The BiLira team bridges the financial infrastructure of today with the open source finance of tomorrow.
The legacy financial system is dependent on private organizations and third party services which makes it challenging for individuals to connect to the open internet and transact with one another. Current infrastructure does not support a transition from Web 2.0 banking system to the Web 3.0 crypto based native web currencies. Since mainstream cryptocurrencies such as Bitcoin and Ethereum are volatile, the public is looking for a better way that is more stable and safe to interact with digital assets and cryptocurrencies.
We believe that blockchain based stablecoins can provide the means for financial interactions that are accessible, convenient, fast and as transparent as connecting and sharing information on the internet. The BiLira project was founded by Sinan Koc (CEO), Murat Firat (CTO) and Vidal Arditi (COO), and is a growing team consisting of software engineers, blockchain developers and venture builders that have deep knowledge and experience in internet technology, consumer finance, online services and blockchain products. Our vision is for all Turkish citizens to have equal opportunity to be a part of the financial system of the future and to make everyone connect with decentralized internet and distributed financial products.
BiLira utilizes blockchain technology to provide individuals a tokenized fiat money that enables high transaction throughput, top security and cheaper fees compared to banks to transfer value over the web. The BiLira token (TRYB) is a fully backed stablecoin that is based on underlying fiat reserves that are held in custodian accounts. There are multiple use cases for the BiLira stablecoin including easy onboarding for crypto exchanges, a convenient way to transact BiLira tokens between wallets and providing transparency to donations for non-profit organizations.
Stablecoins outline the following advantages:
- No risk of chargeback
- Eliminates any risk of value loss in assets during volatile markets
- One to one exchange rate
- Faster and cheaper on ramp and off ramp for exchanges compared to traditional banking solutions
Stablecoin Design
Four general approaches exist for a price-stable token strategy:
● Fiat-collateralized: Fiat assets in reserves collateralize tokens and thus provide price stability by pegging token value to reserved fiat value;
● Crypto-collateralized: Crypto assets in reserves collateralize tokens and provide price stability pegged to the value of those reserved crypto assets;
● Algorithmic non-collateralized: Software economic models aim to provide price stability without relying on underlying collateralized assets;
● Hybrid: A blend of the three basic approaches above.
BiLira aims to provide the first design: a fiat-collateralized approach.
One unit of BiLira (1 TRYB) is always supported by one unit of the reserve currency (1 TRY).
The fiat-collateralized approach is currently more suitable for the development and mass adoption of stablecoins compared to other approaches, the traditional regulatory requirements the company must meet, requiring members to have a strong auditable reserve capability with respect to traditional supporting assets (such as formal banking relations) and less decentralization — and in terms of price stability, it is currently the most effective approach.
The BiLira platform is expected to be live before the end of Q4 2019.
How to buy BiLira?
The issuance process can be completed in three simple steps:
- The user creates an issuance request on the BiLira platform. When creating this request, the use must select the amount of BiLira to be issues, the BiLira bank account to which the deposit will be transferred and the digital wallet address to which BiLira will be delivered.
- The user transfers funds equivalent to the amount specified in the issuance request to the BiLira bank account.
- Upon confirmation of deposit and identity verification, BiLira transfers TRYB’s to the user’s digital wallet address.
The BiLira team, strongly believes in the potential of Turkey and its citizens, as a motivator for adoption both on a local and global scale, which is one of the reasons why the firm has chosen to peg its first stablecoin to the Turkish Lira. The BiLira stablecoin will launch on the Ethereum network and is designed to be pegged one-to-one with TRY, meaning the value of 1 TRYB is always equal to 1 TRY.
The main features of BiLira are:
- Stable currency: BiLira can be used as a stable currency for digital exchange.
- Transparent: The bank account holdings are audited and published regularly to prove existence of funds.
- Legal Protection: Anyone who would like to issue or redeem BiLira must pass a KYC/AML check.
- Backed by Turkish Liras and 1 to 1 Parity: Every BiLira is always 100% collateralized by TL and is custodied by our banking partners.
- Ease of Exchange: You can send the BiLira ERC-20 token to anyone in the world within minutes.
- Participate in #DeFi: Explore and interact with decentralized finance products, easily exchange with other assets.
Just as information can flow freely between web browsers, BiLira aims to make transfering value between wallets as effortless, instant and borderless for everyone.
In the coming days BiLira will announce important news that closely concerns both the crypto sector and entire ecosystem. The team seeks to establish a bridge between traditional and crypto assets, in line with distributed finance products, to provide a stable currency that is compatible with the global, public and diversified digital wallets.
An All-Embracing Economic Structure — Decentralized Finance
The open internet that is based on emerging technology and value exchange is expected to pave the way for an integrated world that transcends geographical boundaries. BiLira, with the participation of independent and similar minded partners, is ready extend the issuance, recovery and flow of price-stable crypto assets in a secure network scheme for the future economy.
Designed by a fiat-collateralized approach, BiLira aims to provide multiple liquidity providers and reserves through a multi-member network.
Developed as a stable cryptocurrency with no risk of chargeback, BiLira prioritizes transparency at the heart of its technology. Thanks to this transparency, all transactions are observable by the public at any time.
You can view all transactions on BiLira from our Etherscan address.
We are lucky to have a development team with a lot of industry-specific experience, having members who have worked for companies such as Consensys and Coinbase. Going forward, our team is preparing to develop and collaborate with decentralized finance products to offer BiLira users additional resources to be a part of the future of open finance.
We also aim to interact with banks and exchanges to inspire adoption and development of local and global use cases. Our product offers compliant, reliable and high-speed transactions for a connection to the future of finance.
Stablecoins are opening the gateway for a global digital currency.
Help us be apart of the change.
The BiLira Team
