AMA Recap — BONFire
The session of AMA ( Ask Me Anything ) with BONFire was conducted on 23 rd Dec 2021 at 8:30 PM IST (3 PM UTC) and lasted for 1 hour.
ADMIN ROUND
BONFire has joined us for this AMA session.
Jonty|Host
Could you introduce yourself?
BONFire
Hello, I am a member of BONFire DAO. Since our team members come from all over the world, we collaborate through DAO to jointly complete this great idea. Everyone who is involved in building the BONFire ecosystem can become a member of the BONFire DAO, which is what we are looking forward to😊😊
Follow us:
Telegram: https://t.me/BONFirebon_official
Twitter: https://twitter.com/BONFireBON_com
Website: http://bonfirebon.com
Jonty|Host
What is BONFire? Please introduce briefly?
BONFire
BONFire is a credit money agreement based on Ethereum.
At the same time, BONFire is deploying the first truly available decentralized credit-based stable monetary system.
We hope to bring to the DeFi and crypto world a credit stable coin that is decentralized and more suitable for daily use like the “stable” BTC.
We want to achieve a “BASIS OF CREDIT, OWNER OF VALUE.”
BONFire is composed of three main carriers: WOOD, $BON, and DUSD, which are gradually increasing value levers.
Strictly speaking, this includes an infrastructure network composed of DUSD minting, treasury lending pool, ARBUnstake (like a mini future), Farm & DEX and ecological Launchpad and an expanding ecosystem of smart contract credit currency around DUSD. We choose and drive our beliefs!
BONFire is dedicated to igniting the flame of hope in the darkness where native credit value medium is missing in the crypto world, attracting DeFi travellers and explorers. Let’s create and own credit.🚀🚀🚀
Jonty|Host
Could you briefly explain Wood, DUSD and BON illustrated in the diagram?
BONFire
WOOD is a private Layer 2 point asset managed with a private key signature. It is used to measure and evaluate a user’s community contribution. There is no gas fee to use WOOD. BONFire releases WOOD through people’s behavior on the chain, interaction with BONFire, activity in the BONFire community, and other contributions. $BON is the underlying asset that drives the entire BONFire protocol. It is deployed on the Ethereum mainnet. The gas fee is required to use BON. BON is the GAS and decision-making power of BONFire. Without a doubt, in order to ensure stable growth, it will appropriately continue to absorb some value from the DUSD network.
$DUSD is a truly usable decentralized credit stablecoin.
We could understand it as a stable currency issued by the Federal Reserve in a parallel world, but it only supports the exchange of crypto assets for this stable currency. BONFire ensures 1:1 anchoring of DUSD to USD at this stage by controlling minting costs, expanding liquidity scenarios, ongoing external value plunder, and good liquidity. We could also understand it as a bond with an acceptance window. When you pay BTC (WBTC), ETH, or other crypto assets listed as reserve assets, the BONFire protocol will pay you DUSD based on the value of these assets.
Jonty|Host
Stablecoin is a huge market. What are the advantages of BONFire compared to other stablecoins?
BONFire
From USDT, DAI, to FEI, AMPL, and LUNA-UST (let’s forget about Basis), people have made many attempts to stabilize the medium.
Regardless of the status quo, the market and people pay more attention to and actively participate in these explorations.
It proves that we have a strong demand for stable, non-chaotic additional issuance, strong consensus, and high availability of credit money
As for the current mainstream stable coins such as USDT and USDC, we can always see the news about their incremental issuance on the Ethereum chain and TRON chain. There is no way to know whether they are 100% reserve ratio or not, and even if they are, the assets they anchor are always ready to dilute the property in our own pockets
As an anchor crypto money, DAI is over-collateralized and solves part of the above-mentioned problems, but in the time of violent fluctuations in the market, the stable coin will no longer be stable, and the risk it poses is fatal.
