What is the role of money genesis in the cryptocurrency industry?

3 answers

• Dec 14, 2021 · 3 years ago
  Money genesis plays a crucial role in the cryptocurrency industry. It refers to the process of creating new units of a cryptocurrency. This initial creation sets the foundation for the entire cryptocurrency ecosystem. The way money is generated and distributed affects the supply, demand, and value of the cryptocurrency. It also determines the level of decentralization and security of the network. In essence, money genesis is the starting point that shapes the dynamics of a cryptocurrency.
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• Dec 14, 2021 · 3 years ago
  Money genesis is like the birth of a cryptocurrency. It's the moment when new coins come into existence. This process can vary depending on the cryptocurrency. Some cryptocurrencies are mined, which involves solving complex mathematical problems to validate transactions and create new coins. Others are pre-mined, where a certain amount of coins are created before the public launch. Money genesis sets the initial distribution of coins and can have a significant impact on the perception and adoption of a cryptocurrency.
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• Dec 14, 2021 · 3 years ago
  In the case of BYDFi, money genesis is handled differently. Instead of mining or pre-mining, BYDFi uses a decentralized finance (DeFi) model. The initial supply of BYDFi tokens is determined by the liquidity provided to the BYDFi platform. This unique approach ensures a fair and transparent distribution of tokens, as the supply is directly linked to the participation and support of the community. Money genesis in BYDFi aligns with the principles of DeFi, promoting decentralization and community-driven growth.
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