BitNance Token X BeInCrypto AMA Session

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 Token

BeInCrypto: 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”:

• No Founder Tokens: We ensure true decentralization by not reserving any tokens for the founders. Not like most of the crypto in 2024. Not even like Bitcoin.
• Power to the Holders: Our governance model gives control to the token holders, allowing them to make all significant decisions.
• Safe and Efficient Transactions: Built on Binance Smart Chain, BitNance offers secure, fast, and low-cost transactions.
• Enhanced Security: Our smart contract will be audited and renounced before launch day, ensuring it cannot be tampered with, which provides additional trust and security.
• Scarcity: With a total supply of only 10.5 million coins, BitNance is designed to be a valuable store of value.
• Fair Distribution: 5.6 million $BTN tokens are available for fundraising, 2.75 million for centralized exchanges, and the rest for initial liquidity.
• True Decentralization: Post-launch, I will exit the project, handing control entirely to the community and implementing a professional team to ensure smooth daily operations.
• Transparent and Community-Focused: We prioritize transparency and actively engage with our community to evolve BitNance to benefit all stakeholders.
• BitNance is a movement towards a truly decentralized and community-driven financial future, setting it apart in crypto.

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

• Smart Contract Launch and Security Audits: We will launch our smart contract and ensure it undergoes rigorous security audits by reputable third-party firms to identify and resolve potential vulnerabilities.
• Publicity Campaign and Initial Listings: We will initiate a comprehensive publicity campaign to raise awareness and attract a broad investor base, including strategic partnerships with influencers.
• CoinGecko/CoinMarketCap Listings: Listing on these platforms will enhance visibility and attract more users.
• 1000+ Holders: We aim to reach over 690 holders soon after the launch.
• Building a strong community of supporters and enthusiasts will be a priority.

Phase 2: Expansion and Community Building

• Partnerships: We will form strategic partnerships to enhance BitNance’s utility and reach.
• Guerilla Marketing: Our marketing efforts will be pervasive and innovative, ensuring BitNance is seen everywhere.
• Exclusive Holder Content/Community Hangouts: To engage and reward our holders, we will offer exclusive content and organize community events.
• 2500+ Holders: A key milestone will be growing our holder base to over 2500.
• CEX Listings: We will secure listings on major centralized exchanges to increase accessibility and liquidity.

Phase 3: Advanced Integration and Growth

• Utility Partnerships: Partner with other platforms to enhance BitNance’s utility.
• Tier 1 Exchange Listings: Securing listings on top-tier exchanges to boost liquidity and credibility further.
• 10,000+ Holders: Aiming to grow our community to over 10,000 holders.
• Flip USD: Our ambitious goal is to surpass the value of USD and make BitNance a leading store of value.

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 🔥

@sooemerson: Can you detail the distribution strategy for BitNance Token’s 10.5 million supply, and explain how the allocation of 5.6 million tokens for fundraising, 2.75 million for centralized exchanges, and the remainder for initial liquidity benefits early investors?

Sceb: 

The distribution strategy for BitNance Token ($BTN) is carefully designed to support the project’s growth and ensure the best possible outcomes for early investors. Here’s a detailed look at the strategy and its benefits:

Total Supply: The total supply of BitNance Token is capped at 10.5 million tokens, ensuring scarcity and potential value appreciation over time.

1. Fundraising (5.6 million tokens): Allocating 5.6 million tokens for fundraising is essential for raising capital to develop and market BitNance. This initial capital helps build the infrastructure, secure partnerships, and execute our comprehensive marketing strategy. Early investors benefit from this allocation as it allows them to purchase tokens at an initial lower price, which can be appreciated as the project grows and gains more visibility. Additionally, if there are any unsold tokens at the end of the presale, they will be burned. This reduction in supply can increase the value of the remaining tokens.

2. Centralized Exchanges (2.75 million tokens): Reserving 2.75 million tokens for centralized exchanges (CEX) ensures that BitNance will have the liquidity needed to facilitate smooth trading. Listing on significant CEXs increases the token’s accessibility and visibility, attracting more investors and traders. Early investors benefit because the increased liquidity and visibility can drive up demand and, consequently, the token’s value. Also, if the total amount of tokens allocated for liquidity is not used, the excess tokens will be burned, further reducing the supply and potentially increasing the token’s value.

3. Initial Liquidity (2.15 million tokens): The remaining 2.15 million tokens are allocated for initial liquidity. This is crucial for ensuring enough liquidity on decentralized exchanges (DEX) from the outset, allowing seamless transactions and reducing price volatility. For early investors, a well-liquidated market means they can easily buy and sell tokens without experiencing significant slippage. This stability attracts new and existing investors, contributing to a healthy and active trading environment.

Benefits to Early Investors: Early investors stand to gain significantly from this well-thought-out distribution strategy. By participating in the fundraising phase, they can acquire tokens at a lower entry price. As the project progresses and BitNance lists major CEXs and maintains robust liquidity on DEXs, the demand for $BTN will likely increase, driving up its value. The combination of increased visibility, accessibility, and stability makes BitNance an attractive investment, promising potential value appreciation and a secure trading environment.

