BiDao’s general idea is to offer a trustless stablecoin on Binance Chain, just like DAI on Ethereum. BiDao uses a decentralised proof-of-stake blockchain and a value token used as collateral for creating another 100% stable token.
More precisely, the system uses three tokens: Binance Coin (BNB), the Binance Chain native token used as collateral, the real stablecoin, which will be called BAI, and the governance token, called BiDao (BID).
The latter, BID, is the token that will be sold during the token sale, and it will also be “stakeable”, which means it can be staked to receive a reward simply by keeping it in the wallet without using it.
The choice of Binance Chain makes it possible to exchange the BiDao stablecoin with all the crypto assets running on the same Binance Chain, and presumably also on the Binance DEX.
In addition, by using BNB as collateral, their supply on the market will be reduced due to the fact that some will be locked as a reserve for BiDao.
The whitepaper also states that in the future BiDao will be integrated with other blockchains, such as Ethereum, Tezos and EOS, to become a single access point for decentralised finance (DeFi) applications.
The idea would be to compete with DAI, which is currently DeFi’s reference stablecoin, but which is anchored to Ethereum’s blockchain. In fact, MakerDAO is completely dependent on this blockchain and is not able to easily interact with other blockchains. BiDao’s ambitious long-term goal would be to make its stablecoin integrated into decentralised financial instruments based on other blockchains.
BiDao is a limited liability company based in Germany. The CEO is Bastian Aigne, while the CTO is Brian Condenanza.