AMA Recap: CRYPTO MINERS X BONFIRE

BONFire is deploying the first truly available decentralized credit based stable monetary system. BONFire is exploring a future of financial systems that belong to us and the crypto world as well. BONFire is to focus on algorithmic credit and liquidity value, volatility and expected return capture to form a fully transparent and decentralized financial protocol suite. May blockchain bless us, this time the credit currency will be controlled by the people who gave it credit.

We hosted an AMA session with BONFire on 1st January at 12:00 PM UTC.

Mr. Ramsy was the host from Crypto Miners and BONFire team was the guest. They shared delightful knowledge and unique features of BONFire.

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Segment 1️⃣: Introduction

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Ramsy:
Hello everyone 👋 and welcome to the Crypto Miners AMA session With BONFire

Thank you all for joining us today❣

To help us learn more about the featured project of this AMA session, we are lucky to be joined By Bonfire

BONFire:
Hello

😊😊

Ramsy:
Hello There 👋

Wolcome here
Thanks for bringing Us BONFire❤️

BONFire:
Happy New Year😁😁

Ramsy:
Happy New Year 🥂

BONFire:
OK let's go☺️☺️

Ramsy:
I'm pretty sure that our AMA participants are very much excited to learn more about BONFire 😇

So let's get started 🚀🚀

1. Could you introduce yourself?

BONFire:
Hello, I am a member of BONFire DAO. Since our team members come from all over the world, we collaborate through DAO to jointly complete this great idea.

Everyone who is involved in building the BONFire ecosystem can become a member of the BONFire DAO, which is what we are looking forward to.

Here are some airdrops for everyone, you can get them for free: https://app.bonfirebon.com/bon/

Ramsy:
Thanks Man For This Warm Start About BONFire 🤝

Now let's see our second question from this segment...

2. What is BONFire? Please introduce briefly

BONFire:
BONFire is a credit money agreement based on Ethereum.

At the same time, BONFire is deploying the first truly available decentralized credit-based stable monetary system.

We hope to bring to the DeFi and crypto world a credit stablecoin that is decentralized and more suitable for daily use like the “stable” BTC.

We want to achieve a “BASIS OF CREDIT, OWNER OF VALUE.”

BONFire is composed of three main carriers: WOOD, $BON, and DUSD, which are gradually increasing value levers.

Strictly speaking, this includes an infrastructure network composed of DUSD minting, treasury lending pool, ARBUnstake (like a mini future), Farm & DEX and ecological Launchpad, and an expanding ecosystem of smart contract credit currency around DUSD. We choose and drive our beliefs!

BONFire is dedicated to igniting the flame of hope in the darkness where native credit value medium is missing in the crypto world, attracting DeFi travelers and explorers.

Let’s create and own credit.

Ramsy:
3. Could you briefly explain Wood, DUSD and BON illustrated in the diagram?

BONFire:
Sure

WOOD is a private Layer 2 point asset managed with a private key signature.

It is used to measure and evaluate a user’s community contribution.

There is no gas fee to use WOOD. BONFire releases WOOD through people’s behavior on the chain, interaction with BONFire, activity in the BONFire community, and other contributions.

$BON is the underlying asset that drives the entire BONFire protocol. It is deployed on the Ethereum mainnet. The gas fee is required to use BON

BON is the GAS and decision-making power of BONFire. Without a doubt, in order to ensure stable growth, it will appropriately continue to absorb some value from the DUSD network.

$DUSD is a truly usable decentralized credit stablecoin.

We could understand it as a stable currency issued by the Federal Reserve in a parallel world, but it only supports the exchange of crypto assets for this stable currency.

BONFire ensures 1:1 anchoring of DUSD to USD at this stage by controlling minting costs, expanding liquidity scenarios, ongoing external value plunder, and good liquidity

We could also understand it as a bond with an acceptance window.

When you pay BTC (WBTC), ETH, or other crypto assets listed as reserve assets, the BONFire protocol will pay you DUSD based on the value of these assets.

Ramsy:
4. Stablecoin is a huge market. What are the advantages of BONFire compared to other stablecoins?

BONFire:
From USDT, DAI, to FEI, AMPL, and LUNA-UST (let’s forget about Basis), people have made many attempts to stabilize the medium.

Regardless of the status quo, the market and people pay more attention to and actively participate in these explorations. It proves that we have a strong demand for stable, non-chaotic additional issuance, strong consensus, and high availability of credit money

As for the current mainstream stablecoins such as USDT and USDC, we can always see the news about their incremental issuance on the Ethereum chain and TRON chain.

There is no way to know whether they are 100% reserve ratio or not, and even if they are, the assets they anchor are always ready to dilute the property in our own pockets

Ramsy:
Indeed 💯

BONFire:
As an anchor crypto money, DAI is over-collateralized and solves part of the above-mentioned problems, but in the time of violent fluctuations in the market, the stable coin will no longer be stable, and the risk it poses is fatal.

