The advent of DeFi (decentralized finance) has brought a completely new system of exchange. It is safe to say that it has changed the way finance and business can be conducted. One thing is for sure, DeFi is here to stay. Nonetheless, there is still the need for cheaper and faster transactions, better security, user-friendly interfaces, and a legally compliant level of privacy. This is where Bictory Finance comes in.
What is Bictory Finance?
Bictory Finance is a holistic solution to many issues prevalent in the DeFi space. The firm was founded in 2019 by highly experienced entrepreneurs, developers, product designers, blockchain marketers, and business strategists.
Bictory Finance aims to offer a smooth Web3 experience, across different blockchains, but within a single ecosystem. Although designed to be blockchain agnostic, as at the time of writing, the firm utilizes the Concordium blockchain to facilitate its services.
Technically, this blockchain network was selected due to its high throughput, low fees, novel zk ID layer mechanism, and quick finality layer. Bictory Finance has also won two grants on its journey with Concordium for its NFT marketplace and the official Concordium Naming Service (CNS)
Concordium is a permissionless, public blockchain architecture that prioritizes accountability and privacy. It is built to be quick, safe, and economical, and its novel zk identity layer enables the de-anonymization of bad network participants legally and consensually approved by the network through reputable third-party ID providers providing on-chain verification while maintaining privacy.
The Nakamoto-style consensus blockchain and a finality layer for quick transaction confirmation makeup Concordium’s two-layer consensus system and the blockchain will enable communication and interoperability across shards and between Concordium and other blockchains.
Bictory Finance’s Tokenomics
The native token of Bictory Finance is $BT. It is intended to be used only as an interoperable utility token thereupon and it is a transferable representation of the attributed governance and utility functions provided in the Bictory Finance protocol/code. $BT is a useful multi-utility token that is utilized as a decentralized means of exchange on Bictory Finance. The purpose of introducing $BT is to give players who engage within the ecosystem of Bictory Finance a simple and safe method of payment and settlement without the use of middlemen like centralized third-party entities/institutions/credit.
The $BT token also has several use cases such as staking, for liquidity pools, payment for transaction fees, discounted listing and trading fees, registering a CCD domain name on CNS, NFT minting and launchpad participation on BictoryNFT, and BictoryNFT rewards.
The circulating supply of $BT is capped at 100 million tokens and deflationary. The token is an SPL type (Solana). The distribution of the tokens is depicted in the image below.
It is not and is not intended to be, a form of payment that the general public (or a segment of the general public) accepts as payment for goods or services or as a means of paying off debt. It is also not intended or designed to be used by anyone as payment for any kind of goods or services that the issuer does not solely provide.
Products available
The Bictory Finance platform includes a plethora of financial products, such as a centralized exchange (CEX), a decentralized exchange (DEX), a multi-chain NFT marketplace (On Solana & Concordium), Concordium Name Service (CNS), and an oncoming DEX.
Users of BictoryEX, the centralized exchange, can trade futures, and spot assets, use portfolio management tools, and place a variety of sophisticated order types for quicker, lower-cost trading. BictoryEX was created with strong technologies, excellent UI/UX, and a strong security mechanism to guard against hacking and consumer money loss.
BictoryEX will use Concordium’s protocol level ID Layer to streamline the user onboarding process and maintain their privacy, even from the centralized exchange. This on-chain KYC process arrangement lowers the exchange’s operating costs, making the fees on BictoryEX more competitive and alluring.
To advance the community and the NFT culture, the NFT platform brings together artists, athletes, celebrities, companies, NFT collectors, and digital natives. A premium NFT collection called TerrestriaX will be available in addition to these features. NFT holders will get benefits, discounts, and special access to the products offered by Bictory.
The Concordium Name Service offers custom .ccd web3 domains to replace long hexadecimal wallet addresses. It’s the wallet name service of the Concordium blockchain that raises its usability by giving users the preference of owning bespoke wallet names, for transactions, dapp logins & decentralized websites.
All of the services provided by Bictory Finance will eventually be rolled into one application in the near future to fully form the project’s inclusivity theme, fostering proximity to web3 solutions for user convenience.
Product URLs
- Main Website: bictory.io
- Token Page: bt.bictory.io
- Exchange: bictory.exchange
- Naming service: ccd.domains
- DEX (coming soon): bictory.finance
- NFT Marketplace: bictory.art
What problems does Bictory Finance solve?
Web3 users are vast and diverse: a group of novices and experienced. Many platforms often cater to one or the other type of user. However, Bictory Finance aims to include all types of investors, users, and builders. Its user-friendly interface makes easy learning for newbies while having a kick for experienced users as well. They solve the problem of dis-organization by covering the needs of basic and complex web3 users.
Although they provide a wide range of products, they encourage uniformity in service provision.
The platform also reduces the time a user spends on research, by providing all necessary information in one place. Moreover, they provide financial aid in the form of discounts and partnerships.
Community is a core element in the crypto space. With that in mind, the platform also aims to build a heterogeneous mix of people in the Web3 space. This will make getting over problems, and the ability to find people easier and less time-consuming.
Initial Exchange Offering (IEO) and Token Generation Event (TGE)
According to Bictory Finance, the IEO and IDO for the project would take place on the 4th on November 2022 across the following three platforms:
- BitForex, 2:00 UTC. See token page.
- P2B, 11:00 UTC. See token page.
- Kommunitas, 9:00 UTC. See token page.
For more information on Bictory Finance, visit their website, Twitter, Medium, Telegram, Telegram News, LinkedIn, Discord, or YouTube.
DISCLAIMER: THIS IS A SPONSORED POST