What is Bio Protocol?

Bio Protocol is a project in the decentralized science (DeSci) field. This project uses blockchain technology to connect a global community of scientists, patients, and investors, allowing them to collaboratively fund, develop, and co-own scientific research projects through a system of decentralized autonomous organizations (BioDAO).

The main goal of Bio Protocol is to help researchers easily raise capital to drive the development of the biotech industry. Instead of relying on traditional funding sources, researchers can call for funding from the community through BioDAO.

What is BIO Token?

BIO is the native utility token of the Bio Protocol platform. It is used for trading on exchanges, rewards in the staking program, storing value, etc. Additionally, BIO Token is used for governance, voting, and decision-making on certain changes to the Bio Protocol platform. BIO Token is built on the Ethereum platform according to the ERC-20 standard, with a maximum total supply of 3,320,000,000 coins.

Operational model of BIO Protocol

  1. Identify needs: Users identify their specific needs, such as designing a new experiment, optimizing an existing process, or developing a new medical product.

  2. Search for protocols: Users search for suitable protocols in the BIO Protocol database.

  3. Customize protocols: If needed, users can customize protocols to meet the specific requirements of their projects.

  4. Implement protocols: Users implement protocols according to detailed instructions.

  5. Data analysis: Data obtained from the implementation of the protocol is analyzed and evaluated.

  6. Share results: Users share their research results with the BIO Protocol community.

Bio Protocol ecosystem

BIO Protocol financially supports biomedical research through two platforms: BioDAO and Launchpad.

BioDAO:

BioDAO acts as a bridge between biotech projects and funding sources. The operational process of BioDAO is as follows:

  1. Biotech organizations in need of capital will submit applications.

  2. Holders of BIO tokens can stake (lock) their tokens to receive veBIO tokens. veBIO allows them to vote on selecting potential projects for funding.

  3. If a project is approved by BioDAO, BIO Protocol will organize a token sale for that project to the community. VitaDAO is an example that successfully raised capital with the VITA token through this platform.

  4. Those who voted for the selected project will be prioritized to participate in the token sale (whitelisted) and rewarded with BIO tokens. BIO Protocol will also invest 6.9% of the total token supply into the project to support development.

Although the fundraising method of BioDAO combines the ve(3,3) mechanism and traditional token sales, which is not entirely novel, it simplifies the process compared to the complex and time-consuming methods of the past, allowing researchers to access funding more quickly. Additionally, BIO Protocol provides IP-NFTs for biotech organizations, representing intellectual property rights of research and allowing owners access to research data stored on the blockchain.

Launchpad:

Unlike BioDAO, Launchpad allows biotech organizations to issue and sell tokens directly to the community without needing BioDAO's approval and voting. This is a tool that helps them raise funds by issuing their own tokens.

Launchpad uses a batch auction mechanism. Users select the number of tokens they want to buy and the price they are willing to pay. After the auction ends, tokens will be distributed to the highest bidders, followed by lower bidders until all available tokens are sold.

Tokenomics

Basic information about Bio Protocol:

  • Name: Bio Protocol

  • Trading name: BIO

  • Type: Utility token

  • Platform: Ethereum ERC-20

  • Maximum total supply: 3,320,000,000 BIO

BIO Token allocation:

  • Community: 56%

  • Investor: 10.6%

  • Core contributors: 21.2%

  • Advisor: 4.2%

  • Molecule: 5%

  • Binance Launchpool: 3%

Who created Bio Protocol (BIO)?

BIO Protocol (BIO) was co-founded by Paul Kohlhaas and Clemens Ortlepp. Paul, with extensive experience in blockchain and DeSci, played a crucial role in building this platform. Meanwhile, Clemens, with product expertise, has turned BIO Protocol into a complete and user-friendly product.

The advantages of Bio Protocol

  • A vast and diverse protocol repository: Bio-Protocol contains thousands of detailed protocols covering most fields in biology. This makes it easy for scientists to search for and apply verified methods.

  • Transparency and openness: All protocols on Bio-Protocol are public and can be modified or improved by the community. This encourages collaboration and knowledge sharing.

  • Easy searching: The platform has a powerful search tool, allowing users to find protocols based on various criteria such as experiment name, author, technique, species, etc.

  • Large user community: Bio-Protocol has a large and active user community, creating a forum for discussion and experience sharing.

The disadvantages of Bio Protocol

  • Protocol quality is inconsistent: Because protocols are contributed by different users, their quality may vary. Some protocols may not be described in detail or may not be effective.

  • Lack of curation: Bio-Protocol does not have a stringent curation process for protocols submitted. This may lead to the presence of erroneous or unreliable protocols.

  • Limited customization: Although the protocol can be modified, extensive customization of the protocol may be challenging.

  • Reliance on online information: Using Bio-Protocol requires users to have an internet connection and the ability to search for information online.

How to Participate in Launchpool Bio Protocol (BIO) on Binance

To participate in the Binance Launchpool program and receive BIO tokens, you need to follow these steps:

Step 1: Register an account

You must have a Binance account and completed KYC, register an account right here: https://accounts.binance.com/register?

Note: Launchpool Time - The program runs from December 24, 2024, and lasts for 10 days.

Step 2: Participate in the program.

Locking assets on Binance:

You can lock the following assets to receive BIO rewards:

  • BNB Pool: For those who own and lock $BNB .

  • FDUSD Pool: For those who lock $FDUSD .

Select Pool:

  • Access Binance Launchpool from the official Binance homepage, and select the corresponding Pool to lock.

Step 3: Distribute Rewards

  • Users will receive BIO rewards based on the ratio of locked assets in the total assets of the Pool.

  • Rewards are updated daily, and users can withdraw rewards at any time.

Where to buy and sell BIO Tokens?

After the Launchpool ends, BIO Tokens will be listed on Binance.com. Therefore, anyone who does not have an account on this exchange should register for one immediately to trade.

Link to register on Binance and get a 20% discount on trading fees: https://accounts.binance.com/register?

BIO storage wallet

BIO Tokens are built on the Ethereum platform. Therefore, you can store BIO in wallets that support this platform, specifically some wallets like:

  • Metamask wallet

  • MathWallet

  • Trustwallet, etc.

Additionally, you can also store BIO directly on the Binance exchange.