BiliBit: Philippines First Decentralized Ecosystem
The technology infrastructure that is enabling the cryptocurrency, Blockchain is now more heralded in more circles than the popularity of Bitcoin itself. That is because blockchain technology is finding more using than just cryptocurrency. The innovation is now seeing new applications in many other disciplines such as payments, trading, identity management, data verifications and use of smart contracts.
However, the most exciting developments in the blockchain scene right now are the creation of financial ecosystems that will have intellectual contract development, a valuable asset, and functional transactions.
Currently, many exciting ventures are set to improve the functionality of blockchain to help improve the user's financial experience. If you are crypto enthusiast within the Philippines, then the following ecosystem would have an impressive impact on how you get to transact in the future.
BiliBit is a blockchain ecosystem within the Philippines that intends to assist people and businesses in improving their e-commerce convenience through the use of cryptocurrency. BiliBit will act as a tokenized payment platform built on the Ethereum that will utilize smart contracts and the BiliBit token to facilitate fast, secure and safe transactions.
The purpose of the platform is to allow for more straightforward sales between individuals transferring the BLB token and in return reduce the expenses and processes we usually experience with our traditional banking system. Consequently, these capabilities are bound to have a potential increase in business opportunities and improve the rate of international trade.
How the BLB Token Works
The BLB token is an Ethereum coin meaning it’s an ERC20 token. Its use is in a complaint with the utilization of decentralized applications which have to allow the coins to interact, and exchange based on the smart contracts. The ERC20 token will work on a set of six functions in conjunction with the smart agreements to authenticate the transactions and user data.
There first four functions are the basic ones and will include getting the total token supply, account balance, third-party claims or transfer the token to other users. There is also an additional function of using the token as a monetary asset. The other two service comprises the supply and demand concept of the platform, which works to ensure the crypto’s stability regarding value.
Why Use BiliBit?
- Depletes the cost of transactions- the complexities of financial operations often lead to an increase in the overall price of the deal. BiliBit will eliminate this through the use of blockchain technology.
- Excellent at tracking your transactions- the transparency allows for BLB token holders to check and authenticate each transaction.
- Essential in consolidating deals- there is always district when it comes to business deals. However, BiliBit will solve this by using smart contracts
- Reduces errors in transactions- by depleting the global anomalies experienced within our financial transactions, BiliBit plays a crucial role in overcoming the inefficiencies that arise from human error.
Should One Choose Bilibit?
There isn’t much to showcase for the BiliBit project. Additionally, there isn’t much potential with regards to the project’s ambitions and goals for the future. Much of BiliBit information is still new, and users are yet to know of any development regarding the venture.
As such, BiliBit is a project that lacks the enthusiasm or outlook of a potential dominant blockchain platform that could have an impact on our financials.