6-Coin types: BFIC is everywhere
Ever wonder there is an easy way to complete transactions without having to deal with online wallets, banks, and third-party applications?
One industry with explicit applications for blockchain is the finance industry, where Crypto is ruling without any doubt. Other than Cryptocurrencies, blockchain has 5 more main application
Every Cryptocurrency has a specific category that they fit in. But, is it possible to access all of these classes with one single Crypto?
Well, there is only one Cryptocurrency that is powerful enough to fall under all these sections and that is BFIC. This coin does not only fulfill its duties as a currency but also supports all of the above Bfic blockchain applications.
Utility
This blockchain application is a liquid medium of exchange that gives access to the value created by a blockchain network. Utilities represent access to a service delivered by a blockchain-based coin.
To understand the utility economy is best to think in terms of services and not products. Utilities represent the services delivered by a network. They are the quantified units of services that could be accessed within a given network.
ETHOS, BFIC, BAT, and STEEM. These are the top coins with vast utilities in the market these days. BFICoin can also be used as a Utility coin through its BFIC network.
The BFICoins are tradeable or exchangeable Crypto coins that have perfect utility and authenticity. You have the freedom to either reinvest the earned BFICoins or simply trade or utilize them against other Crypto assets. Moreover, BFICoins have an ever-growing utility. You can easily use them for online shopping at the BFIC store where 100+ international brands have established online shops.
DeFi
Decentralized Financial or DeFi for short is one of the major applications of blockchain. Aside from sending money to one another, there is a variety of services we use today. Loans, savings plans, insurance, and stock exchanges, for example, are all money-related services that, when combined, form our financial system. Every financial institution has someone in charge, that controls and offers these services. This financial system has its risks; mismanagement, fraud, and corruption to name a few. That is where DeFi comes in, it has no central authority or someone in charge.
Now, let’s take look at some of the build blocks that comprise it. The first thing any financial service requires is money. You may be wondering “why Ethereum or bitcoin?”
Well, as for bitcoin while it is indeed decentralized, it has only very basic programmable functionality. Ether on the other hand is programmable and compatible, however, it’s highly volatile.
We’ll need a more stable currency to function within this system if we want to construct reliable financial services that people wish to utilize. This is where stable coins such as LUNA, AVAX, BFIC, and YFI come in.
BFIC is a stable coin that does not depend on fiat money reserves for maintaining its position making it the perfect candidate to build a decentralized financial system.
NFT
A non-Fungible Coin is a currency that is interchangeable or has no unique properties. It’s a unique coin that has unique attributes attached to it.
Now let’s talk about how NFT’s created. A creator created a digital good, this could be an image, a video, a tweet, a website, or anything else that lives in the online world. The creator then generates a smart contract-enabled coin on a blockchain. The name of the coin, the symbol for the coin, and a unique hash that validates the NFT’s legitimacy are all included in this data.
The creator of the coin can sell it to someone else, and that person will become the new owner of the digital good. Some examples of popular NFT’s are AXS, BFIC, ENJ, and FLOW. BFICoin maintains its position as an NFT as well, as it can be used for NFT gaming.
The term “metaverse” is quickly gaining popularity in the tech and business worlds. It refers to online environments that allow users to interact in a more immersive manner than a standard website. This might be accomplished by utilizing virtual reality.
But people use the term metaverse to refer to a virtual environment where you have an avatar, a cartoon person representing yourself and you can walk around and interact with other people’s avatars like in a video game. This is without any doubt the next stage in the development of the internet.
The coins that are a part of the meta world are MANA, BFIC, GALA, and SAND.
Web 3.0
This is the next evolution of the internet using blockchain technology and the tools of decentralization. In web 2.0, you were the product as you were browsing social networks but in web 3.0, you will be the owner of your content.
To expand it easier you can say that if you upload something, it couldn’t be taken down because your post wouldn’t just be on one server it would theoretically be on thousands of computers around the world ensuring that the blockchain network you are on is not attacked or censored. This gives users the freedom of speech and ensures their safety.
DOT, BFIC, THETA, and BTT are the leading names in the world of Web 3.0. BFIC with an Bfic ecosystem of components that make up the BFIC platform which can be divided into 3 main layers. Each layer performs a function to support the layer above it. This makes BFIC a suitable nominee for Web 3.0.
Originally published at https://newsbrut.com on January 31, 2022.
