Bidao is implementing Tomochain (TOMO) 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 + Tomochain = ❤

Bidao is implementing Tomochain as a collateral asset. This means that TOMO can be locked up in CDPs to generate the BAI stablecoin.

Using TOMO as collateral is very easy. At first, the TOMO 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 TOMO, 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 TOMO are unlocked and can be transferred freely again by the CDP creator.

About Bidao

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.

About Tomochain

TomoChain is a scalable blockchain-powered via Proof-of-Stake Voting consensus which is used commercially by companies globally. Its mission is to accelerate the onboarding of millions of users by empowering today’s applications with technology that masks the friction of Blockchain, all while retaining its underlying benefits. TomoChain’s technology and DeFi-focused flagship products include: Fast & Near-Zero Fees: 2000 TPS, 2-second blocktime, ~$0 gas fees, and EVM compatible. An array of original features and protocols is designed to support speed, privacy, usability, and liquidity needs all in one platform.