What is BOB (Build on Bitcoin)?

If you are active in the crypto world, you may have started to see the name BOB (Build on Bitcoin) pop up frequently. In short, BOB is a network that attempts to combine two important things: the security of the Bitcoin network and the flexibility of Ethereum-style smart contracts.

So, you can think of BOB as a “bridge” that brings Bitcoin further into the world of DeFi and web3 applications, without having to abandon Bitcoin's main strength as an asset.

The main token is also called BOB. This token is used in the BOB ecosystem for various purposes, such as transaction fees, incentives, and governance roles. On several global exchanges, the price of BOB is currently around US$0.02 per BOB, with a circulating supply of around 2.22 billion BOB out of a maximum of 10 billion BOB.

In rupiah, this is approximately hundreds of rupiah per token, but this figure can change very quickly over time.

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BOB as a network that builds an ecosystem on top of Bitcoin

Conceptually, BOB (Build on Bitcoin) is a network designed as a hybrid chain. This means that BOB seeks to combine the security of Bitcoin with smart contract support similar to EVM networks such as Ethereum. This way, Bitcoin assets can be more easily used in various decentralized financial applications.

Some important points about BOB's design:

1. Relying on Bitcoin security
2. Transactions on BOB ultimately refer to the security of the Bitcoin network. This makes many users who hold BTC feel more comfortable bringing their assets into the world of DeFi, because they remain “under the umbrella” of a well-tested network.
3. Supports EVM smart contracts
4. BOB is compatible with the EVM ecosystem. This means that developers who are already familiar with writing smart contracts on Ethereum can move or create new applications on BOB without having to learn a completely new programming language. This facilitates the growth of dApps such as lending and borrowing protocols, decentralized exchanges, and other applications.
5. Gateway for Bitcoin DeFi
6. BOB aims to be the “main gateway” for bringing Bitcoin into multiple networks. Users can exchange BTC for various assets or store BTC in DeFi through BOB in just a few steps. This approach often leads to BOB being described as a gateway for cross-chain Bitcoin DeFi.
7. Hybrid model with cryptographic proof
8. BOB uses a combination of cryptographic proof and Bitcoin finality to ensure transaction security. With this approach, the network strives to maintain low transaction speeds and costs, while still utilizing the secure nature of Bitcoin at the base layer.

The simple description is this. Bitcoin remains a strong primary asset, but BOB provides an environment where Bitcoin can “work” more actively. Not only can it be stored, but it can also be lent, pledged, traded, and used in various other applications.

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BOB tokens, smart contracts, and their role in the ecosystem

To run its ecosystem, the network uses tokens called BOB. These tokens have several important functions in the network, both technically and economically.

Main functions of the BOB token

In general, the BOB token is used for:

• Transaction fees on the BOB network

  Like ETH on Ethereum, the BOB token is required to pay gas when users interact with smart contracts on the BOB network.

• Incentives and ecosystem

  Projects and protocols on BOB can use this token as a reward for users, liquidity providers, or other parties who help develop the ecosystem.

• Governance role

  Over time, BOB tokens can also be used for voting on important network decisions, such as protocol parameter settings or support for new features, if the on-chain governance mechanism is fully activated.

BOB smart contract on the Ethereum network

Since BOB can be accessed through various EVM networks, smart contract information is very important so that users do not add tokens incorrectly.

One important piece of technical data is the address of the BOB smart contract on the Ethereum network, which is:

0xC9746F73cC33a36c2cD55b8aEFD732586946Cedd

This address can be used when you:

• Add BOB tokens to an EVM wallet such as MetaMask
• Ensure that the tokens you receive are genuine BOB
• Checking BOB on-chain data on a blockchain explorer that supports Ethereum

Outside of Ethereum, BOB is also available on other compatible networks, such as BNB Smart Chain, with a different smart contract address. So, always make sure that the network and address you are using are correct before making a transfer.

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Overview of BOB token price and supply

At the time of writing, the price of BOB is around 0.02 US dollars per BOB, with:

• Circulating supply of approximately 2.22 billion BOB
• A maximum supply of 10 billion BOB
• A market capitalization of tens of millions of dollars

In rupiah, this price is equivalent to several hundred rupiah per token. However, this value can change from hour to hour because the crypto market is highly volatile. If you want to see the latest price, it's best to check directly on the exchange's market page or the price tracker you use.

Keep in mind that the above explanation is for informational purposes only. The price of BOB can rise and fall sharply, so don't use this information as an invitation to buy, but rather as a learning tool to understand the project.

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How to access BOB and the role of Bittime as an example of a secure platform

To interact with the BOB ecosystem, you will typically use a wallet that is compatible with EVM. Some common things users do include adding the BOB network to their wallet, importing BOB tokens via a smart contract address, and then using dApps that run on that network.

