When was BEFE coin issued? Learn about the origin of BEFE coin in one article

BEFE coin, created in 2018 as an extension of the BitShares platform, serves as an infrastructure and protocol token within the ecosystem, incentivizing governance, security, and development through staking and voting capabilities.

Oct 01, 2024 at 08:30 am

Understanding the Genesis of BEFE Coin

1. Origins and Issuance

• BEFE coin, an acronym for "BitShares Evolution Finance Ecosystem," was created in 2018.
• It was primarily developed by the BitShares community as an extension and evolution of the BitShares platform.

2. Purpose and Goals

• BEFE coin was designed to serve as an infrastructure and protocol token within the BitShares ecosystem.
• Its main purpose is to incentivize users and developers to participate in the network's governance, security, and development.

3. Blockchain Technology

• BEFE coin operates on a Proof-of-Stake (PoS) blockchain network.
• This means that validators are chosen based on the amount of BEFE they hold and stake.
• Staking BEFE allows users to participate in the consensus process and earn rewards for validating transactions.

4. Use Cases

• Governance: BEFE holders can participate in voting on proposals that affect the direction of the BitShares ecosystem.
• Staking: Users can stake BEFE to secure the network and earn rewards.
• Transaction Fees: BEFE is used to cover transaction fees on the BitShares blockchain.
• Utility Token: BEFE can also be used to access certain premium features and services within the ecosystem.

5. Distribution

• The initial supply of BEFE coins was 100 million.
• It was distributed through a fair launch without any pre-mine or ICO.
• BEFE coins are earned primarily through staking and participation in the network's activities.

6. Current Status and Market Performance

• As of March 2021, BEFE has a circulating supply of around 57.5 million coins.

• It is traded on several cryptocurrency exchanges, including:

  • Bittrex
  • Poloniex
  • Upbit