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

What Is BitDAO?

BitDAO aims to create an accessible tokenised 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 incentivise 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 decentralisation 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 to become a BIT token holder

If you wish to incorporate BitDAO (BIT) into your crypto portfolio you will need to do so through a cryptocurrency exchange. Ensure you find a reputable option that is licenced and regulated, and educate yourself on the risks associated with digital currencies beforehand.

Bitcoin may be the talk of the town, but how much do you really know about the technology behind it? We’re going to bring you up to speed today with everything you need to know as we answer the common question on how does blockchain work. The technology not only functions as the backbone of cryptocurrencies, it is also functional well outside of the crypto and financial sectors.

What is blockchain?
As we mentioned earlier, blockchain serves as the backbone of cryptocurrencies. While the world was formally reintroduced to the new and improved version when Bitcoin was launched in 2009, the technology had a few appearances before then, but more on that later. In a nutshell, blockchain is the transparent and immutable storage of data that is kept in chronological order and cannot be tampered with. While blockchain technology can be centralised, it generally functions off of a network of nodes (computers) that verify and then store the data necessary.

Using Bitcoin to illustrate this point, each transaction is verified by a miner on the network and then added to a block. The block is then added to the blockchain straight after the previously mined block and shared with every node on the network to record it. Each block has its own hash, and when a new block is added it too holds the hash of the previous block so that everyone on the network knows it is in the correct order.

History of blockchain
Blockchain has actually been around since the early 90’s, an initial version of it anyway. In 1991, two computer developers Stuart Haber and W Scott Stornetta created a version of blockchain that was used to timestamp and store office files. The initial version was created to be immutable, meaning that no one could go back and change or tamper with the entries. In 1992, the team incorporated Merkle trees which allowed more documents to be stored in one block.

While brilliant at the time, the technology didn’t really catch on, although it is believed to have caught the attention of a mysterious Satoshi Nakamoto. While his/their identity remains a mystery even to this day, it is believed that the developer/s were aware of this technology at the time, and spent years trying to adapt it to a more worldly usage.

It all came together in 2008 when Satoshi Nakamoto published the Bitcoin whitepaper, outlining how the peer to peer payment system would operate on blockchain technology. Nakamoto had solved the double spending problem by making transactions irreversible and incapable of being used from the same address twice. In 2009 Nakamoto mined the first Bitcoin block, known as the genesis block, which set in motion the first real use case of blockchain technology as we know it today.

Blockchain 2.0
Bitcoin was designed to be open sourced, allowing anyone to recreate and develop their own version of the blockchain behind it. This allowed for a lot innovation in the crypto space, and a certain Ethereum network was very much on point with this. Ethereum developed their network to allow for the building of decentralized applications (dapps), as well as the creation of smart contracts. This created what is known as blockchain 2.0, which looks at blockchain being used in industries outside of the crypto sector.

Several other networks started offering dapp creation, as well as smart contract development. Smart contracts are digital agreements that are executed once the predetermined criteria is met, requiring no third party. This was discovered to be particularly useful in many industries, especially supply chain management. Many big corporations are starting to incorporate blockchain technology into their supply chains to offer customers a more transparent look at their products, and to help flag crises before they blow up.

In April 2018, Walmart experienced an outbreak of E.coli in their romaine lettuce, and quickly pushed all suppliers to adopt IBM’s “Food Trust Solution,” which uses blockchain technology to securely and in a transparent manner track the produce from farm to shelf.

Blockchain Is The Future
Blockchain has since been incorporated into businesses around the world, with many large corporations exploring it in their businesses as we speak. In answering how does blockchain work, one must remember that this technology can be adapted to suit everything from supply chain management to farming to finance, as well as everything in between.

Getting paid in cryptocurrencies has opened the global gig economy to endless opportunities. Gone are the days of needing to be in the same country, or even on the same continent, as your employer. Cryptocurrency jobs are not only more accessible but also more acceptable.

In this article, we’re breaking down where you can find jobs that specifically pay in cryptocurrencies. Before we do though, let’s touch base on the advantages the new digital currency realm is offering. 

The advantages of being paid with blockchain technology

The ever-evolving blockchain industry is now integrating cryptocurrencies into traditional job markets, from temporary gigs to full-time jobs, anyone can now get paid in crypto.

The decentralised world of cryptocurrencies provides many demographics with many advantages. For employees, these advantages allow the job market to be blown wide open as international payments are now easily accessible and don’t come with high transaction costs and delays. 

Due to the nature of crypto transactions, payments can be executed in a matter of minutes with minimal transaction fees offering a quick and cost-effective solution to moving money across borders. The minimal transaction fees also allow freelancers to take on many smaller projects, an opportunity otherwise impossible with international fiat transactions. 

Arguably the biggest advantage to cryptocurrency jobs is that anyone anywhere can now work for anyone anywhere, as borders are no longer a consideration. With many freelancers turning to remote work after the pandemic, the opportunity to work on international projects and be conveniently paid for doing so has increased dramatically. 

No matter your skill set or ability, there is likely a business out there willing to hire you.

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Where Job Seekers Can Connect With A Crypto Job Board

1. LaborX

LaborX is a job board-style website that connects employers with employees, covering everything from small temporary jobs to full-time ones, from data scientists to marketing managers. The platform also offers a wide range of cryptocurrencies as payment options. 

LaborX is owned and operated by a blockchain company that also offers HR software solutions, which makes it feel more accountable and solid. 

2. Jobs4Bitcoins

Despite what the name suggests, Jobs4Bitcoins offers a range of crypto-paying jobs. Run as a Reddit channel, r/Jobs4Bitcoins, the forum allows anyone to post a job they require or skills they can provide. 