General steps to access BOB via an EVM wallet

In general, the process is as follows:

1. Install an EVM wallet
2. Wallets such as MetaMask or other EVM-compatible wallets can be used to connect to the BOB network.
3. Add the BOB network
4. You can manually add the BOB network configuration or use the add network button on the official website if available.
5. Add the BOB token
6. Enter the smart contract address 0xC9746F73cC33a36c2cD55b8aEFD732586946Cedd for the Ethereum network if you want to view your BOB balance on that network.
7. Use dApps on BOB
8. Once your wallet is connected, you can access applications such as decentralized exchanges, lending protocols, and other services running on the BOB network.

Bittime as a secure crypto trading platform

If you want to get started in the world of crypto trading on a local exchange, one platform to consider is Bittime.

Bittime is an Indonesian crypto asset exchange that:

• Is officially registered and supervised by Bappebti and Kominfo
• Has international data security certifications such as ISO 27001 and ISO 27017
• Uses modern encryption technology to protect users' crypto wallets

If you are interested in trying crypto trading with rupiah:

1. Download the Bittime app on the App Store or Google Play
2. Register an account and complete identity verification
3. Deposit a small amount of rupiah first
4. Try buying major crypto assets such as BTC or ETH to learn the basic mechanisms

Use platforms such as Bittime as a safe and organized place to learn. Once you understand how exchanges work and the market risks, you can then consider more specialized assets, based on your research and personal risk profile.

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Risks and things to consider before getting interested in BOB

Although BOB brings interesting ideas, especially for the world of Bitcoin DeFi, there are still some risks that need to be understood first.

Some of them are:

1. Market risk

   The price of BOB, like other tokens, is greatly influenced by sentiment and general crypto market conditions. It is not impossible for the price to fluctuate by tens of percent in a short period of time.

2. Technology risk

   BOB relies on a hybrid design combining Bitcoin and EVM. This model offers a lot of potential, but it also means greater technical complexity. If there are loopholes in smart contracts, cross-chain bridges, or cryptographic components, the impact on users could be significant.

3. Competition risk

   BOB is not the only project trying to bring Bitcoin into the DeFi ecosystem. Other networks are also building similar solutions. If users and developers are more interested in competitors, BOB's growth could be slower than expected.

4. Regulatory and policy risks

   Regulations in the crypto world are constantly evolving. Services related to Bitcoin and DeFi may be affected by future regulatory changes, whether in terms of taxation, licensing, or operational restrictions.

5. Personal operational risks

   Mistakes such as sending assets to the wrong network, entering an incorrect smart contract address, or storing seed phrases insecurely can result in asset loss. Therefore, basic security measures such as storing seed phrases offline remain crucial.

In essence, BOB offers an intriguing concept, but it comes with the typical risks associated with the crypto world. Understanding this from the outset will help you approach it with greater calm and caution.

Conclusion

BOB (Build on Bitcoin) is a project that attempts to answer one big question in the crypto world: how to make highly secure Bitcoin easier to use in DeFi and web3 applications.

Their answer is to build a hybrid network that combines the security of Bitcoin and the capabilities of EVM smart contracts, then introduce the BOB token as its economic center.

The BOB token is used for transaction fees, ecosystem incentives, and potentially has a governance role. The main smart contract on the Ethereum network can be accessed via the address 0xC9746F73cC33a36c2cD55b8aEFD732586946Cedd, which is important to add to your EVM wallet if you want to monitor your BOB balance on that network.

In terms of opportunities, BOB offers an attractive bridge between the Bitcoin ecosystem and the multi-network DeFi world. However, in terms of risks, price volatility, technical challenges, and project competition mean you still need to be cautious.

Consider this article as a starting point for understanding BOB. The next step is to conduct in-depth research, read the official documentation, and assess the extent to which this project fits your risk profile and financial goals.

How to Buy Crypto on Bittime

Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.

Also, visit the Bittime Blog for interesting updates and educational information about the crypto world. Find reliable articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your crypto knowledge.

FAQ

What is BOB (Build on Bitcoin) in a nutshell?

BOB is a hybrid network that combines Bitcoin's security with EVM smart contract support. Its goal is to make it easier for Bitcoin assets to enter the world of DeFi and web3 applications.

What is the BOB token used for?

The BOB token is used for transaction fees on the BOB network, ecosystem incentives, and potentially involvement in the network's governance mechanism.

What is the BOB smart contract address on Ethereum?

The BOB smart contract address on the Ethereum network is 0xC9746F73cC33a36c2cD55b8aEFD732586946Cedd. You can use this address when adding BOB tokens to your EVM wallet.

Is BOB the same as Bitcoin?

No. Bitcoin is a major cryptocurrency with its own network. BOB is another network built to bring Bitcoin into the DeFi ecosystem, and the BOB token is a utility token on that network, not a replacement for Bitcoin.

Does this article recommend buying BOB?

No. This article only explains what BOB is and provides an overview of the project. The decision to buy or not to buy is entirely up to you. Always do your own research before investing.