In a recent AMA session, BeInCrypto spoke with Sceb, the creator of BitNance Token ($BTN), to discuss the exciting future of BitNance. Sceb shared his journey from investing in his first ICO, BNB, in 2017, to creating BitNance, driven by his passion for decentralized technology.
BitNance Token is built on the Binance Smart Chain to solve common crypto problems like high fees and slow transactions. With only 10.5 million tokens available, BitNance aims to offer a secure, fast, and low-cost option for users.
Sceb emphasized that BitNance is all about community. The token holders have the power to make decisions, ensuring true decentralization. With a clear roadmap and strong community support, BitNance is set to make a big impact in the crypto world.
Let’s see what exciting insights Sceb can share about BitNance Token!
AMA Session With Sceb of BitNance TokenBeInCrypto: What is your background on web3? And what led you to create the BitNance token?
Sceb:
My journey in web3 began a few years ago with a keen interest in decentralized technologies and their potential to revolutionize finance. In 2017, in Asia, I heard about and invested in the BNB ICO, my first foray into the world of cryptocurrency. In 2018, I attended a conference where CZ, the founder of Binance, was the primary guest.
Although we didn’t get to talk, the experience was profoundly inspiring and reinforced my belief in the transformative power of blockchain technology. Since then, I’ve been a staunch supporter of Binance and BNB and have worked on various DeFi projects within the Ethereum Virtual Machine (EVM) ecosystem.
The creation of BitNance Token ($BTN) stemmed from a desire to offer true decentralization on the Binance Smart Chain and to address some of the industry’s inefficiencies. Despite its revolutionary nature, Bitcoin struggles with high transaction fees and slow processing times, making it less practical for everyday use. Additionally, the market has been flooded with “shitcoins” and insider-driven projects, leading to widespread distrust.
BitNance aims to rectify these issues by providing a secure, community-driven token that offers lower fees and faster transaction times, thanks to the Binance Smart Chain. Our mission is to deliver true decentralization and empower our community through transparent governance. By addressing these critical pain points, BitNance is a sustainable and trustworthy alternative in the digital asset landscape, committed to making things right.
BIC: Can you highlight the key features that set BitNance apart from other tokens?
Sceb:
Certainly! BitNance Token ($BTN) stands out with several unique “features”:
BIC: What about ownership? How does your approach benefit the token holders and the overall project?
Sceb:
By owning zero tokens and renouncing the contract before launch, I ensure that BitNance is genuinely decentralized. This approach means no central authority can manipulate the system, which builds trust and security for all investors. It empowers the community to make all decisions, ensuring the project evolves to benefit everyone.
I’m not doing this for profit; I’m committed to building something essential that’s missing in 2024. This strategy fosters active participation and innovation, aligning the project’s success with the interests of its stakeholders and making BitNance a truly community-focused project.
BIC: Why did you choose the Binance Chain? What advantages does it provide for BitNance compared to other blockchains?
Sceb:
I chose Binance Chain for BitNance because it offers fast transaction processing, low fees, and strong security. Binance has a large, active ecosystem, providing a ready-made user base. Its interoperability with other blockchains enhances BitNance’s utility.
Additionally, Binance Chain’s support and resources, including developer tools and marketing, are invaluable. This choice also lets me give back to the Binance ecosystem, as BNB was my first ICO, and I have always admired what Binance has done for the crypto space.
BIC: What are the benefits of BitNance being on the Binance Chain, particularly concerning transaction fees and scalability? How do the lower fees on Binance Chain compare to other blockchains like Bitcoin?
Sceb:
The benefits of BitNance’s inclusion in the Binance Smart Chain (BSC) are numerous, particularly concerning transaction fees and scalability. BSC is a high-performance blockchain designed to handle a high volume of transactions at a significantly lower cost than blockchains like Bitcoin.
Transaction fees on the Binance Smart Chain are a fraction of those on the Bitcoin network. Bitcoin’s scalability issues often lead to high transaction fees and slow confirmation times, especially during periods of high network activity. In contrast, BSC’s architecture is optimized for high throughput and low latency, enabling faster and cheaper transactions. This makes BitNance more accessible and practical for everyday use, as users can transact more frequently without worrying about high costs.
