Upcoming Bitomni SNS decentralization sale

Governance SNS Project Governance
22

Thank you for your observations and questions.

Bitomni leverages ICP technology to bridge various blockchain ecosystems, which explains our promotional strategies targeting users from diverse platforms. This approach naturally brings new members to the IC community.

The neuron fund is an integral part of our Treasury, detailed in the SNS treasury section of our whitepaper. The fund is utilized for user rewards, liquidity bootstrapping pools (LBP), fundraising, marketing, centralized exchange listings, airdrops, third-party services, operational costs, and development. All expenditures require approval by the SNS DAO, ensuring transparency and community governance.

Bitomni introduces unique functionalities to the IC, like the BitoBridge—the first Bitcoin omnichain bridge on the IC, enhancing Bitcoin’s utility and interoperability within the ICP ecosystem. Our goal is to provide value through innovative DApps and the ultimate market and community feedback will determine our project’s necessity. We are committed to refining our offerings based on this community input to achieve product-market fit.

Thank you for your engagement and critical insights.

2 Likes
23

Thank you for recognizing the Bitomni team’s efforts! We’re dedicated to enhancing interoperability within the blockchain ecosystem through technology, meaningful partnerships, and continuous community engagement. Your support and feedback are invaluable as we evolve and refine our services. :smiley:

2 Likes
24

Thank you for your positive feedback!

BitoBridge is currently in its testnet phase, receiving valuable feedback from the community. Concurrently, we’re engaging with the DFINITY Foundation team, gaining insightful technological advice. We’ve begun developing BitoBridge V2, which is aimed at significantly enhancing usability and user experience. The testnet for V2 is slated for rollout later this month. :smiley:

2 Likes
25

How much is being requested? Please make this information visible on this forum topic, rather than requiring users to dig through documents.

How does this relate to ckBTC, and the various chain fusion twins that are growing on the IC all the time?

I don’t feel like this answers the question of what this project brings to the IC. It seems like you’re asking for neuron fund participation without clear reasoning regarding why your project is needed.

26

How much is being requested? Please make this information visible on this forum topic, rather than requiring users to dig through documents.

Our understanding of the Neurons’ Fund Commitment is that it’s based on direct participation rather than a predefined request amount. Consequently, you won’t find a specified ‘requested amount’ in this article or any of our other documentation. We aim for a transparent approach that doesn’t require users to search for such details. Please correct us if our understanding differs from the norm.

How does this relate to ckBTC, and the various chain fusion twins that are growing on the IC all the time?

BitoBridge utilizes Chain Fusion technology and ckBTC to bridge BTC to various blockchains like Ethereum, differentiating itself from ckBTC, which specifically serves as Bitcoin’s twin within the ICP ecosystem. Additionally, BitoBridge facilitates the bridging of ICRC tokens to other blockchains. In essence, while we employ Chain-key twins as tools, our core function extends beyond merely leveraging these twins.

I don’t feel like this answers the question of what this project brings to the IC. It seems like you’re asking for neuron fund participation without clear reasoning regarding why your project is needed.

We can list several reasons why Bitomni is needed in the IC ecosystem:

  1. Bitomni focuses on BTCFi, a combination of Bitcoin and DeFi, which aligns with IC’s strategic priorities. We stand poised to contribute significantly to this area.
  2. We have successfully implemented Chain Fusion technology and designed/developed specialized DApps like BitoBridge, BitoIndexer, and BitoRestaking, addressing specific needs within the IC ecosystem.
  3. Our project plays a crucial role in bridging diverse blockchain ecosystems, thereby attracting new users to the IC ecosystem.
    While these points underscore our project’s relevance, we believe the true measure of our necessity will be the real-world utility and community feedback.

Thank you.

1 Like
27

Thank you for your insights and support!

Regarding the airdrops, they are structured in two phases:

  1. Pre-SNS: We’ve allocated 1% of the BITO tokens for community airdrops, targeting those who participated in our early campaigns before the initiation of SNS. This allocation is fixed and will be configured in the sns_init file.
  2. Post-SNS: Future airdrops are planned but not preset in percentage. They will be subject to SNS DAO governance, meaning any allocation must be proposed and approved by the community through voting.

