What is Bip (What is Bingo Games)?

What is Bip? The blockchain industry has experienced explosive growth in the past two years, from ICO, IEO to NFT, and now DeFi. With the rise of public chains and the development of the DeFi ecosystem, more and more projects are beginning to try to solve these problems in their own ways – that is, the so-called “decentralization”. What is Bip?

Bip (Bitcoin payment) refers to a mobile wallet that provides payment and settlement services to users. It automatically deposits funds into a designated wallet using smart contract technology. This functionality can help you digitize assets, generate income, reduce costs, and increase risks simultaneously.

For example, your WeChat Moments or Weibo fans can directly send a small red envelope (or send a tip with a QR code), at which time you can receive point rewards. If a coin is stolen by hackers, it can also be transferred out (similar to virtual currency in Alipay). These operations will make all the digital currencies on your phone worthless. Why is it called Bitcoin? Bitcoin is a form of cryptocurrency built on an open network. It relies on a network system maintained by multiple nodes, rather than anyone’s control. Everyone can run their nodes through the software, guaranteeing the security and stability of the entire network, and allowing users from around the world to participate. This new transaction model can make Bitcoin transactions more secure and efficient, while also providing more innovative points.

So what is Bip?

Bip, also known as Distributed Shared Ledger, is a global platform protocol based on cloud storage systems. It allows any developer to deploy smart contracts locally. Its design is to support faster execution speeds and reduce resource waste. Currently, some mature applications are using this solution. For example, Ant Group’s S17 series of applications have been launched for trial.

BIP (Blockchain as a Service Protocol) is a general underlying framework on Ethereum, which can be used for developing open source projects and building DApps. It also has various uses such as smart contracts, smart contract scheduling mechanisms, multi-party computation, smart contract auditing, etc. It is a basic component for enterprise services. It mainly includes eight advantages: 1. Data exchange, 2. Identity authentication, 3. Privacy protection, 4. Incentive measures, 5. Governance voting, 6. Credit evaluation, 7. Social interaction, 8. Community governance, 9. Transparent management, 10. Cross-domain cooperation, and 11. Business model implementation.

What is Bingo Games?

In the traditional gaming world, players need to have their own virtual identity and a system that allows them to interact with others to make money. The so-called bingo refers to the blockchain technology transforming the props and assets in traditional games into digital currencies or tokens, and then using these tools to buy or sell goods or services on a platform in order to increase profitability.

Many blockchain-based products on the market are developed using public chains such as Ethereum, but they also have some disadvantages, such as users being unable to control their funds. This means that they cannot obtain any tokens. This leads to the problem: If people do not participate in the blockchain, then there is a possibility of losing the chance to attract more people to join. This is where we can participate in the project by buying a certain NFT, as it will increase the transaction costs for users. When someone uses the money for playing the game, the same situation will occur – you can buy what you want and sell it to someone else. This is why it is called bango. What is Bingo? It is to create a new game product that is fun and economically beneficial. As long as users can participate in it, you have the possibility of becoming its future owner while also incentivizing existing users. If you are willing to invest time and resources and continue to participate, your income will be rewarded… but with more and more players entering this field, this attraction will gradually decrease. Therefore, for some already well-established industries, “Bango” is not simply “earning while playing”, but can be used to do more work.