Moreover, the Binance Smart Chain’s compatibility with the Ethereum Virtual Machine (EVM) allows for easy migration of Ethereum-based projects to BSC. This increases BitNance’s potential user base and enhances the ecosystem’s overall functionality and utility. And who wouldn’t want to save a few bucks on transaction fees? It’s like finding a spare change in your couch cushions, but way more exciting!
BIC: What is the total token supply of $BTN?
Sceb:
The total token supply of BitNance Token ($BTN) is 10.5 million coins. This finite supply ensures that $BTN remains a scarce and valuable asset, supporting its role as a reliable store of value.
BIC: Can you explain the rationale behind choosing this specific supply limit?
Sceb:
The total token supply of BitNance Token ($BTN) is capped at 10.5 million coins, and this limit will never increase. Several key factors influenced this decision. First, a limited supply creates a sense of scarcity, similar to Bitcoin’s 21 million cap, which can potentially increase the perceived value of $BTN.
Additionally, by capping the supply, we control inflation by preventing the creation of new tokens, which helps maintain the value of existing tokens and ensures that $BTN remains a reliable store of value.
This supply limit aligns with our community’s expectations and needs, ensuring long-term sustainability and growth. Considering the demand for a secure and decentralized asset, a capped supply helps maintain or increase $BTN’s value, making it a robust investment.
By setting the supply limit at 10.5 million tokens, we aim to create a sustainable, valuable, and inflation-resistant cryptocurrency that meets the needs of our community and supports BitNance’s long-term growth.
BIC: Why do you believe store-of-value assets, like BitNance, will become more in demand as global inflation rises?
Sceb:
Store-of-value assets like BitNance Token ($BTN) are increasingly in demand as global inflation rises because they help preserve purchasing power. Inflation diminishes the value of traditional currencies, prompting investors to seek better assets. For example, gold saw increased demand and prices during high inflation and economic instability.
Bitcoin has also gained popularity as a digital store of value, with its scarcity and predictable supply making it a preferred hedge against inflation (Global X ETFs). Recent spikes in global inflation, influenced by supply chain disruptions and geopolitical events like the war in Ukraine, have led to higher consumer prices and economic challenges worldwide (IMF).
Given these trends, BitNance offers a reliable store of value with its fixed supply of 10.5 million tokens. As inflation remains a concern, the demand for assets that can protect wealth from inflation is likely to grow/
BIC: What measures have you taken to ensure BitNance’s security and regulatory compliance? How do these measures contribute to the trustworthiness and longevity of the project?
Sceb:
To ensure BitNance’s security and regulatory compliance, we have implemented several key measures that enhance our project’s trustworthiness and longevity. First, our smart contract will undergo a thorough audit by reputable third-party security firms before launch. This audit process helps identify and rectify potential vulnerabilities, ensuring the token’s integrity and security.
We will also renounce control over the smart contract before launch, eliminating any central authority’s ability to alter or manipulate it. This step ensures that BitNance operates transparently and securely, which fosters trust among our investors. While maintaining our commitment to DeFi principles, we ensure that our operations comply with relevant legal standards during CEX listing.
Transparency is another cornerstone of our approach. We consistently communicate with our community and provide regular updates on project developments, fostering trust and encouraging active participation.
Focusing on these measures ensures that BitNance remains secure, transparent, and compliant, creating a solid foundation that promotes the project’s longevity and builds confidence among investors and users.
BIC: What are your plans and roadmap for BitNance over the next few years? Can you share any upcoming developments or partnerships with us?
Sceb:
Our roadmap for BitNance over the next few years focuses on strategic growth, enhanced security, and community engagement. Here’s a detailed look at our plans:
Phase 1: Launch and Initial Growth
Phase 2: Expansion and Community Building
Phase 3: Advanced Integration and Growth
Phase 4: Transition to Full Community Governance As we progress, we will transition to a fully community-driven governance model. This involves implementing a professional team to oversee operations and ensure that token holders make all significant decisions, promoting a democratic and transparent ecosystem.
Phase 5: Continuous Development and Strategic Partnerships We will continuously explore and establish strategic partnerships with other blockchain projects and financial institutions. These partnerships will help us integrate new features and services, enhancing the overall value of the BitNance ecosystem. A product is reviewed and can be shared in the final stage of the presale.
Throughout these phases, we remain committed to transparency, regular updates, and active engagement with our community. By focusing on these strategic areas, we aim to build a robust, secure, and innovative platform that meets the needs of our users and fosters long-term growth and success.
BIC: My favorite part: questions from the Community