Although we could specify an amount for clarity, we prefer to avoid any miscommunication since DAO approval is necessary for implementation. Your point on transparency is well-taken and is central to how we intend to manage community expectations and governance interactions.

Thank you!

28

Most SNS projects always offers 25% of the token for the swap thereby reducing the potential marketcap of the token and increasing potential profit margin for buyers, why is your team offering just 12%?

1 Like
30

Thank you for raising this point. It’s crucial to understand our token allocation strategy.

Firstly, the percentage of tokens allocated for SNS sales doesn’t affect the market cap or FDV independently. FDV is influenced by the percentage of tokens sold, the amount of ICP raised, and the prevailing ICP price. Despite allocating only 12% of tokens to the SNS sale, Bitomni’s intended minimum FDV is competitively positioned among 2024 SNS projects, as our research indicates.

image
image791×448 32.2 KB

The decision for a 12% allocation stems primarily from two considerations:

  1. Security against 51% Attacks: This is the primary reason. Because Bitomni does not have a seed round like most projects listed in the figure above and the percentage allocated to our dev team is low, it is very difficult to mitigate a 51% attack during the SNS sale. If we allocate more tokens for the SNS sale, attackers will have less difficulty. Our simulations show that with the current allocation, even if an attacker secured 80% of the SNS sale tokens, their total voting power would remain below 50%. You can find a detailed analysis on this in our whitepaper under the section on mitigating 51% attacks.
  2. Sustaining Future Development:
  • Venture Capital Involvement: We’re targeting tier-one CEX listings and believe backing from prestigious VCs is essential. VC rounds typically involve 10-15% of tokens and with a higher FDV than SNS sales, which we consider crucial for both SNS investors and our team.
  • Continued DApp Development: Beyond our current BitoBridge, we’ve completed designs for BitoIndexer and BitoRestaking and plan to initiate development post-SNS. Sufficient tokens must be reserved not only for development but also for robust marketing and operational strategies like airdrops and engagement rewards to ensure active user participation and enhance investor value.

We believe this strategic allocation allows us to secure the network while ensuring ample resources for future growth and innovation within the Bitomni ecosystem. However, we are glad you raised the question and are open to discussions and suggestions!

Thank you!

4 Likes
31

Are there any planned partnerships or agreements with CEXs for listing BITO tokens in the near future? If so, can you provide any information on which exchanges are being targeted and the anticipated timelines for these listings?

32

Thank you for your question. We understand the importance of exchange listings for the liquidity and accessibility of BITO tokens. At this stage, we are actively exploring partnerships and agreements with several CEXs to list BITO tokens.

While we cannot disclose specific exchanges at this moment due to ongoing negotiations and confidentiality agreements, we are targeting reputable and high-volume exchanges to ensure the best possible exposure and trading experience for our users. We aim to finalize these partnerships and have BITO tokens listed within the next few quarters. There is still tons of work to do, including a successful SNS, mainnet launch, and community/user growth.

We will keep the community updated with official announcements as soon as these agreements are confirmed. Thank you for your continued support and interest in Bitomni.

33

You’re right, I forgot about the matched funding scheme which varies based on direct participation.

How ckBTC Solves the Dilemma of Blockchain Bridges - by DFINITY
bridges have become a prime target for hackers because of their easy-to-compromise architecture

How ckBTC Solves the Dilemma of Blockchain Bridges - by DFINITY
By creating a direct link between the Bitcoin network and the Internet Computer, ckBTC gets rid of the need for bridges

Chain Fusion overview
Chain Fusion allows the Internet Computer Protocol to interconnect with multiple blockchains in a decentralized manner, eliminating the need for a single trusted intermediary such as a bridge

Can you please explain further about why Bitomni’s bridging solutions are needed (or even a good idea) in the context of IC chain fusion…

34

Can you please explain further about why Bitomni’s bridging solutions are needed (or even a good idea) in the context of IC chain fusion…

Thank you for your question. Before we answer the question, could you please give some feedback on these points:

If an IC user wants to bring Ghost to Ethereum, which DApp or IC service should the user use?
If an IC user wants to bring BTC from the Bitcoin native blockchain to Ethereum, which DApp or IC service should the user use?
If an IC user wants to bring his/her ERC20 token (e.g., Eth) to Solana, which DApp or IC service should the user use?

