Bitfair is a blockchain enterprise aiming to become the one-stop marketplace for crypto enthusiasts and provide a platform where they can use better and more efficient tools to make the most out of their money. Over the past year, the Bitfair team has been developing its innovative matching algorithm and Smart contracts, upon which its trading services will be built to provide world class service to its users. The next phase of development for the Bitfair trading platform is the Pre-Sale event for its own crypto token, the Bitfair Utility Token, which will be used as a means to facilitate trading in their ecosystem.
What’s the difference between a coin and a token?
It’s important to have a good understanding about the categorization of cryptocurrencies. It’s wise to remember that all coins or tokens are regarded as cryptocurrencies, even if most are not intended to function as a medium of exchange (a currency so to speak). Cryptocurrency in itself is a misnomer since most currencies that we know and use in our day to day lives technically represent some unit of account, a store of value, or a medium of exchange. Bitcoin has all these characteristics, and since Bitcoin basically created the cryptocurrency space, most other coins created after the debut of Bitcoin is, to the initiated, are considered as a cryptocurrency.
Tokens are a representation of a utility, which almost always resides on top of another blockchain. The main difference between coins and tokens is their structure. Coins are currencies on their own and come with their own blockchain while tokens operate on top of a blockchain and they help facilitate the creation of decentralized applications.
The XBF Token:
The Bitfair Utility token (ticker: XBF) is a token created by Bitfair to help facilitate Over-the-Counter trades through their platform. It is based on the hugely popular Ethereum ERC20 token, which is considered the current market standard. The tokens, after purchase, are valid indefinitely and are the sole property of the buyer.
The XBF tokens also grant the holders amazing product benefits, not excluding attractive rewards based on user activity. However, it is important to remember that purchasing an XBF token does not imply right of ownership of Bitfair or any of its assets. Neither does it grant any influence during the decision making process of the company.
Token Value:
The distribution of XBF tokens is planned to be in direct proportion to the amount paid by the buyers during the Pre-Sale Event.
During the Pre-Sale, as well as the ICO, the value of an XBF token will be marked at $0.05 ( $1000 = 20000 XBF tokens). On the Bitfair Exchange, the token will be released within 48 hours after the conclusion of the sale.
It will be launched on the Bitfair Exchange at a value of $0.50 = 1 XBF token.
Distribution:
A total of 1.2 billion XBF tokens are planned to be distributed during the Bitfair ICO.
Pre-Sale Details:
PUBLIC PRE-SALE START DATE: 1 Aug 2018, 10:00 (UTC-2)
PRICE PER XBF TOKEN: $0.05
TECHNICAL LIMIT TO THE NUMBER OF TOKENS: 1 200 000 000 (1.2 billion)
FURTHER TOKEN ISSUE: Only a once-off token issue via the pre-sale event
SECURED METHOD OF TOKEN PURCHASE: BTC, ETH, XRP, BCH, LTC, XMR & Wire transfer
TOKEN DISTRIBUTION DATE: No later than 48 hours after the token sale
EXCHANGE LISTING PRICE: $0.50 per XBF token
Along with the Pre-Sale and ICO, 13% of all XBF tokens have been allocated for distribution during a community airdrop pool. The airdrop campaign will be available at airdrop.bitfair.com.
A pre-determined percentage of XBF tokens have also been reserved for early investors, Bitfair advisors, founders, and the development team. However, these tokens will be locked and forbidden to sold onto the free market for a period of 12 months. This is done to enable the best possible potential future growth of the token, and to ensure it reaches its maximum value.
XBF will be readily available on the Bitfair platform, along with Etherdelta and HitBTC. Negotiations are also being held to ensure XBF will be listed on all the major exchanges currently operating, including Bitfinex, Binance, and Bitstamp.
The XBF token is a promising token, supported by Bitfair, a very promising blockchain enterprise of the future.
For further readings, check out the Bitfair website at Bitfair, and their white paper at whitepaper.bitfair.com