Bilira (TRYB) is a fiat-backed stablecoin pegged to the Turkish Lira, owned by the BiLira Organization. Designed to be accessible around the clock and globally, BiLira aims to facilitate seamless integration of Turkish citizens into the decentralized internet.^[1][2]

Overview

The BiLira Token (TRYB) is a stablecoin backed by fiat currency, aiming to provide benefits such as increased transaction throughput, enhanced security, and reduced fees compared to conventional banking methods. It is fully backed by fiat reserves held in custodian accounts, aiming to facilitate easy onboarding for crypto exchanges, convenient transactions between wallets, and transparent donations to non-profit organizations.

As of February 2023, the total supply of BiLira tokens is 736,535,242.^[3][1][4]

Use Cases

Trading

TRYB facilitates trading, enabling users to transfer funds without fees by directly inputting their TRYB address on exchanges during issuances. BiLira is listed on various cryptocurrency exchanges and centralized platforms like FTX, MEXC, and Liquid.

Additionally, BiLira launched TRYB on Avalanche, aiming to enable faster, more secure transactions and scalability compared to its previous existence solely on the Ethereum blockchain.^[5][6][7]

Decentralized Finance

BiLira aims to leverage decentralized finance (DeFi) to empower individuals to manage finances independently, facilitating TRYB transfers to cryptocurrency exchanges and non-custodial wallets. TRYB integration into DeFi platforms is intended to enhance Turkish users' engagement.

The team endeavors to bridge the gap between traditional payments and web 3.0, enabling seamless fiat token transfers between digital wallets. This approach seeks to offer the convenience of text messaging with the borderless, fee-free nature of email for instant money storage and transmission.^[5][6][7]

Community Aid

BiLira aims to enhance social welfare in Turkey by leveraging blockchain transparency. Through projects like Uçurtma Projesi, it seeks to connect philanthropists with students in need, providing financial assistance via Ethereum-based smart contracts.

TRYB also serves as a financial tool in platforms like HYVE, extending its utility beyond social innovation projects.^[5][7]

Smart Contract

The BiLira token operates on the Ethereum network, utilizing smart contracts to execute predefined actions based on specified conditions set by the BiLira network. These contracts incorporate additional functionalities and oversight to ensure stability, security, and compliance with regulations.

One feature is the ability to pause the entire contract in the event of a critical bug discovery or key compromise, temporarily halting token transfers, minting, burning, and minter additions.

Additionally, BiLira has mechanisms for blacklisting addresses under circumstances mandated by legal authorities, preventing designated addresses from sending or receiving BiLira tokens. The token's upgradeability is facilitated through the use of OpenZeppelin Unstructured-Storage Proxy contracts, allowing for upgrades while maintaining security measures.^[6]

Security

BiLira prioritizes security through key generation and storage protocols. Keys are securely generated and managed using hardware storage systems, aiming to enhance overall security. Multisignature functionality ensures major decisions require approval from multiple signers, contributing to increased security measures.

Revocation mechanisms are in place to nullify pending actions and prevent malicious activities. High-risk keys are stored offline in cold storage, while robust authentication protocols are implemented to safeguard cryptographic processing.^[6]

Minting & Redemption

BiLira employs a pre-minted supply of TRYB tokens, securely stored in the TRYB Pre-Mint Wallet, with issuance volumes determined historically. A mix of multi-sig wallet smart contracts and Fireblocks managed wallets aims to ensure secure minting execution.

When users deposit TRY to issue TRYB, the specified amount is transferred from BiLira’s Pre-Mint Wallet to their wallet, aiming to facilitate prompt demand fulfillment while minimizing interactions with minting-privileged wallets.

TRYB redemptions and burns are user-centric, with redeemed tokens swept to the TRYB Burn Wallet for removal from circulation. Operations are typically batched and executed weekly for efficient gas fee management. Transparency is upheld through blockchain scanners, enabling easy tracing of all TRYB transactions.^[6][8]

Transactions

A cryptocurrency wallet enables users to send, receive, and monitor digital currencies, with BiLira aiming to facilitate secure, high-speed transfers.

Users require a digital wallet storing their public and private keys for transactions, recorded transparently on a public blockchain. Various types of wallets, including desktop, online, mobile, or hardware options, are compatible with TRYB. ^[6]

Merchant Payment

BiLira aims to facilitate fast, secure transactions between consumers and merchants by integrating digital wallet addresses into their network standard. This intends to enable seamless interaction between consumer wallets and merchant point-of-sale software, similar to web browsers accessing remote websites via the HTTP protocol.^[6]

Stablecoin Design

BiLira implements a fiat-collateralized approach in its stablecoin design. This method aims to ensure that each unit of tokenized fiat currency is backed by an equivalent unit of reserved fiat, adhering to traditional regulatory standards.

It requires issuing members to maintain robust auditable reserve capability, typically through fiat banking relationships.^[6]

Funding

In April 2022, Bilira completed its seed funding round with a valuation of $125 million, securing a total investment of $2.50 million. The round was led by Alameda Research.^[9]