1 Like
35

I’m slowly catching up with what Bitomni is wanting to provide. Thanks for taking the time to explain this to me.

To make sure that I understand correctly, chain fusion tech avoids the need to bridge to the IC. Bitomni would like to take the power of chain fusion from the IC to other networks, by bridging those ck tokens to those other networks?

Isn’t that somewhat self-defeating, given that chain fusion is about avoiding bridges?

1 Like
36

Thank you for your reply.

Bitomni is a BTCFi-driven omnichain asset management protocol that offers a suite of BTCFi DApps, including BitoBridge, which serves as a foundational infrastructure for other BTCFi DApps. We are also developing a decentralized Bitcoin meta-protocol indexer, another critical infrastructure component.

chain fusion tech avoids the need to bridge to the IC

Yes. Chain Fusion tech can bring Bitcoin and other cryptocurrencies to IC without intermediaries (or bridges). It has done a great job on Bitcoin via protocol-level integration, especially.

Bitomni would like to take the power of chain fusion from the IC to other networks, by bridging those ck tokens to those other networks?

No. Bitomni is not here to use Chain Fusion’s power to bridge tokens to other networks. As stated on the Chain Fusion webpage: “Chain Fusion enables smart contracts to interact with multiple networks allowing developers to realise multichain use cases and profit from ICP features.” Bitomni is aiming to do exactly that with a focus on Bitcoin and its tokens.

As for BitoBridge, one of the BTCFi DApps of Bitomni, it is here to leverage Chain Fusion technology to provide users with the capabilities of:

  1. Bridging BTC and its emerging tokens, such as BRC20, from Bitcoin native blockchain to other blockchains (the BitoBridge Testnet now supports Ethereum, Arbitrum, and StratoVM). Please note: a. We use ckBTC as an intermediary to achieve this feature; b. Currently, there is basically no DApp to provide this service in the market.
  2. Bridging ICRC standard tokens (ck tokens are only a tiny part of ICRC tokens; for example, Ghost and CHAT are ICRC tokens but not ck tokens) to other blockchains (the BitoBridge Testnet now supports Ethereum, Arbitrum, and StratoVM); Please note: a. Currently, there is basically no DApp to provide this service in the market. b. One of the DFINITY Dev Grants we received includes this as an important feature.
  3. Bridging tokens of other standards, e.g., ERC20, to other blockchains, such as Aptos. Please note: there are other protocols, e.g., Layerzero, that can deliver this capability; however, they are not on IC. However, we think this feature reflects Chain Fusion’s vision and potentially strengthens IC capability.

Isn’t that somewhat self-defeating, given that chain fusion is about avoiding bridges?

We do not think Chain Fusion is about avoiding bridges. Chain Fusion is about seamless and secure interoperability between different blockchains. No bridge is needed to bring BTC to IC as ckBTC or ETH as ckETH. However, a Bitcoin omnichain bridge is needed to deliver the capabilities mentioned above.

In these cases, IC is the “bridge” since BitoBridge is built on IC, and all the core functionalities are realized in canisters. One of the reasons that BitoBridge is supposed to be safer and more trustless than other bridges is because it does not bootstrap a decentralized network like many other bridges do; we use IC, which provides us with the security, decentralization, and trustless once it is governed by an SNS DAO.

We hope this helps clarify things. Thank you.

1 Like
37

Thanks for explaining this to me further.

My concern (which may be unfounded, but I prefer to be vocal and wrong, than silent but on to something) is that if there is a vulnerability in Bitomni bridging solutions (built on the IC), and this is exploited, it’ll be a very bad look, particularly if endorsed as an SNS.

