to teams in the crypto industry for research or products. All grants are voted on and are given for the public good of the crypto world.
Here are some of BitDAO’s goals:
All treasury actions will be determined by BIT token holders via a proposal and voting process.
As of now, there are no market statistics for BitDAO coins, as the trading has not yet begun. However, BitDAO aims at an initial distribution of 200,000,000 BIT.
The breakdown of the distribution will be as follows:
Private Sale – 5% (10000000 $BIT)
Launch Partner Rewards – 5% (10000000 $BIT)
BitDO Treasury – 30% (600000000 $BIT)
Partner (Bybit) Flexible – 15% (300000000 $BIT)
Partner (Bybit) Locked – 45% (900000000 $BIT)
The distribution of the tokens has vesting for the private sale to be held on Oct. 15, 2021. The BitDAO treasury holds 30% of the total tokens, which are owned by the contributors (token holders) in proportion to the number of tokens they hold. The treasury tokens can be used for rewards, grants and swaps, and their usage is determined by the proposal and voting of the contributors.
Bybit — through the flexible and locked tokens — has the largest percentage of BIT tokens. These Bybit tokens can be used for R&D purposes. Bybit has pledged to make a significant contribution to the BitDAO treasury.
The BitDAO Platform uses SSL encryption to protect the personal data of users on the platform. BitDAO has also partnered with Amber, which is invested in cyber and crypto security and has industry-leading security infrastructure like Fireblocks and BitGo.
BitDAO is owned and governed by BIT token holders, with the following actions executed only after a successful proposal and vote:
BitDAO trading has begun as of Aug. 16.
As of Aug. 21, BitDAO is trading at over $1.