
Bitpaid unites and secures a growing ecosystem of specialized blockchains called parachains. Apps and services on Bitpaid can securely communicate across chains, forming the basis for a truly interoperable decentralized web (Web3).
The BTP token serves three distinct purposes:
governance over the network, staking and bonding.
Launched in early 2017. Bitpaid is the native token of the Ethereum chain, a decentralised,
open-source, energy-efficient public blockchain with smart contract functionality, high speed
and low transaction fees. Bitpaid is designed to support the creator economy with Web3
applications such as DeFi and GameFi, ultimately serving as the foundational infrastructure
for an open metaverse. Bitpaid is designed to serve the next billion Web3 users and to help
them experience the full promise of self-custody of their digital assets.
Bitpaid is an Ethereum-Virtual Machine (EVM) compatible blockchain powered by Ethermint
and built with the technology that supports the Inter-Blockchain Communication (IBC)
protocol. Accordingly, end-users can import digital currencies from the Ethereum and other
chain families into Bitpaid as well as rapidly port apps & smart contracts from Ethereum and
EVM-compatible chains.
DeFi (or “decentralized finance”) is an umbrella term for financial services on public blockchains, primarily Ethereum. With DeFi, you can do most of the things that banks support — earn interest, borrow, lend, buy insurance, trade derivatives, trade assets, and more — but it’s faster and doesn’t require paperwork or a third party.
Users typically engage with DeFi via software called dapps (“decentralized apps”), most of which currently run on the Ethereum blockchain. Unlike a conventional bank, there is no application to fill out or account to open.
Here are some of the ways people are engaging with DeFi today:
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