While not run in the traditional job-seeking website sense, the opportunities for finding work and self-promotion are endless. There is obviously no vetting of employees or employers, however, so bear this in mind when engaging on the platform.

3. Blocklancer 

Blocklancer matches job seekers with job providers and pays in Ethereum. If you’re not fond of Ethereum, no problem, you can easily trade it for another cryptocurrency or fiat currency through the Tap app once you have received the funds. 

The platform covers a wide range of jobs, from research analyst to content creator to experts in the field of blockchain and ICOs. It also offers an ​​option allowing users to help mediate disputes. 

4. Bitfortip

If the formal job market is not what you are looking for, you can earn tips in Bitcoin for offering suggestions. Not only Bitcoin, you can also earn Bitcoin Cash, NANO, and Tezos.

Users post their questions and then should they find your idea or suggestion helpful, will tip you. 

5. PompCryptoJobs

PompCryptoJobs was created to connect job seekers with providers within the crypto space. The platform caters to an extremely wide range of fully-paid crypto positions, from writer to product designer to data scientist. 

The platform is professional, neat and informative, and is used by some of the biggest companies in the crypto space. 

Whether you're a research analyst, marketing manager or data scientists, there are plenty of job opportunities that pay in crypto.

Final Thoughts: how to get paid in crypto

If you’re unsure on how to go about getting an account that enables you to be paid in Bitcoin or other cryptocurrencies, here is a simple guide to getting an account. Firstly, you will need to find a reputable cryptocurrency exchange or wallet, one that can easily send funds to your fiat bank account should you need. Always ensure that this platform is licenced, regulated and has good reviews.

Once your account is set up, locate the wallet of the cryptocurrency you wish to receive and share the wallet address with your employer. Once the funds have been received you can either use the cryptocurrency as is, or sell it for your local fiat currency and transfer the funds to your normal bank account. Some platforms allow you to pay bills directly from your cryptocurrency wallet, so be sure to shop around for the right product for you.

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.

Borrowing from the notion that whales are the biggest creatures in the ocean, the cryptocurrency community adopted this term. In the crypto space, a whale is someone that holds a significant amount of a particular digital currency, enough to potentially move the markets with a single trade.

In this article, we explore what being a crypto whale  entails and review how they can influence the blockchain market. 

​​What is a crypto whale?

A cryptocurrency whale is the cryptocurrency community's term for individuals or organizations who have a substantial quantity of cryptocurrency (money invested in one cryptocurrency). When whales control significant amounts of a particular cryptocurrency, they have the power to manipulate price movements.

What number elevates a trader to whale status in the cryptocurrency world is debatable. In most situations, the community appears to believe that when a whale holds a significant number of the available coins they "upgrade" to whale status. It's a common understanding that whales generally account for more than 10% of the overall quantity of a specific cryptocurrency.

In May 2022, according to BitInfoCharts, four Bitcoin wallets controlled 3.49% of all Bitcoin in circulation and the top 100 wallets held around 15.36%. The meme coin, Dogecoin, is even more concentrated. In May 2022, it was reported that 15 addresses controlled almost 52% of Dogecoin's total supply of 29.5 billion coins.

It is common for retail exchanges and founders to be listed as whales, as is the case with Ethereum where the founder Vitalik Buterin is the leading Ethereum whale to date. It makes sense for him to hold a considerable amount of wealth through the second-biggest cryptocurrency that he founded in 2015.

These big wallets are closely watched by the crypto community and investors and when any of them make transactions they are quickly publicised. Whale Alert has the most prominent news source when it comes to leading whale transactions, quick to report through its website or on Twitter whenever a whale has made a large buy order or transaction.

Below is an example from Twitter from Whale Alert:

How whales affect cryptocurrency prices

Price volatility can be increased by whales, particularly when they move a significant amount of one cryptocurrency in one go. For example, when an owner tries to sell their BTC for fiat currency, the lack of liquidity and enormous transaction size create downward pressure on Bitcoin's price. When whales sell, other investors become extremely vigilant, looking for hints of whether the whale is "dumping" their crypto (and whether they should do the same). 

The exchange inflow mean, also known as the average amount of a certain cryptocurrency deposited into exchanges, is one of the most common indicators crypto investors look for. If the mean transaction volume rises above 2.0, it implies that whales are likely to start dumping if there are a large number of them using the exchange. This can be viewed by regular crypto traders as a time to act before losing any potential profit.

How whales affect liquidity

When it comes to learning about whales and liquidity, one must remember that while whales are generally considered neutral elements in the industry, when a large number of whales hold a particular cryptocurrency, instead of using it, this reduces the liquidity in the market due to there being fewer coins available. 

What crypto whales mean to investors

In terms of the relationship between whales and investors, one must remember that there are various situations in which a person may transfer their cryptocurrency holdings. It's worth mentioning that moving one's assets doesn't always indicate that you're selling them; they might be switching wallets or exchanges, or making a major purchase.

Occasionally, whales may sell portions of their holdings in discrete transactions over a longer period to avoid drawing attention to themselves or generating market anomalies that send the price up or down unpredictably. This is why investors keep an eye on known whale addresses to check for the number of transactions and value. This is not necessarily a task that newbie investors need to actively be involved with, however, understanding the terms and how whale accounts can affect the market is recommended.

If you're a seasoned cryptocurrency investor, it's advised to keep an eye on what the whales are doing. Movement does not always indicate that you should panic, many whale investors are simply company owners who have invested heavily in Bitcoin or other big cryptocurrencies with the intention to benefit from their deflationary nature.

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.