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 + DASH = ❤

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

Using DASH as collateral is very easy. At first, the DASH 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 DASH, 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 DASH 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…………

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Author: Bidao Chain
Original link: https://medium.com/bidaochain/bidao-is-implementing-dash-dash-as-collateral-asset-bce91c227dc9