What is BIGMOON?
BIGMOON, a cryptocurrency created by the Binance Smart Chain (BSC) ecosystem on the 24th of December 2021. It is a BEP-20 ken Binance. BSC is a centralized finance (CeFi) ecosystem and a competitor to Ethereum’s decentralized finance (DeFi) ecosystem.
BIGMOON gained momentum fastly on the Binance smart chain. This happened mainly due to capitalization in the token market.
According to its website, cryptocurrency has three basic elements:
Its first core component is called reflection. It is a point for charging transaction fees on BIGMOON. This fee is divided among all the token holders.
Its second core component is the fee that is charged on various transactions of liquidity pools. This fee is charged on platforms like Pancake Swap.
Its third core component is a charged fee that is burned on every trade. It is known as token burn.
It is nowhere mentioned in black and white how much energy it burns in each transaction. The only thing that it makes clear is the percentage of energy breakdown i.e. 10 percent bilateral breakdown of energy. All this 10% is distributed on the three core components of BIGMOON.
This breakdown of energy is not a BIGMOON mechanism protocol but intended to be done by its team.
"If burns are controlled by the team of BIGMOON, it has many advantages. The BIGMOON community would be rewarded and promoted based on efficiency. BIGMOON intends to focus on devising a burn outright plan that would be advantageous for long-time investors. BIGMOON website provides ample knowledge about the whole number of burnout features till date".
However, the standard operating procedures of the BIGMOON team are still not clear. In the same way, it is also not evident what level of autonomy has gained the BIGMOON team to reach its maximum limit. Its price and supply depend upon the discretion of the team that how much potential does its team members possess to reach max level.
The total supply of BIGMOON is one quadrillion tokens, and the maximum supply is five hundred trillion. Almost 500 trillion of it has been broken down till now.
Who Created BIGMOON?
A team of experts comprising of members from markets created BIGMOON. Moderators and developers are also a part of this team.
The Goal of the BIGMOON Developer:
The BIGMOON team is focusing on its beneficial use and supply at a moderate price. They are going to devise strategies that would improve the use of this new cryptocurrency. It would be helpful for BIGMOON holders. They aim to create a protected and secured niche for the investors in this new cryptocurrency.
How is BIGMOON Different than Bitcoin?
As discussed earlier, BIGMOON, a cryptocurrency created by the Binance Smart Chain (BSC) ecosystem on the 24th of December 2021. It is a BEP-20 ken Binance. BSC is a centralized finance (CeFi) ecosystem and a competitor to Ethereum’s decentralized finance (DeFi) ecosystem.
Changpeng Zhao, inventor of the Binance has accepted that BSC is centralized instead of being decentralized. He named it BSC "CeDeFi," which is short for centralized DeFi and a bit of an oxymoron.
Proof of Authority
Proof of Authority is a universally admitted mechanism in BSC. Proof-of-authority is the key consensus mechanism that is used consensually on Binance Smart Chain for building BIGMOON. Validators are the bodies that create blocks in the Proof of Authority Mechanism. Binance chooses and ultimately approves these validators. In this way, BlockChain becomes the pivotal point.
The real identities of validators must be intact to be approved. For being equal to all others, they must possess money. It would improve the design reputation of proof of Authority.
The Binance controls the Blockchain. It has the ultimate power and authority to add and remove the validator on BlockChain. All the BlockChain users have to trust Binance that it would work for the best interest of its investors.
Proof of Work
Bitcoin uses a different consensus mechanism from the rest of the cryptocurrencies. The consensus mechanism of Bitcoin is known as proof of work. It was the original mechanism used by the BlockChains. It is much more secure and can decentralize the bad actors.
Way of Working:
Proof of work is a competition among the various computers for processing and validating transactions. In this competition, complicated puzzles are solved by these computers, and only those win who excel in solving puzzles. After the first win, new blocks are automatically being added to the transactions of BlockChains. These competitive computers are known as miners, and they are given Bitcoin for completing a new block of transactions. This process consumes much energy and helps maintain the network.
Nowadays, Bitcoin has prevailed abundantly across the globe, and a network of miners and nodes are engaged in the mechanism. It is different from BSC and is a decentralized network.
So, Should You Invest In BIGMOON?
Now after knowing about the processing of BIGMOON, should you invest in it? The answer to this question is a personal one. It's a personal choice depending upon your capability to take risks in it. Binance smart chain is the pivotal point in succeeding BIGMOON investment for individuals and also for the whole community of the BIGMOON team.
Binance Smart Chain is the key factor for a calculated investment into BIGMOON as the decentralized policy of BSC is the key regulator for profit and loss. Proof of the success of BIGMOON is much less evident in black and white, but proof of its legitimacy is still required.
Binance is the key runner of BIGMOON along with other tokens of BSC. Yet the proof of authority with its centralized policy is of no less significance. If Satoshi Nakamoto returned and could make direct edits to Bitcoin's code and have it implemented to every miner and node in the network, it would no longer be decentralized and would reduce faith in the system.
Investing BIGMOON at this stage is not much evidence as it is still in the process of proving by its members. It is rightly said that “a rising tide lifts all boats.” Should Bitcoin continue its path on
the way to the road of success is a question of speculations and assessments? A rise of Bitcoin in the Bull market will also raise the BIGMOON.