Learning the friendly way

BitDAO is building a decentralized token economy open to everybody. Managed by BIT token holders and one of the largest decentralized autonomous organizations (DAOs),  BitDAO is committed to growing the DeFi ecosystem through partner projects and a decentralized economy.

What Is BitDAO?

BitDAO aims to create an accessible tokenized economy that provides support, such as research and development, liquidity bootstrapping and funding, to a wide range of partner projects across the DeFi, DAO, NFT and gaming space. Through co-development offers and token swaps, BitDAO aims to attract developer talent and build a sustainable treasury of top crypto coins. 

BitDAO's ultimate goal is to create products that will not only improve BitDAO's efficiency and effectiveness, but also other DAOs. The core product comprises a series of both on-chain and off-chain governance solutions and products; with the latter, DAO treasury management would be able to deploy and monitor assets in order to earn yield.

Moreover, BitDAO plans on providing grants to different teams within the crypto industry for research or development purposes, all of which are voted on by members and given for the public good of cryptocurrency communities worldwide.

Through its DAO structure, the company does not rely on a traditional hierarchy to operate, instead, it is run by a group of token holders that contribute to the platform's development. Token holders are then rewarded in BIT tokens for participating. 

Changes to the BitDAO protocol are proposed to the BIT token holders who then have the power to vote on whether these changes are implemented or rejected. While the platform's vision has been outlined, where it ends up will be decided on by governance suggestions and forum participation. 

To sum it up, the people who hold BitDAO's tokens, investors, and members of its community will help shape BitDAO's vision which includes dedicating both financial and human resources to support DeFi's development.

What is the BitDAO Treasury?

Controlled by BIT token holders, the BitDAO Treasury is responsible for allocating funds as per decisions made by BIT token holders. The BitDAO Treasury also undertakes token swaps with emerging and existing projects with the intention to support them and incentivize the project's contribution to their success.

The BitDAO Treasury allocation was 30% of the projects initial 10 billion BIT total supply. Monthly contributions from Bybit and varying contributions from DeFi partners, determined by smart contracts, also contribute to the DAO treasury management solutions.

Who created the BitDAO platform?

In a unique move, the BitDAO platform has no founders. While being supported by big names such as Bybit, Peter Thiel, Pantera, Founders Fund and more, the project is entirely run by contributors holding BIT tokens. Bybit is recorded as being an early contributor and is believed to have contributed over $1 billion in funding to the initiative.

Taking the notion of decentralization to a new level, the project has no teams, leaders or companies behind its operations. All changes are proposed by individuals within the community and then voted on by BIT token holders.

How do the BitDAO core protocols work?

BitDAO is governed and administered by the holders of BIT tokens. It works on the DAO mechanism, a common governance structure within the crypto space. The DAO framework gives BIT token holders power over BitDAO decisions and actions through a system of voting on proposals.

The platform supports the following measures, which will only be executed if the proposal receives a positive vote through the DAO system.

• Financing or milestone development grants for development teams and R&D centers who create BitDAO solutions or assist partnered existing and emerging projects.
• Upgrades to BitDAO's fundamental protocols, notably governance and treasury management.
• Token swaps for current and new initiatives.
• The Treasury will deploy funds based on various tactics.
• Grants will be made available for blockchain technology projects, educational programs, as well as other services related to blockchain.
• Support in the way of cash flow through existing assets will be provided to partner initiatives.

There are three ways to get involved with BitDAO: contributing to the project, becoming a partner, or holding the tokens. Contributors and partners can be any DeFi or CeFi project looking to build the BitDAO ecosystem while token holders are considered to "own" the platform as they have the power to recommend and vote on BitDAO's growth strategies as well as the allocation of BitDAO's treasury resources.

Non-token holders are defined as community members and can have their say through the forum and social media channels. Here they can pitch their ideas, which BIT token holders can then choose to embrace. 

What is the BIT token?

