Hello friends, thank you for following my cryptocurrency updates. Your comments and feedbacks spur me to always dig deep and serve you the latest gists from the blockchain community. In this piece, I am bringing to you a new cryptocurrency project called HiBTC that has set the industry abuzz. A lot has been written about the platform and its revenue sharing formula. This time, I want to examine the HiBTC project from another angle. Before proceeding, however, here is a quick remainder of what HiBTC is.
HiBTC- A Revenue Sharing Cryptocurrency ExchangeHiBTC is a community of cryptocurrency traders and investors who buy and sell digital assets, just as we see on traditional exchanges where stocks are traded. The global market value of such crypto assets exceeded $400 Billion in January, 2018 and people need more trading platforms to enable them tap into this lucrative investment opportunity. HiBTC was created for this particular reason. It is however different from others in terms of governance model, safety mechanism, ease of transaction, revenue sharing arrangement, and the smart contract voting system. This article will be limited to the trading mechanism and other key features
Transaction MiningAs a cryptocurrency ecosystem, HiBTC adopted a unique "transaction plus token holding" mining based on a "proof of mining hours plus proof of equity" formula. Half of the total HIBT tokens will be awarded to users through what is called the transaction processing fee mining. What is this all about?
This model works in such a way that every time that a user participates in a trading activity on HiBTC, a processing fee will be generated. Subsequently, the amount of mined HIBT tokens is calculated based on variables, such as:
Amount of HIBT tokens the user holds.
Market price of the transaction fee paid by the respective user.
The HIBT market value at the time.
According to a certain proportion, the individual HIBT is calculated and transferred to the appropriate user account on hourly basis.
HiBTC caps the hourly mining rate for each user in order to curb fraudulent tendencies and maintain stability. A user is free to boost his mining capability by increasing his individual HIBT token holding, at any time.
Dividend Bonus ProgramAccording to the founding team, HiBTC will introduce an innovative profit sharing arrangement called, "Dividend Bonus Program". Users can then freely participate in the initiative by donating any percentage of their HIBT tokens. In this scheme, the donated HIBT will be locked to the public and the longer the period of locking, the higher the proportion of bonus accrued.
Revolutionary "1+1" Cryptocurrency Listing ModeHiBTC adopted the world's first "1+1" dual listing mode on its trading platform. On it, there are two different listing channels:
Platform Selection Channel- This requires each trader to make a certain deposit of HIBT as a protection fund. In any case of fraudulent behavior, the deposited fund by the guilty party is forfeited and shared to other investors as compensation.
HIBT Holder Recommendation Channel- This allows participants to recommend new currencies for listing on HiBTC, so far certain criteria’s are met.
The dual listing mechanism not only guarantee the security of listed assets, but also promote unity of purpose by allowing users to participate in decision making.
FomoHIBT- Another Incentive for HIBT HoldersFomoHIBT is another special incentive program on HiBTC. How does it work? Well, I will have to explain this a little bit.
These are the key points to note:
HiBTC has a prize pool that will increase in size as its total income base increases. The entire dividends from the "Holder Shared Fund" will be remitted into the bonus pool on a daily basis until someone triggers the prize. Once triggered, the prize in the pool will be shared among the trading contributors on the day. The program will be updated daily.
Any HIBT trader who is active between 0:00 - 24:00 (UTC) can join the program if he/she’s has more than a zero contribution for the particular day. It should be noted that being active has nothing to do with individual HIBT holding volume or recharge amount.
To trigger the prize, the HIBT activation prize will have to be surpassed. Whenever HIBT arbitrage exceeds activation, the prize is triggered.
Once this occurs, the ranking will be updated. On HIBT, based on the active contributor ranking, the top 3 will receive 50%; 20%; and 10% of the prize in the pool. The remaining 20% will be shared among other contributors based on the distribution rate for that particular day.
- The prizes will be disbursed to individual wallets of winners within 24 hours after the activation.
ConclusionFrom the foregoing, it can be seen that HiBTC is truly a unique digital asset trading platform. The exchange deploys innovative concepts, such as a dual listing mode, revenue sharing model, transaction "mining as trading" principle, and the FomoHIBT incentive program to encourage active contribution to trading.
For more information on HiBTC, click on the link below to visit the website or download the Whitepaper.
USEFUL LINKS
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