BitDAO proposes the utilization of BIT token as the primary token for its newly proposed layer-2 scaling solution. Titled “One Brand, One Token”, this plan aims to simplify the ecosystem and eliminate the carrying of multiple tokens for different products - reducing the necessity of multiple DAOs to manage them. As a consequence of this, it will lead to a unified city of Mantle, having one dominant token for different aspects such as token treasury and DAO. As per the proposal, the BIT holders may convert their existing holdings into the Mantle system in a flexible and amenable manner.
The Mantle Network, planned for a release in the latter half of 2022, is a layer-2 scaling solution that utilizes Ethereum- based architecture. This advanced network, segregated into three distinct layers - consensus, transaction execution, and payment layer; and data storage- would consequently enhance the scalability and operational efficiency of the underlying blockchain. In view of this, the cost of one BIT has gone up by around 5%, being valued at $0.50 at the time of writing.
In conclusion, BITs proposed by BitDAO will help in aggregating the network, as well as bring some economic benefits to the community. Furthermore, the advanced Mantle scaling solution aims to accelerate upper-level blockchain development, increasing its scalability, and operational efficiency.
Ashley Carter
- 2023-05-06
BitDAO’s Layer-2 Solution “One Brand, One Token”
BitDAO has proposed “One Brand, One Token”, an advanced layer-2 scaling network that would enhance the scalability and operational efficiency of the underlying Ethereum blockchain.
