WHAT IS BITSAVE?

Bitsave is a Multichain savings protocol that helps users save and earn in Cryptocurrency without losing their savings to Market volatility.

BITSAVE SOLUTION (simplified)

• Bitsave helps web2 users in African Countries escape inflation in their fiat currencies by saving in dollars.
• The dollar is not easily accessible to the average African.
• Bitsave helps users create an automatic recurring savings plan

We've seen newbies lose their savings like school fees, house rent, college funds etc to Crypto, we understand that people hear about crypto and want to rush in immediately.

With Bitsave, newbies and oldies can protect their funds from market volatility, while still earning interest in crypto, a protocol that works based on maths and economic formulas to set rates and pay interests.

How does Bitsave work?

1. Users typically save in a Stable coins, DAI, USDT or USDC

2. Users can create a savings plan and make unlimited deposits to their savings plan, e.g., "Rent, School fees, Vacation" etc, and they earn rewards in the protocol tokens $BTS, typically the native token of the Bitsave Protocol.

3. Users can create a savings plan in 3 simple steps, and set different parameters for their savings plan;

• Name your savings plan
• Set the duration for your savings, using the calendar
• Set a penalty fee if you forfeit your savings

A Side Note 🗒️

Bitsave isn't just another product, it's a new value chain. The web3 space is used to DeFi which are investment protocols, and now we're introducing them to SaveFi which are savings protocols that prioritize the stability of user savings over earning from crypto volatility.

WHAT HAPPENS IN THE BITSAVE PROTOCOL

1. Users Create a Savings plan and deposit in a Stable Coin.

• Users aren't depositing into a pool like DeFi protocols that a hacker could access.

• When a user is creating a savings plan, they're giving parameters for a child contract to be created under the Bitsave Protocol Parent contract which holds their funds and is only accessible by their wallet.

This makes it such that every user's savings deposit is tied to their wallet so that in case of an exploit, the hacker wouldn't have access to user funds, except they have access to user's private keys.

1. Users' Interests

• Interests are calculated using several variables and constants in the algorithm; -Simple interest formula -Bitsave Rate formula. -Bitsave has a buy-back mechanism that buys

2. Users' Savings Plans and Fees Users are charged a 1-time savings fee on savings plan creation (child contract), every fee is split in a 50:50 ratio, where 1 part goes to a buy-back wallet to buy back the protocol native tokens from any AMM or Dex in the native chain's ecosystem.

ROADMAP TIMELINE ROADMAP (Inception till date)

Bitsave's detailed Development Timelines

2022

• Maths and Formula Creation - Feb 2022 - Apr 2022
• Flow chart and Pseudo code creation - May 2022 - June 2022

https://twitter.com/_karlagod/status/1608503627647447040?t=oU2ZSXt1NUVy43vXX16kZA&s=19

• Smart Contract Development - July 2022 - January 2023

2023

• Launch on Algorand Testnet and UI developments - Feb 2023 - March 2023

https://twitter.com/cryptosmartnow/status/1625067326457405446?t=q5dCrpRCULUH6LPp_fR_1g&s=19

• Won the Mega-Ace Hackathon Most Impactful Solutions - May 2023

https://twitter.com/cryptosmartnow/status/1654615351722663936?t=hEacrPvxKSHco2GSkrt52w&s=19

• Launch on Zetachain Testnet April 2023-May 2023
• Finished Frontend UI on Zetachain - August 2023

https://twitter.com/cryptosmartnow/status/1692145944882511930?t=PN9xNVY3hE3cxyuNmkDv3A&s=19

• Won DeFi Category Omnichain Hackathon - September 2023

https://youtu.be/QRa23EH5oD0?si=EmVYXcbySsNMB7P7

• Fixed Contract Opt-In Bug on Algorand - November 2023

https://twitter.com/_karlagod/status/1723079150058009047?t=52kOmXrFtyl7OvTcJhAyug&s=19

• Started front-end integrations and wallet functions on Algorand Dec 2023

https://twitter.com/_karlagod/status/1736915560573608056?t=U34FiDmdr5CLoDR_ZqAfLQ&s=19

2024

• Bitsave Contract Development on Arbitrum Testnet - Done February - March

Waiting for Stylus v.3 since v.2 has been deprecated and waiting for explorer to function.

• Bitsave Contract Development on Lisk Testnet - Done May - July

PLANNED PROGRESS

1. Onboard New Users from Web2 to Web3: Bitsave's key users are generally web2 users who need simpler ways to use web3 solutions, Bitsave's user-friendly interfaces and educational resources smoothen this onboarding process.

2. Increasing On-Chain Activity: Bitsave delivers new users to the web3 ecosystem, which means new transactions, boosting on-chain activities within the Ecosystem.

3. Enhancing $Token Utility: Bitsave Introduces functionalities, incentives, and use cases that makes it possible for users to utilize Stable Coins and L1 or L2 tokens within the ecosystem.

Bitsave's anticipated End result

Bitsave's anticipated end result is 50k new users by Q1 2025

CONCLUSION Bitsave isn't just another product, it's a new value chain, The web 3 space is used to DeFi, and now we're introducing them to SaveFi.