Bidao is implementing Ontology (ONT) as Collateral Asset
What is Bidao
Bidao is building a new blockchain system that is dedicated to Decentralized Finance, short DeFi. Our goal is to create a blockchain-agnostic ecosystem for Defi applications. The Bidao ecosystem uses 2 different Tokens: the governance Token BID and the stablecoin BAI. Users can also stake their BID tokens and support the Bidao network. The stablecoin BAI is an algorithmic stablecoin that is pegged 1:1 to the US-Dollar.
Bidao + Ontology = ❤
Bidao is implementing ONT as a collateral asset. This means that ONT can be locked up in CDPs to generate the BAI stablecoin.
Using ONT as collateral is very easy. At first, the ONT is locked up in the CDP. In return, the appropriate amount of BAI is generated and can be used freely by the CDP creator. To regain access to the locked ONT, the BAI has to be repaid to the system. This is simply done by a simple function call and sending back the BAI to the CDP. After that, the ONT are unlocked and can be transferred freely again by the CDP creator.
The Bidao Cryptocurrency (BID) utilizes a completely decentralized proof-of-stake Blockchain with an additional collateral-backed value token which is 100% stable in value quite in contrast to for example Bitcoin, Binance Coin or Ethereum which experience huge fluctuation.
Bidao is integrating with many different Blockchains like Ontology, Tron, Bitcoin and Ethereum. This way Bidao becomes the one-stop-shop for Decentralized Finance (Defi) applications.
Ontology is a high-performance public blockchain and distributed collaboration platform. Architected in Asia with global teams, Ontology’s unique infrastructure supports robust cross-chain collaboration, Layer 2 scalability and includes a suite of decentralized identity (DID) and data sharing protocols to enhance the speed, security, and trust that are fundamental to enhanced global cooperation among businesses. These characteristics are particularly important for future global collaboration with on-chain and off-chain scenarios.