BIP is the native coin of Minter.
The key role of BIP is to create a reserve for user-made coins, or back them, similar to the gold standard. When creating a custom coin, a minimum of 10k BIP is locked on the blockchain permanently, lowering the amount of circulating coins, which increases the value of BIP and the network as a whole. Because of this, every coin issued on Minter has a price in BIP from the start, is totally liquid, and can be used right after creation.
BIP is also a full-fledged cryptocurrency given to validators and delegators for their investment into supporting the network. Validators sign transactions and generate new blocks, getting a pre-determined amount of BIP for their efforts. The block reward is reducing over time, and once the max. supply has been reached, disappears completely. Still, validators also earn transaction fees. Delegators who support the activity of validators mentioned above receive part of those earnings, which is distributed proportionally to their stake (amount of delegated coins).
BIP is used in staking, which is exactly how users support validators. We suggest “tying” your coins to quality, reliable, and secure validators that aim to improve Minter.
➡️ Next section
⬅️ Previous section
© 2021 BTC.Secure Inc.