Tech Update: BITE Point to be accessible from August making DragonBite dual token system complete
DragonBite is among the few projects whose mission aims to bridge loyalty and blockchain technology. The firm is currently developing a Dapp for Q4 2021 that aims to aggregate all reward points from many different loyalty programs under one platform for its users to manage and exchange them against digital assets.
While the DragonBite community is familiar with $BITE, the DragonBite utility token which is also traded publicly on both Uniswap and BitMart, we have not yet introduced you to BITE Point, a medium of exchange that will act as a stablecoin pegged at 1:1 with USD and which will allow users to value their reward points before converting them into cryptocurrencies.
In this article, we will further explain DragonBite’s dual token mechanism since BITE Point serves a different purpose than $BITE and will be available to our users from August.
Characteristics of $BITE
$BITE is an ERC-20 token, it was created and is hosted on the Ethereum network and therefore can be traded on Uniswap and other partner exchanges such as BitMart.
The token can also be added on one’s Metamask account. BITE is used as a tradable token, can be bought, sold, traded or staked.
Created with a limited supply and with the aim of participating in the internal economy of the project.
For example, it is offered as an incentive or reward to liquidity providers or to crypto holders who decide to stake it.
Once the Dapp, currently in development, is out, the utility will increase as detailed in the whitepaper.
Characteristics of BITE Point
BITE Points serve a different purpose than BITE.
BITE Points are created so the DragonBite community can evaluate the value of their reward points.
For example, in the upcoming DragonBite Dapp, BITE Point will allow users to access and manage all their reward points under one platform; it will serve as a a benchmark to compare and swap reward points.
To illustrate the function, a loyalty point from Chanel might not have the same value as Miles from an airlines company, BITE Point acts as a bridge, a stable standard of value to understand how the various loyalty point programs relate in value on a point-by-by basis.
BITE Points are pegged at 1:1 with USD and therefore can be seen as a stablecoin acting as a utility token, however and at the difference of USDT or USDC, BITE Points are not tradable on any crypto exchange and only evolve as a unit of comparison and for swapping points in the DragonBite ecosystem.
BITE points will act as the medium of exchange on both DragonBite webapp and dApp meaning that all loyalty points of participating merchant brands shall be converted to BITE Point before a user swap or exchange between loyalty systems.
Where to find $BITE and BITE Points?
BITE can be found on both Uniswap and BitMax while MANTRA DAO, PolkaBridge and BitMart have opened dedicated staking pools for the community to earn more $BITE as a reward for staking.
From August, BITE Points will be available on DragonBite webapp and can be purchased by credit card. People will receive BITE Points every time they purchase vouchers in this webapp and could also use them to buy even more vouchers.
In Q4 2021, this token will also be made available on DragonBite Dapp under its DEX platform and users could acquire them with $BITE, credit cards and by converting their reward points.
DragonBite is a fully integrated ecosystem of decentralized financial services built on interoperable technologies, and with many aspects of the ecosystem collectively controlled by its members. Its governance mechanism is predicated upon two digital tokens called $BITE and BITE Point.