What is BitDAO? Is BitDAO worth buying?

BitDAO is currently one of the largest DAO in the world. At present, it is mainly supported and assisted by Peter Thiel, Founders Fund, Pantera, Dragonfly, Spartan, Bybit, etc. Among them, Bybit promises to make regular contributions to BitDAO's treasury every year. According to statistics, only Bybit's contribution to BitDAO will exceed US $1 billion in 2022.

It can be seen from the above that the future of BitDAO is optimistic by many people. But what does BitDAO do? BitDAO is one of the largest decentralized autonomous organizations (DAOs) in the world. In the BitDAO ecosystem, BIT is a governance token with the right to propose and vote. The purpose of the project is to build a decentralized token economy that can be used by everyone. The management right of its agreement belongs to the BIT token holder.

In short, BitDAO's vision is an open finance and decentralized token economy. DAO hopes to support a wide range of diverse projects, including DeFi, DAO, NFT and games. Users can use tokens to support R&D, liquidity guidance and funding.

What is a DAO introduced by BitDAO?

DAO (Decentralized Autonomous Organization) is the governance system used by many encryption projects. The DAO allows token holders to manage key operations, such as token exchange or changing project codes.

What is BitDAO?

Just like the aforementioned DAO (Decentralized Autonomous Organization), BitDAO is a decentralized project. BitDAO is a DAO controlled by the BIT currency holder. It is not a company, so it does not have any management team or employees.

In other words, any individual, development team or R&D laboratory can propose upgrading, token exchange and partnership for BitDAO. However, it is not certain that the proposal will be approved. BIT currency holders will vote whether to approve or reject these proposals.

Objectives of BitDAO

  1. Cooperate with the project through token exchange and joint development. Token exchange will enable BitDAO's vault to accumulate a collection of top-level encryption project tokens.
  2. Build core products to make BitDAO and other DAOs run more effectively. This includes on chain and off chain governance solutions, as well as DAO fund management solutions.
  3. Provide funding to teams that produce research or products that are public products for the encryption industry.

Of course, as we mentioned above, all financial actions will be decided by BIT currency holders through the process of proposal and voting.

Groups that can benefit from BitDAO

It is possible for everyone to make contributions and become a partner through BitDAO. Of course, they can also join the BitDAO community by owning BIT coins.

People with ideas but no start-up funds

If you don't have BitDAO tokens, we recommend you to join forums or social media groups and put forward your own ideas. Of course, there are also discussions about BitDAO on the Chinese discussion forum ptt or Dcard, but overall, there are not enough people involved, and even fewer people actually own Bitcoin.

We suggest that if you really have ideas, it would be better to go to the English forum to provide suggestions. Bitcoin holders can propose and vote for good opinions.

cooperative partner

Due to the nature of cryptocurrency, any DeFi or CeFi project can find ways to cooperate through BitDAO partnership.

Hold bit currency

This should be the most intuitive and easy way to participate. The BIT currency holder is the owner of the platform, and has the opportunity to recommend and vote on BitDAO's development strategy and the use of BitDAO's treasury resources.

BitDAO Future

As one of the largest DAO in the world, BitDAO has huge funds, strong support from personages and celebrities. If you are optimistic about the field of DAO, BitDAO is definitely a project worth your attention.

From our personal point of view, BitDAO seems to have a good chance to become a major participant and influencer in the decentralized token economy. The flexibility and transparency of the core of the DAO field are very likely to become the mainstream in the future, and may also make people more and more willing to hold Bitcoin.

Bit currency prospect

As we are optimistic about BitDAO on the whole, we think that if BitDAO develops better and better, people will want to hold Bitcoin more and more.

BitDAO will be a continuous development project. Under the continuous development, future opinion leaders will emerge over time to provide governance suggestions and influence the direction of the project. In other words, BitDAO's vision and mission will be driven by token holders, contributors and opinion leaders.

Of course, we do not mean that the earlier you join, the more likely you will become an opinion leader. But Bitcoin is like a ticket. If you join early, you can participate in more discussions, accumulate more experience, and cultivate better judgment in the future.

The above suggestions are personal opinions and do not constitute investment suggestions. Cryptocurrency is still an investment project with rapid changes and great ups and downs, which still needs careful evaluation before investment.