Big new！Bandot geted the first grant from web3 foundation successfully

Briefly explain why choose Polkadot?

In fact, before the project was launched, we conducted a deep understanding and comparison between Cosmos and Polkadot. Polkadot uses a separate relay chain to uniformly manage consensus security and data interaction. It uses a variety of parallel chain technologies to meet various application needs, and further separates consensus and state transitions. It is more friendly for developers. Developers can focus on the development of the technology of the project without considering the security mechanism. At the same time, the ecological application of Polkadot is constantly emerging, and we are even more convinced that choosing Polkadot is the right choice.

what is the Bandot?

Bandot is a mortgage-based stablecoin developed based on substrate. Prior to the development of the project, Polkadot’s native token DOT was preferentially supported for collateral.

The Bandot protocol supports the value exchange between different parallel chains, enabling the Polkadot on-chain tokens to be quickly traded and circulated. Users can issue smart tokens through the Bandot protocol and run them on parachains, and automatically exchange them through the value anchoring of the Bandot algorithm and the tokens on each of the Polkadot ecosystems. The prosperity of the token economy and the simplicity of circulation can reduce transaction costs. It will definitely better serve dApp development, so that developers can better design and distribute their own decentralized applications.

Token economy under the design of dual tokens:

BDT: It is the stable coin of Bandot platform, 1BDT = 1USD.

BDTS: is a managed digital currency used for market circulation, community rewards, promotion and mortgage rates.

The first is on-chain governance. Like Maker, Bandot token holders can modify the parameters of the stable system, such as the number of BDT stable tokens issued, the mortgage rate, and the price used as the CDP rate, by voting.

The second is Staking mortgage and verification. Bandot has a staking asset, which is used to maintain network security. Users can vote for nodes. As revenue, they can obtain transaction fees and stable rates paid by users when they close CDP mortgage debt positions.

What types of collateral does Bandot support?

Bandot is a stable currency that supports multi-currency collateral types, such as DOT, BTC, and ETH, but will preferentially support DOT collateral to improve the interoperability of Polkadot cross-chain economy.

Why does Polkadot need Bandot?

Polkadot is a cross-chain with a heterogeneous multi-chain architecture, with different parallel chains. Between the parallel chains, there will be economic circulation between the chains. During economic circulation, different value currencies will have certain volatility, which will lead to unequal value in the interactive process. However, Polkadot currently lacks a stable trading medium to solve the connection and value fluctuation between different currencies. Therefore, BDT plays a very good role in Polkadot, and the value transmission between different parallel chains plays an anchor role, reducing the value fluctuation of the cryptocurrency during the transmission process.

As mentioned above, the BDT stablecoin is the core part of the entire Bandot protocol, and the BDT stablecoin is also the medium responsible for the value conversion between different chains. Users use the DOT to mortgage the value, and the smart contract outputs a corresponding amount of stable currency BDT according to the Bandot exchange rate algorithm. The value of tokens between different parachains can be exchanged equivalently through Bandot and timely liquidity can be obtained.

Why do you say that you are the first Polkadot stablecoin project in China?

At the start of the project, we had begun to apply for grants from the web3 foundation, and successfully passed the review and signing of the web3 fund. Remember that at the time, the funding list officially displayed by the web3 foundation did not have a stablecoin project.

And we are also the first stablecoin China team to receive funding on Polkadot.

We are also the first open source stablecoin project on Polkadot. Why did we open source so early? Because when applying for funding with the web3 foundation, the first condition is to open source. You are not open source and the Foundation cannot review your project. These are real, and our earliest open source was in August.

Looking at the development of the later blockchain?

In the current blockchain environment, the development of projects requires multi-chain cooperation. In the later stage, we have more different partners to participate in. We will build a good ecological environment and surround a series of financial applications. Build an ecosystem.

In addition to project development, what other services will be done on Polkadot?

In the following, we will also compete for the construction of slots, parachains and validator nodes. The entire ecosystem will be built around Polkadot.

Bandot’s stablecoin support and transaction circulation of various financial item products. At the same time, in the blockchain social network, users can directly transfer money between each other by directly adopting BDT. This process is actually an Internet information network user. Adopt the process of value network exchange based on blockchain.

With the increasing number of BDT stable trial users, the integration of the Internet-based information network and the blockchain-based value network has actually been achieved. The popularization of the use of blockchain will therefore also have a qualitative improvement. The blockchain also directly helps users visually see and use blockchain asset information.

In the end, we welcome more partners to participate in our projects, whether it is technology development or community ecological cooperation. If you are interested in us, you can directly communicate with us if you want to participate in our investment.

Currently we are starting the first phase of fundraising, interested institutions can contact us： bandot101@outlook.com