The BIT token is the native token of the BitDAO ecosystem. The governance token allows for off-chain vote aggregation and delegated voting and provides the opportunity for switching to on-chain governance in the future. The BIT token can best be compared to the COMP token in the Compound Finance ecosystem. 

There is a maximum supply of 10,000,000,000 BIT tokens, with the BitDAO Treasury allocation accounting for 30% of these. Token holders technically possess these treasury tokens based on their share of BIT. I.e. if someone holds 10% of the total BIT supply, they have ownership of 10% of the Treasury's 30% supply, equating to an additional 1%. 

How BIT token holders can leverage Tap

You can now easily incorporate BitDAO (BIT) into your crypto portfolio by using the Tap app. The Tap app has recently added BIT to the list of supported crypto tokens, allowing anyone to conveniently and securely access the BitDAO market and safely store their BIT tokens.

Users can buy BitDAO (BIT) with fiat currency or engage in token swaps with other supported cryptocurrencies on the platform, or they can use traditional payment methods like bank transfers. The integrated wallets on the platform also make it easy for users to store and manage their BIT cryptocurrency.

We are delighted to announce the listing and support of BitDao (BIT) on Tap !

BIT is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold BIT for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting BIT will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

BitDAO is building a decentralized token economy open to everybody. Managed by BIT token holders and one of the largest decentralized autonomous organizations (DAOs),  BitDAO is committed to growing the DeFi ecosystem through partner projects and a decentralized economy.

BitDAO is governed and administered by the holders of BIT tokens. It works on the DAO mechanism, a common governance structure within the crypto space. The DAO framework gives BIT token holders power over BitDAO decisions and actions through a system of voting on proposals.

Get to know more about BitDao (BIT) in our dedicated article here.

We are delighted to announce the listing and support of Synthetix (SNX) on Tap!

SNX is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold SNX for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting SNX will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Synthetix is a groundbreaking decentralized asset protection protocol that permits users to mint, hold, and trade derivatives across different asset classes such as commodities, fiat currencies, stocks, and even cryptocurrencies like Bitcoin.

Synthetix provides a decentralized, permissionless, and censorship-resistant platform that allows users to gain exposure to both crypto and non-crypto assets without the need for ownership of these assets. This enables anyone with an interest in DeFi to join the industry through the use of synthetix assets regardless of whether they hold the actual assets or not.

Get to know more about Syntheticx (SNX) in our dedicated article here.

We are delighted to announce the listing and support of Enjin (ENJ) on Tap!

ENJ is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold ENJ for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting ENJ will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Playing an important role in the adoption of Web3, Enjin provides a platform of software products designed to allow anyone to harness the power of NFTs (non-fungible tokens) through the development, trade, monetization, and marketing of blockchain assets.

Powering the ecosystem is the Enjin Coin (ENJ), a token used to back the value of NFTs and other assets minted on the platform. When an asset is minted it locks ENJ tokens into a smart contract and effectively removes the tokens from circulation.

Enjin Coin (ENJ) is the native token of the Enjin ecosystem. Built on the Ethereum blockchain and compatible with multiple gaming platforms, the Enjin Coin is an ERC-20 token that allows the in-game items created on the platform to be traded with real-world value. The ENJ token has a maximum supply of 1 billion coins.

Get to know more about Enjin (ENJ) in our dedicated article here.

We are delighted to announce the listing and support of Chiliz (CHZ) on Tap!

CHZ is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold CHZ for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting CHZ will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Chiliz is a fintech company that uses blockchain technology to create new ways for fans to support and engage directly with their favorite sports teams. The company's goal is to be the leading provider of fintech solutions for sports and entertainment businesses around the world. Chiliz enables its users to trade tokens to show their support for professional sports teams.

Chiliz fans can buy their favorite team's Fan Tokens using the native Chiliz token " CHZ " on socios.com, the crowd management platform that Chiliz uses. Sports fans staking $CHZ on Socios.com also have opportunity to receive new Fan tokens as well as a up to 10% $CHZ bonus yield.