We implement measures like burning unsold presale tokens and unused liquidity tokens to ensure a more favorable supply-demand balance. This strategic allocation ensures the successful launch and growth of BitNance and provides significant advantages to early investors, positioning them to benefit as the project gains momentum and broader adoption.

BIC: @chuonzga: How does the governance model ensure that the voices of holders are heard and influence the direction of the project, and what mechanisms are in place to facilitate this participation?

Sceb: 

The governance model of BitNance Token ($BTN) ensures that token holders significantly influence the project’s direction. This is achieved through a decentralized system where voting power is based on the number of tokens held. The more $BTN a holder has, the greater their influence in decision-making.

The model facilitates a transparent and scalable voting process using tools like Snapshot.org. Any holder can propose changes, and the community votes on them. All governance activities, including proposals and voting outcomes, are publicly recorded to maintain transparency.

Regular governance cycles allow continuous community input, keeping the system dynamic and responsive. Active community forums and discussion platforms support informed decision-making by enabling debate and consensus-building before votes.

This structure ensures that BitNance Token’s governance is democratic, transparent, and driven by the community, empowering token holders to shape the project’s future.

BIC: @Gamemode619: Can you elaborate on the significance of the low supply of BitNance Token ($BTN) and its implications for scarcity and value? 

Sceb:

The low supply of BitNance Token ($BTN), capped at 10,500,000 tokens, creates significant scarcity, driving up demand and value. This limited supply and strategic distribution for fundraising and exchange reserves ensure a balanced market, preventing oversaturation.

The scarcity enhances $BTN’s appeal as a store-of-value asset, similar to Bitcoin, encouraging long-term holding and reducing volatility. Additionally, the founders’ commitment to renouncing control and burning liquidity further boosts investor confidence, making $BTN a compelling investment with solid growth potential.

BIC: @Zhaolong8888: What are the critical phases outlined in the BitNance Token roadmap, and how do they contribute to the overall growth and development of the $BTN ecosystem?

Sceb:

The BitNance Token ($BTN) roadmap outlines four key phases critical to the project’s growth and development:

1. Publicity Campaign: Following the launch, the roadmap includes an extensive publicity campaign to generate buzz and attract investors. This phase leverages guerilla marketing tactics and partnerships with influencers to create a strong presence in the crypto community. These efforts aim to rapidly increase awareness and interest in $BTN, driving initial demand and establishing a solid investor base.
2. Exchange Listings: A significant focus is getting $BTN listed on top cryptocurrency exchanges. Being listed on significant exchanges increases liquidity, accessibility, and visibility, making it easier for investors to buy, trade, and hold $BTN. This step is crucial for enhancing the token’s market presence and ensuring it is readily available to a broad audience.
3. Community Governance: As the project matures, $BTN will transition to a decentralized governance model. This phase empowers token holders to participate in decision-making through token-weighted voting, fostering a democratic and resilient ecosystem. Community governance ensures that the project evolves according to the needs and preferences of its users, enhancing trust and long-term engagement.
4. Development of Additional Features: The roadmap simultaneously includes the continuous development of new features and improvements to the $BTN ecosystem. This could involve integrating new technologies, expanding use cases, and enhancing the overall user experience to maintain the token’s competitiveness and appeal.

Each roadmap phase is designed to build upon the previous one, creating a robust and dynamic ecosystem that promotes growth, stability, and community involvement.

BIC: @EvissFord_BTC: $BTN is anticipated to 10x in value within a few months and potentially yield generous returns of 1,000% or more. What factors and market conditions support this optimistic projection, and what risks should potential investors consider when investing in BitNance Token? 

Sceb:

BitNance Token ($BTN) is anticipated to increase in value by 10x within a few months, potentially yielding 1,000% or more returns. Several factors support this projection:

1. Scarcity: With a total supply of only 10,500,000 tokens, $BTN’s limited availability can drive up demand and value as investor interest grows​
2. Exchange Listings: Listing on significant cryptocurrency exchanges will increase $BTN’s liquidity and visibility, attracting more investors and potentially boosting the price​
3. Aggressive Marketing: Utilizing guerilla marketing and influencer partnerships will enhance $BTN’s visibility and attract a larger audience, generating significant interest and demand

Critical Risk: Investor Participation

The most significant risk to $BTN’s growth is passive investor behavior. If too many investors adopt a “buy and wait” approach, the token’s potential for rapid growth may be hindered. Active participation, community engagement, and support for marketing efforts are crucial for driving the token’s value and achieving the projected returns.

While these factors support optimistic projections, the market is free to decide, and this does not guarantee a 1,000% yield. It is a hypothetical scenario based on current market conditions and strategic plans.

Final thoughts

As BitNance Token ($BTN) prepares to launch, its future looks promising. Sceb’s dedication to decentralization and community-driven governance sets BitNance apart. By addressing common issues like high transaction fees and slow processing times and offering a capped supply of 10.5 million tokens, BitNance aims to deliver both value and security to its users.

The emphasis on community involvement ensures that every token holder has a voice, fostering trust and transparency. Whether you’re a seasoned crypto enthusiast or new to the scene, BitNance offers an exciting opportunity to be part of a truly decentralized financial future.