While the credit stable coin DUSD issued based on BONFire, we could understand it as a stable currency issued by the Federal Reserve in a parallel world, but it only supports the exchange of crypto assets for this stablecoin.
When you pay BTC (WBTC), ETH, or other crypto assets listed as reserve assets, the BONFire protocol will pay you DUSD based on the value of these assets. BONFire solves all the pivotal disadvantages of USDT, USDC, DAI from the origin, and achieves complete decentralization, ignoring the drastic fluctuations of the market and anchoring assets for quality crypto assets. Anyone holding DUSD will not have their property diluted anymore, which means your property will not be devalued. This is the ultimate form of stablecoin, and this is exactly the grand aspiration that BONFire is achieving❤️
https://medium.com/@BONFireBON_com/gold-usd-bitcoin-from-decentralization-to-centralization-and-back-to-decentralization-d50bae114435
We released a detailed introduction on medium, after the AMA, you can take a look😊
Jonty|Host
Please describe the economic model of BONFire (acquisition and consumption of $BON)
BONFire
BON is the underlying asset that drives the entire BONFire protocol. It is deployed on the Ethereum mainnet. The Gas fee is required to use BON
BON is BONFire’s governance token. Of course, in order to ensure stable growth, it will appropriately continue to absorb some value from the DUSD network.
$BON provides fluidity to stabilize the value of DUSD mainly by rewarding mint DUSD, using the activity of DSUD to complete the release
https://medium.com/@BONFireBON_com/gold-usd-bitcoin-from-decentralization-to-centralization-and-back-to-decentralization-d50bae114435
It is also recommended for everyone to read, so as to better understand BONFire😁
Jonty|Host
Please outline the RoadMap of BONFire and let us more about the prospect of BONFire in the near future, so that we can better understand and participate in the ecological construction of BONFire
BONFire
BONFire’s RoadMap is mainly divided into three stages:
PHASE 1: Prometheus
PHASE 2: Purses
PHASE 3: Persephone
As illustrated in the diagram above：
PHASE 1: Prometheus
Launch BONFire protocol suite — (BONFarm BONSwap, BONLoan, BONLaunch);
Launch Pan’s Parchment Scroll (WOOD data verification and archive mechanism);
Launch Drunken PAN-Bonfire (random number generator);
DUSD and USDs achieve ±1% stable value anchoring over 424,242 Ethereum blocks;
DUSD minting volume exceeds 10,000,000.0000;
BON Holder exceeds 2,000.
This is what we will achieve in this phase, and it won’t be long before we announce the second and third phases of our plan💪 💪💪
Let’s look forward to it!🚀🚀🚀
Jonty|Host
WOOD as BONFire development incentive points, $BON as BONFire core assets, I believe we are looking forward to having them. As a member who is interested in BONFire, how do I get them?
BONFire
How to get WOOD:
WOOD is a private Layer2 asset managed with a private key and will be distributed to the BONFire community based on your activities on the blockchain. Without any Gas, it also avoids the early whale intervention to achieve WOOD “monopoly” behaviour, so that everything is fair!
First of all, to celebrate the launch of BONFire, we have prepared four WOOD airdrop activities:
https://app.bonfirebon.com/bon/
Gleam: https://gleam.io/htDSm/bonfire-prealpha-usdtwood-airdrop
Subscribe
Explorer Enlisted
Call My Bro
other WOOD airdrops — connect your account and Claim your WOOD from here: https://app.bonfirebon.com/bon
In addition, other activities of BONFire will also send out WOOD or WOOD Code, such as spreading BONFire, BONFire product use, and feedback, BONFire community activities, and so on.
WOOD bounty redemption system will soon be online, you can choose to exchange a variety of rewards, such as BONFire LaunchPad Whitelist, $BON & NFT redemption, new product insider test access, etc.
Please join the BONFire community, be the first one to know more information about these activities: https://t.me/BONFirebon_official
How to get $BON:
BON is the fundamental asset that drives the entire BONFire protocol and is deployed on the Ethernet main-net. Compared to WOOD’s Gas-free system, $BON requires payment of Gas.
