This Altcoin Could Change the Entire Game! –

Consulting giant Fool analysts point to an altcoin industry that should be considered alongside tier one or new DeFi technologies.

Watch out for this altcoin industry: It could change the crypto game

Fool analyst Dominic Basulto said in a recent post that BitDAO could be a game changer in the DAO space. BitDAO is a decentralized Blockchain platform for managing and investing in cryptocurrencies. One of the best cryptocurrency performers ever in 2023, BIT has gained more than 39% since the start of the year. What makes BitDAO so interesting is not its final performance. Instead, BitDAO has the potential to change the entire crypto game. The altcoin project is a new way to invest in crypto that uses the “wisdom of the crowd” to help investors diversify a wide variety of cryptocurrencies in a way that is both democratic and transparent.

Officially, BitDAO is a governance token for a decentralized autonomous organization (DAO) built on Ethereum. This organization manages and invests in cryptocurrencies, and if you own the BIT token, you can vote on what the organization should invest in next. It also allows you to share profits from these investments via BIT token. Let’s take a closer look at what makes BitDAO so unique and why it can change the rules of the game so much.

The rise of the DAO

In many ways, a DAO is a new type of governance structure made possible by Blockchain technology. In the non-blockchain world, organizations can choose governance structures such as “corporations” or “limited partnerships”. The preferred structure in the blockchain world is the decentralized autonomous organization.

As the terminology suggests, a DAO is fully decentralized, fully autonomous, and organized for a specific purpose. Smart contracts power all activities in the DAO and always take place on the Blockchain, so there is excellent transparency of what people do within the organization. In other words, there is no dark figure in the corner office smuggling money without your knowledge.

While the DAO structure may sound a bit exotic, it’s actually more common than you might think. Some of the world’s most popular cryptocurrencies, including Aave (AAVE) and Uniswap (UNI), have been established as decentralized autonomous entities. cryptocoin.comAs you follow, Ethereum founder Vitalik Buterin has named DAOs as one of the most exciting new growth paths for the Ethereum platform.

New way to focus on altcoin market

BitDAO has the potential to change the way people invest in cryptocurrencies. If you think about the current crypto investment model, it’s basically this: A single person analyzes hundreds of possible cryptocurrencies and then invests in a single cryptocurrency that is traded on an exchange. The new model is as follows: A single person invests alongside many different investors from all over the world and collectively decide what to invest in next. You are not limited to investing in cryptocurrencies either. Recently, there has been a lot of discussion about whether BitDAO should be devoted to derivatives and high-yield financial instruments.

If you look at the BitDAO website, you can see some projects it has invested in, such as a new Ethereum Layer 2 Blockchain network. The important thing to keep in mind is this: As a BIT token holder, you receive a share of all dividends from the BitDAO treasury. If you think about all this, it’s a little mind-blowing. BitDAO sometimes acts as a mutual fund or ETF. Other times, it’s like an early-stage venture capital fund.

Should you invest in BitDAO?

As analyst Dominic Basulto noted above, BitDAO had a remarkable performance in the first two weeks of 2023. This is primarily based on one factor: a massive $100 million token buyback program that started on Jan. For the first 50 days of the year, the BitDAO treasury will buy back $2 million worth of BIT every day. Therefore, due to all this buying pressure, BitDAO’s price is likely to continue to rise for most of the first quarter of 2023.

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