As we move into a more digital world with enhanced security systems, so too are hackers and fraudsters. With millions of dollars lost each year at the hands of these ill actors, in this article we take a look at the 5 most common crypto scams and how to spot them. The financial world need not be a scary place, with a few precautions in place you can bank on being able to avoid them.

What is a crypto scam?

A crypto scam is a type of investment fraud revolving around cryptocurrencies. According to a report by Chainalysis, a record-breaking $14 billion of crypto was stolen last year through crypto scams. While there are many different types of crypto scams, of which we'll explore 5 below, the common thread is that crypto is wrongfully taken from a user through fraudulent activities. 

The biggest crypto scam of recent times was in late 2020 when people hacked into the Twitter accounts of high profile individuals and claimed that should someone send Bitcoin or Ethereum to an address they will receive twice the value back. These accounts included the likes of Barack Obama, Elon Musk and Joe Biden. 

The top 5 most common crypto scams

While there are an infinite amount of crypto scams out there, below we are highlighting the 5 most common ones.

Fake crypto exchanges

These types of exchanges provide a buy/sell platform on which users can trade cryptocurrency, however, once they have deposited the funds they cannot withdraw any money. These funds might still appear on the platform although the money is long gone. 

Always read the reviews of a platform, and do your own research before depositing money anywhere. 

Ponzi schemes

Ponzi schemes might have started in the late 1800s but they're still here. The scheme works in such a way that each member earns rewards by recruiting new members, whose money is then used to pay off older members. This eventually reaches a saturation point after which it collapses. 

Always do your due diligence and ensure that the scheme you're investing in is solid. If it sounds too good to be true, it probably is.

Fake investment schemes

Be wary of an investment opportunity promising to deliver unbelievable gains. This might be in the form of depositing funds on a platform only to lose the money or struggle to withdraw it at a later stage. These are often circulated through well-known publications or on social media with celebrities "endorsing" the products. 

Pump and dumps also fall into this category. These schemes are created when a large group of people decide to invest in a coin, only to drive up the prices and cash out at the top. Many people are then left with a worthless coin at the end, having lost their investment. 

Imitating a crypto exchange

Similar to the concept of phishing, someone might create a social media account of a big exchange and contact the user "on behalf of the company". This is intended to gain your trust and is either done in an attempt to gain your passwords, or with a message that you owe large amounts in tax which needs to be paid in Bitcoin immediately to avoid imprisonment. 

Never follow links in an email, rather access the site from your own browser directly and be sure to check the URL. Successful scams of this nature often have a small typo in the URL which goes unnoticed. 

Malware & ransomware

The malware allows scammers to gain access to your computer, either locking you out of files or stealing credit card or crypto address details. With this information, they can drain your accounts in minutes. 

Ransomware works slightly differently in that the scammers lock the entire computer and demand a ransom to gain access again. This is often paired with blackmail where the victim, and in some cases organizations, are threatened that if they don't pay sensitive information will be released. A lot of victims in this situation manage to get out of it unharmed.

These might sound very scary, but should you maintain safe online protocols and check URLs before entering your details, they should be entirely avoided. 

5 tips on how to avoid crypto scams

These might sound obvious but it never hurts to read them again. Below are 5 tips on how to stay vigilant and avoid crypto scams entirely.

• Be wary of phone calls and emails claiming to be from exchanges and never click the links from them. 
• Never give your password, private key or security codes to anyone.
• Never give someone remote access to your device.
• Look out for social media accounts imitating legal firms or exchanges or a prominent person in the industry. Support will never contact you from a social media account.
• And lastly, if it sounds too good to be true - it probably is. 

Easily avoided, comfortably secure

We hope this information assists you in keeping your data and money secure online, proper security is always imperative when using payment methods or services on the internet. As technology evolves, so too must our security systems and vigilance. With these tips above you should be well on your way to spotting something that doesn't quite look right, and avoiding crypto scam.