You can get $BON by participating in BONFire IDO, besides, you can get $BON through the WOOD exchange, or participate in BONFire community activities, become a BONFire community contributor, etc.
Please join the BONFire community, be the first one to know more information about these activities:
Telegram: https://t.me/BONFirebon_official
Twitter: https://twitter.com/BONFireBON_com
To know more about BONFire, visit the BONFire Website:
http://bonfirebon.com
❤️❤️From Bitcoin to BONFire: The Product of Blockchain Evolution:
https://medium.com/@BONFireBON_com/from-bitcoin-to-bonfire-the-product-of-blockchain-evolution-cf4155a8b8b1
🔥🔥🔥Gold-USD-Bitcoin: From decentralization to centralization, and back to decentralization:
https://medium.com/@BONFireBON_com/gold-usd-bitcoin-from-decentralization-to-centralization-and-back-to-decentralization-d50bae114435
🌈🌈🌈More about BONFire:
https://bonfirebon.gitbook.io/bonfire/why-we-need-bonfire/alchemy-and-goldfish
We are recruiting BONFire global ambassadors, if you are interested in BONFire, and share our vision, please private message us to join BONFire, let us witness and realize this great project together! fren!
🔥🔥BONFire is recruiting global ambassadors: https://medium.com/@BONFireBON_com/bonfire-is-recruiting-global-ambassadors-866d9e024125
TWITTER ROUND
What are the tools that BONFire will use, to ignite the flame of hope in the dark where the native means of credit value is lacking in the world of cryptocurrencies? What are the advantages of BONFire to form a transparent and decentralized set of protocols?
BONFire
this includes an infrastructure network composed of DUSD minting, treasury lending pool, ARBUnstake (like a mini futures), Farm & DEX and ecological Launchpad and an expanding ecosystem of smart contract credit currency around DUSD. And don’t forget to follow @BONFireBON_com on Twitter so you can be the first user of them as soon as they Launch.
Twitter: https://twitter.com/BONFireBON_com
Where do we expect to see “BONFireBON_com’ Protocol in the short-term (at some point in 2021) and 2022 and beyond (long-term goals)? In the next 6–12 months, what features will you be launching that will make you really stand out from the rest.
BONFire
Prometheus is our first Milestone, that mean we will make this happen👇
Launch BONFire protocol suite — (BONFarm BONSwap, BONLoan, BONLaunch);
Launch Pan’s Parchment Scroll (WOOD data verification and archive mechanism);
Launch Drunken PAN-Bonfire (random number generator);
DUSD and USDs achieve ±1% stable value anchoring over 424,242 Ethereum blocks;
DUSD minting volume exceeds 10,000,000.0000;
BON Holder exceeds 2,000.
You’re giving privacy policies which seems very great. That our data is very private our information will not get leaked. Is there’s any report of leaked information or data ever? Or isn’t it then how you’re maintaining this super task. Would you like to elaborate it?
BONFire
Everything on the chain is openly displayed, and BONFire does not have access to any information from any user. Therefore there is no privacy risk.
Binance smart Chain blockchain is having high transaction speed and cheap gas fees, Do you have plan In mind to launch your mainet or switch to other blockchains in the future?
BONFire
BONFire V1.0 will be deployed on ethereum, after that DUSD and BON will expand to other public blockchains by the cross-chain bridge.
How have you been able to build a complete project and what is the way to generate profit/revenue of the token?
BONFire
It’s a complex issue, but at its most fundamental, the value of BON depends on the amount of DUSD in circulation, and the size of the market using DUSD as a settlement medium. It’s like if you held shares in the United States of America, the value of the shares depends on how many people are using the dollars.
The AMA recorded many great questions from the Crypto Players India community, as well as meticulous answers from our guest BONFire from BONFire. AMA Concluded at 9:30 pm IST.