  • Can I ask what security audits Bitomni’s suite of tools have been through?
  • How many of these IC-based tools have been built already, and what features are yet to be built?
  • Why is Bitomni seeking to decentralise at this stage?
38

Great job Bitomni, I’ve been waiting for the day you guys presale SNS from the beginning, I’ve known about your project since 2 months ago

Preparation for $ICP for SNS presale is complete, let’s do it
125000 ICP minimum is too easy to pass, I’m looking forward to Hardcap 1M ICP
Pros:

  1. Careful preparation from community opinion care
  2. Daily product improvement
  3. Partners with StratoVM help Bitcoin L2 community know more about ICP
  4. Future products make defi more friendly with ICP
    And many other advantages
39

Thank you for sharing your concerns.

It’s true that vulnerabilities can potentially affect any project in the Web3 space, especially in bridging solutions, and such incidents would indeed be damaging. However, it has nothing to do with being ‘endorsed as an SNS’ as it doesn’t guarantee safety or success. The SNS framework is designed to manage projects in a decentralized and democratic way rather than acting as a security guarantee.

At a high level, the likelihood of a project being targeted by hackers is directly related to its perceived value—the more valuable a project becomes, the more attractive it is to hackers. We appreciate that you see Bitomni as a project of significant value, which naturally brings the potential for increased attention from malicious actors.

  • Can I ask what security audits Bitomni’s suite of tools have been through?

Regarding security audits, we haven’t conducted one yet because BitoBridge is still in active development. We recently completed the development of BitoBridge V2, which is now undergoing internal testing. After this phase, we will move to public testing with BitoBridge Testnet V2. Once the code is stabilized, we will initiate a thorough security audit, which will be shared with the community before the SNS launch.

  • How many of these IC-based tools have been built already, and what features are yet to be built?

Currently, only BitoBridge has been built, with BitoIndexer and BitoRestaking in the final stages of technical design. BitoBank and BitoFund are still in the planning phase. However, progress on these DApps will ultimately be guided by the SNS DAO once Bitomni transitions to decentralized governance.

  • Why is Bitomni seeking to decentralise at this stage?

As for the SNS sale, it won’t happen immediately. As mentioned at the end of this post: There is considerable work to be completed before launching the SNS. This article serves as a platform for gathering insights, feedback, and suggestions. We greatly value and welcome the community’s contributions and perspectives!

As for why we want to do an SNS at all, there are three main reasons:

  1. To align with our goal of decentralizing and democratizing Bitomni’s products and services;
  2. To build a strong community that can support Bitomni in the competitive Web3 environment;
  3. To raise funds for further development. We have been self-funded for the last two years as a research lab. However, we must raise funds to deliver products, services, marketing activities, and hopefully profits to our users, partners, and investors.

I hope this clarifies your concerns. Thank you for your continued interest in Bitomni.

1 Like
40

Thank you so much for your enthusiastic support and for being with us on this journey! We’re thrilled to hear that you’re as excited about the SNS sale as we are. Your confidence in Bitomni and preparation with $ICP mean a lot to us. :grin:

Indeed! We’ve put a great deal of effort into carefully preparing for this launch, ensuring we listen to community feedback, continuously improve our products, and build strong partnerships—like with StratoVM—to expand ICP’s reach into the Bitcoin L2 community. We’re also committed to making DeFi or BTCFi more accessible and user-friendly with our future products.

The community’s belief in us, like yours, gives us the motivation to keep pushing forward. We’re looking forward to achieving great things together and are excited to see what we can accomplish as we move toward the SNS sale and beyond. Let’s make it happen! :smiley:

41

While the focus on interoperability and decentralized governance is impressive, it will be crucial to see how the platform continues to adapt and innovate in a rapidly evolving space. Are there any upcoming products or features beyond the current DApps that you can share? How do these future developments align with Bitomni’s long-term vision and goals?

42

Thanks Bitomni, somehow I’d overlooked this part of your original post. Thanks for pointing it out again.

Great!:+1:

While you’re in a phase of gathering community sentiment, feedback, and establishing market fit, you may be interested to hear about Supersolid (if it’s not already on your radar) → x.com

1 Like