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In fact, scams are so common in the digital assets and cryptocurrency space that it’s become somewhat of a running joke. So, when it comes to the question “Is BOND a scam?,” it’s not surprising that there is a lot of debate.

What is BOND?​

BarnBridge was founded by Troy Murray and Tyler Ward.

Tyler Ward was the one who came up with the idea originally. From the moment he graduated from college, his entrepreneurship skills massively increased. He founded Proof Systems, a thriving digital marketing industry focused on the Fintech sector. He has been an avid crypto enthusiast since 2016, so it’s no surprise that he is one of the founders of BarnBridge.

Before working on BarnBridge, Troy founded a crypto R and D firm called RUDE labs. Murray had been exploring the possibilities and benefits that crypto brings to the media since 2012, so it didn’t come as a shock when he started BarnBridge.

Barnbridge enables investors to hedge against yield sensitivity and price volatility. The platform enables more aggressive investors to purchase higher-risk derivatives to improve ROI potential. Reversely, investors seeking less risk can give up some ROI potential to access less volatile derivatives of the same investment.

Another major benefit of the Barnbridge network is its tutorial section. The platform provides a variety of ways for you to gain a deeper understanding of the platform and the entire DeFi sector. There are supporting documents and videos that streamline onboarding for new users.

BOND is the native ERC-20 cryptocurrency token of the BarnBridge protocol. BOND will be used to stake in the system, and as a governance token when the governance module is launched with the BarnBridgeDAO.

The BarnBridgeDAO will be the Decentralized Autonomous Organization (DAO) that is controlled by the BOND token holder community. This DAO will have full control over the protocol and the features that are built into it. BOND token holders will have the right to vote on protocol changes, upgrades, and proposals.

BOND use case:
  • Staking: BOND will be used to stake in the system.
  • Governance: BOND holders will be able to vote on the development of the project when the governance module is launched.

Is BOND Safe?​

The BarnBridge system was developed as an ERC-20 token and as such, the platform is bound by the same security protocol as the entire ecosystem of the Ethereum blockchain as a whole.

The network is highly secure; it is made up of nodes that are responsible for its protection from any form of malicious and unwarranted activity. It achieves this through its dedicated proof of stake consensus mechanism. The procedure used by the system is one where the nodes are required to validate transactions before they can be added to the blockchain. But this does not mean that the exchange has been completely secure, hacks could happen anytime. There’s still room for improvement.

Being a virtual currency, it still seems mysterious and untrustworthy to some. With so much hype around, you need to do your research and be fully aware of the pros and cons of investing in BOND before making any decision. Let’s learn about both bitcoin’s strengths and weaknesses, so you can make an informed decision.

Pros of BarnBridge
  • A lot of investors are ‘flocking’ to invest
  • It is now listed on Coinbase
  • They are fully decentralized
Cons of BarnBridge
  • The coin is still under development
  • Multiple issues with its synchronizations between ledgers
Is BOND a scam? Do you think it would be wise to invest some amount into BOND or are you better off investing elsewhere? Leave your impressions about BOND at the comment section down below.

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