Terra isn’t dead: the network is back up and running on a new blockchain, focusing on a more decentralized governance model. The community is making no attempts to revive its recently failed TerraUSD (UST) stablecoin. It has, however, re-launched a new version of the LUNA governance token, restarting its supply at 1,000,000,000 tokens. Here are the facts on the new blockchain, why it was launched, and the new token’s airdrop/ distribution. Background on Terra 2.0 Terra 2.0 (now known formally…
When social media first came around, many experts started talking about the rise of web 2.0 technology. Blockchain is spurring a similarly significant-tech revolution, with the awaited birth of the web 3.0 world.
Bitzznet wants to create a social DeFi Metaverse platform aiming to combine the best of web 2.0 and 3.0 technology. The ultimate purpose of this seamless transition is to contribute to the evolution of social media towards a decentralized sphere.
This review will look more closely into the project to inform the readers on Bitzznet in an impartial manner.
Bitzznet is largely-marketed as a social networking platform, and its team plans to work in this direction. This Dubai-based blockchain initiative wishes to remove several obstacles that currently stand in the users’ way in the social world.
Moreover, Bitzznet will rely on a monetization feature to try and set itself apart in a highly competitive market. Specifically, the team explained that users would be able to receive passive revenue through the production of content and interaction.
In other words, Bitzznet wishes to turn social media addiction into passive crypto income. We will share more information on the project in the subsections below.
A Self-Sustaining Ecosystem
It’s via Bitzznet’s DeFi ecosystem that the social side of Bitzznet meets decentralization. With a Decentralized Exchange (DEX), users may trade, exchange, and swap coins, as promised by the team.
Liquidity pools on DEX include staking and lending features as well. Bitzzcoin ($BTZ), the Ecosystem’s own cryptocurrency, will have a central role in these transactions. The team will launch two other coins: $USDB (a stablecoin) acting as system’s collateral and $BBT (“Baby Bitzz”), the project’s utility token.
The Main Features of the Project
Bitzznet’s team is working on a series of features, such as:
- Liquidity pools: for DeFi protocols to work correctly, the liquidity pools aim to ensure a sufficient amount of liquidity for the whole exchange system. The team explained that the community might obtain multiple sources of revenue by investing in the liquidity pool. As an example, Bitzznet mentioned the lending and yield farming features.
- DAO system: Bitzznet is aligned to the market when it comes to using a decentralized autonomous organization (DAO). This internal system changes to meet the demands of the platform’s investors. The DAO’s primary goal is to govern the buyback fund and the treasury fund to ensure fair transactions.
- NFT marketplace: the Bitzznet NFT Marketplace allows users to buy and trade NFTs on the site. We have all witnessed the growth of NFTs in 2021, and many projects are betting on them in 2022.
- Adspot NFTs: using Adspot NFTs, Bitzznet’s platform plans to enhance the notion of advertising on a decentralized platform. As soon as someone purchases an Adspot, the system triggers a passive crypto income system for token holders.
- CryptoEye: a system that aims to be a one-stop-shop for all blockchain services. CryptoEye will feature a crypto launchpad, marketing tools, and rating & review systems for existing and new blockchain projects.
- SkillNet: with this feature, web 3.0 experts may hire and sell their services online.
- Metaverse: the team wishes to offer all the services above in a single metaverse framework.
Each member of the Bitzznet community will be able to invest in the following liquidity pools:
- LP1, where users will be able to trade the BTZ/BNB pair.
- LP2, with the chance of exchanging the BTZ/USDB combination.
- LP3, with the faculty of investing on the BBT/USDB pair.
Each transaction will see the application of a 10% fee, divided among a buyback fund (5%), revenue sharing (2%), marketing operations (2%), and treasury fund (1%).
Clearly, this architecture has two main actors at its core: the platform users and the project’s investors. On the one hand, investors can use $BNB to obtain $BTZ and get the other tokens of Bitzznet. On the other hand, users receive $BBT for their engagement and can therefore get $USDB to obtain $BTZ and, hence, $BNB.
The team will release the detailed tokenomics on their official social channels.
Private Sale and Future Developments
The fully-doxxed team of Bitzznet aims to introduce a revolution in the blockchain space. The market will soon have an occasion to evaluate the project by joining the $BTZ private sale round, with a 40% discount on the coin price.
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