The BTP token

Tokenomics

BTP token is the native token of Bitpaid Network that is fully decentralised and 100% Community Driven, having more than 10000 holders with 4.5 million transactions. More than 30% supply of BTP tokens has staked by community based staking program on CVIP that is the indigenously developed decentralised exchange (Dex). No single wallet holders own more than 1% of supply. Bitpaid (BTP) has received an “A” grade in the transparency score provided by Nomics, which means Nomics has vetted BTP’s trade history and verifies that BTP meets the highest reliability, consistency, and data integrity standards. No one can manipulate it because this is the only coin that has 100% circulated into the community, having no hidden wallet.

The BTP token serves three distinct purposes: governance over the network, staking and bonding.

Governance

Bitpaid token holders have complete control over the protocol. All privileges, which on other platforms are exclusive to miners, will be given to the Relay Chain participants (BTP holders), including managing exceptional events such as protocol upgrades and fixes.

Staking

Token holders keep the network secure and collect rewards by staking BTP. Bitpaid’s advanced staking system is designed for maximum decentralization and fair representation, rewarding good actors and punishing bad actors to ensure network security.

Bonding

New parachains are added by bonding tokens. Outdated or non-useful parachains are removed by removing bonded tokens. This is a form of proof of stake.

Frequently asked questions

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BTP are the token native to the Bitpaid network for the purpose of carrying out the key functions of the platform as detailed below.

No, BTP is native to the Bitpaid platform.

BTP will serve three key functions in Bitpaid, namely (i) providing governance for the network, (ii) operating the network, and (iii) creating parachains by bonding BTP.
The first function of BTP is to entitle holders to complete governance control over the platform. Included in this governance function is determining the fees of the network, the auction dynamics and schedule for the addition of parachains, and exceptional events such as upgrades and fixes to the Bitpaid platform. These functions are not formally granted to BTP holders, but rather the underlying code of Bitpaid will enable BTP holders to participate in governance.
The second function of BTP will be to facilitate the consensus mechanism that underpins Bitpaid. In order for the platform to function and allow for valid transactions to be carried out across parachains, Bitpaid will rely on BTP holders to play active roles. Participants will put their BTP at risk (referred to as “staking” or “bonding”) to perform these functions, which acts as a disincentive for malicious participation in the network. BTP required to participate in the network will vary according to the activity undertaken, the duration BTP is staked for, and the total number of BTP staked.
The third function of BTP will be the ability to add new parachains by tying up BTP (referred to as “bonding”). The BTP will be locked during their bonding period and will be released back to the account that bonded them after the duration of the bond has elapsed and the parachain is removed.

BTP holders will have certain functions within the Bitpaid platform, including:
  • The ability to act as a validator, collator, nominator or fisherman.
  • The ability to participate in the governance of Bitpaid.
  • The ability to be a collator for a parathread by making bids for block inclusion that are denominated in BTP.
  • The ability to participate in the decision-making process in relation to global upgrades and/or changes to Bitpaid.
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