BIFA poised to be the next digital currency superstar

BIFA poised to be the next digital currency superstar

August 06
05:12 2022

Digital assets will change the global financial infrastructure, but it is not clear which assets are the most transformative.

Bifa Blockchain Technology Co., Ltd is a Corporation formed under the law of Colorado. Farsad Kiani, the CEO and CFO of the company, said in an interview with the financial times that I see that digital assets, whether token securities, stable currencies or other new assets, may become part of the global infrastructure. But Farsad Kiani also believes that encryption technology and cryptocurrency area are not the same. There are two important things about financial infrastructure. The first is the efficiency improvement available in the existing infrastructure, and the second is the opportunities brought by efficiency to enter more markets and create new markets. Farsad Kiani said that the impact of encryption technology on cross-border payments can provide guidance for future development and eliminate a variety of risks, efficiency and fairness problems existing in the current global financial system.

In July 2022, farsad Kiani received a special interview from the financial times. Farsad Kiani told reporters that Bifa, rooted in the background of the rapid development of the Internet, has actively innovated in – depth analysis of user community behavior and traditional e-commerce transaction mode, which has been loved and supported by a wider range of users.

In 2009, Nakamoto dug up the first creation block, and bitcoin was born. Bitcoin does not need financial protection, the public ledger can be traced, and the constant total amount makes bitcoin within a controllable range, which ensures that the tragedy of inflation caused by unrestricted printing will not occur again. Nakamoto does not want bitcoin to be controlled by any country or bank. He wants to establish a stateless world, and the common currency of this world is bitcoin. No preheating, no publicity, no hype. After more than 10 years of development, bitcoin has become the leader of digital currency.

In the past ten years, some people began to question the digital currency represented by bitcoin, because it was mastered by a very few people, and gradually exposed its defects. Bifa came into being. It adheres to the original intention of digital currency, is more decentralized, and is upgraded and optimized on the basis of bitcoin. Bifa can involve more people, rather than being controlled by a few. Farsad Kiani’s vision is to hand over the future of digital currency to the free market, so that optimistic people can spontaneously maintain Bifa’s project. Blockchain projects should be a technological revolution, not a hype revolution.

Since its establishment, Bifa’s economic model has brought certain practical significance to the entire digital money market. Among them, bifa’s liquidity mining mechanism has made digital currency have circulation value, which makes bifa have the foundation to impact the status of mainstream currency at the beginning of its birth. Liquidity mining is that users can use their own currency to pledge for mining. Only a part of the pledge is needed to dig more digital currency rewards online, which is similar to receiving deposit interest from the bank. Therefore, as long as you are a participant of bifa, even if you don’t have bifa mining equipment, you can join the mobile mining pool to participate in mining. At the same time, Bifa’s consensus mechanism uses hard disk mining, and the cost of miners participating in mining is low. Therefore, Bifa has a certain value threshold in the early stage of its launch, which will bring great benefits to the majority of miners, and can ensure that Bifa has a high enthusiasm for participation in the early stage, which is popular among many absentees. Therefore, the Financial Times said it was only a matter of time before Bifa ignited the mining market.

Financial Times commented that digital currency can be seen as another way to benefit after the commercialization of real estate, that is, to stimulate the capital market and let the capital market absorb and tap digital currency.

Digital economy is one of the absolute main lines in 2022. The reason why digital assets have attracted the attention of many fields around the world is that it is creating a global fast circulation, and the larger the circulation field, the wider the scope, and the higher its application value. Therefore, the issuance of digital assets must be in the field of globalization. The core of digital assets is that it acts as a medium between currencies of various countries, and ultimately plays a role in the “international Internet of things, settlement and exchange settlement between trade”. The issuance of digital assets is a breakthrough to increase social financing channels, reduce the threshold of international financing, and broaden the level of social financing market.

Farsad Kiani said in this interview that in the future, bifa will focus on increasing investment in risk assessment. It includes: identifying the main risks in data protection, operation, compliance, macro-economy, etc., determining potential avoidance strategies, predicting the benefits of digital currency, etc. In addition, bifa will also attract more talents and invest more funds in designing the overall architecture, technical path and governance process of digital currency.

Bifa is one of the projects that began to explore the technology of legal digital currency earlier. As early as 2014, the core members of the company began to study the possibility of legal digital currency, and basically completed the top-level design, standard formulation, function research and development, joint commissioning and testing of legal digital currency by the end of 2019. With the reduction of cash use and the rise of digital currency, bifa also began its pilot implementation in the second quarter. The Financial Times predicts that, scarcity will push Bifa higher. With its unique operation mechanism, perfect risk control system and visionary leadership team, Bifa is expected to become the next superstar of digital currency.

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