While the credit stable coin DUSD issued based on BONFire, we could understand it as a stable currency issued by the Federal Reserve in a parallel world, but it only supports the exchange of crypto assets for this stablecoin.

When you pay BTC (WBTC), ETH, or other crypto assets listed as reserve assets, the BONFire protocol will pay you DUSD based on the value of these assets.

BONFire solves all the pivotal disadvantages of USDT, USDC, DAI from the origin, and achieves complete decentralization, ignoring the drastic fluctuations of the market and anchoring assets for quality crypto assets.

Ramsy:
5. Please describe the economic model of BONFire (acquisition and consumption of $BON)

BONFire:
BON is the underlying asset that drives the entire BONFire protocol. It is deployed on the Ethereum mainnet. The Gas fee is required to use BON

BON is BONFire’s governance token. Of course, in order to ensure stable growth, it will appropriately continue to absorb some value from the DUSD network.

$BON provides fluidity to stabilize the value of DUSD mainly by rewarding mint DUSD, using the activity of DSUD to complete the release

Ramsy:
6. Please outline the RoadMap of BONFire and let us more about the prospect of BONFire in the near future, so that we can better understand and participate in the ecological construction of BONFire

BONFire:
BONFire’s RoadMap is mainly divided into three stages:
PHASE 1: Prometheus
PHASE 2: Purses
PHASE 3: Persephone

As illustrated in the diagram above：
PHASE 1: Prometheus
Launch BONFire protocol suite – (BONFarm BONSwap, BONLoan, BONLaunch);
Launch Pan’s Parchment Scroll (WOOD data verification and archive mechanism);
Launch Drunken PAN-Bonfire (random number generator);
DUSD and USDs achieve ±1% stable value anchoring over 424,242 Ethereum blocks;
DUSD minting volume exceeds 10,000,000.0000;
BON Holder exceeds 2,000

This is what we will achieve in this phase, and it won't be long before we announce the second and third phases of our plan. Let's look forward to it!

Ramsy:
7. WOOD as BONFire development incentive points, $BON as BONFire core assets, I believe we are looking forward to having them. As a member who is interested in BONFire, how do I get them?

Here's our last question from this segment

BONFire:
How to get WOOD:
WOOD is a private Layer2 asset managed with a private key and will be distributed to the BONFire community based on your activities on the blockchain. Without any Gas, it also avoids the early whale intervention to achieve WOOD “monopoly” behavior, so that everything is fair!

First of all, to celebrate the launch of BONFire, we have prepared four WOOD airdrop activities:

Gleam: https://gleam.io/htDSm/bonfire-prealpha-usdtwood-airdrop

Subscribe & Explorer Enlisted & Call My Bro & other WOOD airdrops—connect your account and Claim your WOOD from here: https://app.bonfirebon.com/bon

In addition, other activities of BONFire will also send out WOOD or WOOD Code, such as spreading BONFire, BONFire product use, and feedback, BONFire community activities, and so on

WOOD bounty redemption system will soon be online, you can choose to exchange a variety of rewards, such as BONFire LaunchPad Whitelist, $BON & NFT redemption, new product insider test access, etc

How to get $BON:
BON is the fundamental asset that drives the entire BONFire protocol and is deployed on the Ethernet main-net. Compared to WOOD’s Gas-free system, $BON requires payment of Gas.

You can get $BON by participating in BONFire IDO, besides, you can get $BON through the WOOD exchange, or participate in BONFire community activities, become a BONFire community contributor, etc

To know more about BONFire, visit the BONFire Website:
http://bonfirebon.com

From Bitcoin to BONFire: The Product of Blockchain Evolution:
https://medium.com/@BONFireBON_com/from-bitcoin-to-bonfire-the-product-of-blockchain-evolution-cf4155a8b8b1

Gold-USD-Bitcoin: From decentralization to centralization, and back to decentralization:
https://medium.com/@BONFireBON_com/gold-usd-bitcoin-from-decentralization-to-centralization-and-back-to-decentralization-d50bae114435

More about BONFire:
https://bonfirebon.gitbook.io/bonfire/why-we-need-bonfire/alchemy-and-goldfish

We are recruiting BONFire global ambassadors, if you are interested in BONFire, and share our vision, please private message us to join BONFire, let us witness and realize this great project together! fren!
https://medium.com/@BONFireBON_com/bonfire-is-recruiting-global-ambassadors-866d9e024125

Thank you everyone

Ramsy:
Thanks for this well detailed introduction about BONFire:)

Ant that's the wrap up of our the first part of the AMA session ✅

BONFire:
😁😁 Thank you😊😊

Welcome join BONFire

Ramsy:
Time To Conclude Our AMA Section

Best of luck for the future 🚀🚀

If you want to learn more about BONFIRE, here are some important links for you;

Website: http://bonfirebon.com

Twitter: https://twitter.com/BONFireBON_com

Telegram: https://t.me/BONFirebon_official

Medium: BONFire