Wrapped BIND

Compendia is a decentralized network where anyone can create and contribute to open databases of any category (e.g. apps, markets, cryptocurrencies, music, videos, games, etc). Apps and services can pull data from these databases for free.

In the future, Ethereum smart contracts can also use this data (e.g. for DeFi applications).

Think of Compendia as an oracle network, but instead of serving one piece of simple data for one specific topic, the network can serve full data collections from many sources relating to any topic.

You can also think of Compendia as the Wikipedia of databases for apps, services, blockchains, smart contracts, IoT, A.I. and more

BIND is Compendia's native cryptocurrency. BIND represents Vote Power (or Power) on the network (1 BIND = 1 Power). With Vote Power, you can vote for validators (the miners of the network).

The top forty-seven validators on the network with the most votes mine blocks, which means they verify transactions and earn block rewards and transaction fees in return.

Validators also have the ability to upload databases to Compendia. These databases can then be used by apps and services for free.

The apps using these databases can rank their items by measuring the vote power of the validator that uploaded it. Therefore, BIND not only influences forging positions of validators, but also database item positions.

BIND is not spent on voting (apart from a small transaction fee when setting a vote). Instead, the voting power of a Compendia wallet consists of the total sum of its BIND balance and stake.

See how the network's economy and the BIND coin work at the Economy section.