BOTS INC CONTINUES INITIATIVES IN THE EMERGING DECENTRALIZED FINANCE (DEFI) SECTOR. REALIZES MAJOR INCREASE IN EMERGING MARKET VALUE OF BIT
ANNOUNCING NEW UPDATES TO BASIC INCOME TOKEN (COIN: BIT) AS A DEFI TOKEN
SAN JUAN, PUERTO RICO, Dec. 21, 2020 (GLOBE NEWSWIRE) -- BOTS, Inc. (OTC: BTZI), an emerging innovator of products, technologies, and services for the rapidly growing digital robotic automation and manufacturing industry, announced today that it had completed initial stages of repurposing FIRST BITCOIN (COIN: BIT), having Livecoin.net crypto exchange recognize its new name as "Basic Income Token" while retaining "BIT" as the digital currency's symbol. We are awaiting CoinMarketCap and Coingecko's recognition of the name change. While First Bitcoin Capital was the first to develop a coin utilizing the symbol BIT, others have sprung up using this same symbol; therefore, readers of this news should be careful to avoid any confusion by matching the name with the symbol.
Basic Income Token was designed to provide individuals and communities access to a cryptocurrency that enables a savings program, micro-payments, and to earn interest or stake their BIT holdings utilizing the DeFi (Decentralized Finance) protocols. Initially, we only provided a limited amount of staking via Proof of Stake (POS) mining to enhance mining merely by keeping holders' bit wallets opened to earn more coins. We are upgrading staking by adding a Dapp that will allow holders of BIT to deposit their coins via our website to earn greater interest utilizing the Ethereum blockchain, increasing earnings up to .18% per day without the need to mine. This new approach will not stop holders from POS mining. In the near future, we intend to provide greater access to BIT through the Ethereum based Uniswap decentralized apparatus.
International Bankers magazine described DeFi as "decentralized finance—that is, the application of financial services using decentralized technology such as blockchain. DeFi projects aim to provide financial services that do not require centralized entities or financial intermediaries, or middlemen to operate.
"At present, 'trust' within the global financial system is largely represented by systemically important financial institutions and regulatory bodies. Have they been successful in instilling sufficient trust? That's debatable at best. Errors, delays, and security vulnerabilities have certainly not been infrequent. Nor have these entities been shy when it has come to taking their own pieces of the pie in exchange for providing this purported layer of trust. And what's more, there have been depressingly few signs over the years and decades of their willingness to be more innovative, cost-effective, or efficient.