KuCoin AMA With BID Protocol (BIDP) — The First On-Chain Auction Protocol In BRC-20 Inscriptions

2024/01/29 03:49:16

Dear KuCoin Users,

Time: January 26, 2024, 12:00 PM- 12:55 PM (UTC)

KuCoin hosted an AMA (Ask-Me-Anything) session with the BID Protocol’s Community Manager, Vincense and BD, Tracey, in the KuCoin Exchange Group.

Official Website: https://www.soulsociety.gg/

Whitepaper: https://www.bidprotocol.io/

Follow Bid Protocol on Twitter and Telegram

Q&A from KuCoin to Bid Protocol

Q: What is the BID protocol?

Tracey: BID Protocol is an on-chain auction protocol designed to facilitate fair auctions of desired BRC/Inscriptions assets through Dutch auctions. This protocol achieves fairness by adjusting gas costs in the mempool. During the auction, users have the flexibility to add funds at any time to improve their auction rankings, and those interested can participate with a significant sum to acquire the tokens they desire.

Q: What are the key advantages of the BID protocol?

Tracey: The core advantage of BID is that it significantly enhances auction efficiency. More importantly,BID Protocol offers developers the flexibility to set a protocol income, enabling them to generate funds for project operations and software development. This empowers developers to enhance the management and operation of their projects.

In addition, BID Protocol is designed to be highly upgradable. It can undergo various future upgrades, including expanding support for inscriptions on additional blockchain networks, accommodating more protocols, extending support to additional currencies and trading pairs, and facilitating the implementation of a broader range of DeFi strategies.

Q: Could you explain how the BID protocol addresses the issue of cheating in asset auctions?

Tracey: It introduces a Sensible Economic Model that differs from traditional BRC-20/Inscription issuance, which often excludes retail investors. BID mandates that all users invest real money to participate, deterring "cheaters" from obtaining a substantial quantity of assets at a low cost and thereby ensuring a fair playing field for retail investors.

Q: What is the initial motivation for designing the BID protocol?

Vincense: The motivation behind designing BIDP stems from the need to tackle key challenges in the traditional issuance of BRC-20/Inscription assets. Firstly, it aims to combat cheating, as technical individuals often exploit scripts to generate a large volume of inscriptions, leaving little opportunity for retail investors. BIDP addresses this issue by requiring all participants to invest real money, imposing significant financial costs on potential "cheaters" and ensuring fair participation for retail investors.

Secondly, it seeks to eliminate gas wars, a common problem where high gas costs and fierce bidding wars prevail in traditional issuance, risking users' assets and gas fees. BIDP effectively resolves this by offering a 24/48-hour (or longer) bidding window, with assets retrievable if a bid is unsuccessful, providing a more user-friendly and equitable auction experience.

Q: As a governance token, how is the economic model of BIDP distributed?

Tracey: The total supply of BIDP tokens is 1,000,000,000. In summary, the distribution of resources for the BIDP token is as follows: 4% for Marketing Making/Listing, 3% allocated to the Team, 13% dedicated to Ecosystem Building, and the majority, 80%, reserved for a Fair Launch.

Adhering to the principle of fair distribution, all BID token holders have received a 1:1 airdrop of our governance BIDP token.

Q: What are the plans for the future development and upgrades of BID protocol?

Tracey: We will be launching auctions for some highly popular BRC-20 assets. The team has already established positive connections with many ecosystem projects, but at this moment, we won't disclose specific project names to present them better. We hope everyone will stay tuned~

Overall, our vision for the future of the BID protocol is to create a robust and versatile platform that serves the needs of a diverse range of users and industries, while continually adapting and innovating to meet the evolving demands of the blockchain ecosystem.

Free-Ask from the KuCoin Community to BID Protocol

Q: I am interested in investing to your project. When and where can I buy your token?

Tracey: The BIDP Token can be traded on KuCoin.

Q: What is the most ambitious goal of your project? Could share with us any Upcoming Updates?

Vincense: We want to be the biggest auction platform in the BTC Ecosystem. We believe that the auction is another way to launch tokens just like launchpad.

Q: Based on the roadmap, what is the top priority you plan to focus on next?

Vincense: Our top priority is to launch our auction function. You could see it ina few weeks.

Q: Currently, most projects and platforms are in English. How will your project reach non-English local communities?

Tracey: For the Asian region, such as Japan, Korea, China, Vietnam and other regions. We are actively seeking cooperation. At present, we have already cooperated with some KOL people in Asia to promote us. We will continue to promote in English-speaking and non-English-speaking communities.

Q: How does BID Protocol ensure that its fair launch process is resistant to manipulation or collusion?

Vincense: Every users could show thier price on chain and we believe that the auction is always fair.

KuCoin Post AMA Activity — Bid Protocol

🎁 Participate in the Bid Protocol AMA quiz now for a chance to win $10 in BIDP!

The form will remain open for five days from publishing this AMA recap.

Bid Protocol AMA - BIDP Giveaway Section

KuCoin and BID Protocol have prepared a total of $1,500 in BIDP to give away to AMA participants.

1. Pre-AMA activity: $500 in BIDP

2. Free-ask section: $50 in BIDP

3. Flash mini-game: $400 in BIDP

4. Post-AMA quiz: $550 in BIDP

Sign up for a KuCoin account if you haven’t done so yet, and ensure you complete your KYC verification to be eligible for the rewards.

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