BIT FAQ

1) What is a Material Campaign?

The Material Campaign functionality gives insight into the Bit.Country economy. It displays Current Round staking statistics, Total BIT Reward Allocation, Time to next round, Total Pool, Web Bubble Map and, Reward Details Breakdown.

See here for more details.

2) What is BIT?

BIT (Spot) is your on-platform spot wallet which will help you to submit transactions inside the metaverse with no transaction fees.

See here for more details.

3) How to get BIT?

BIT can only be mined, transferred or burnt. BIT mining can be observed in the Material Campaign. Every round BIT is mined (amount is subject to change, to avoid inflation). A round can be likened to a day in the metaverse. A round takes around 24 hours (which is the time taken to mine 7200 blocks), and once the round has been completed the mined BIT is distributed to the users.

See here for more details.

4) How BIT is generated?

Every round BIT is mined. Of this, 38.17% is allocated as a staking reward. This staking reward is then given out to all of the users that have staked NEER. The amount received is proportional to the amount of NEER staked. If you have more NEER staked then you will receive more of the BIT allocation. The allocation that you will be given should be equal to the percentage that is displayed in the staking bubble of the Material Campaign.

5) What is the initial supply of BIT?

Initial Supply: 1 Billion BIT

6) Is BIT inflationary?

First-year inflation: 15%

The treasury will adjust the amount of BIT mined according to the amount of BIT that is burnt.