In an interesting article I have read by Sylvain Ribes (here) about how many of the prominent exchanges are manipulating their volume and how the lack of transparency is causing much confusion in trading and how many lost because of that is quite scary. I personally think that the main reason for the lack of transparency is the nature of those exchanges being centralized, you really don't know what goes under the hood. I mean isn’t it weird that the prominent crypto exchanges are centralized while crypto is meant to be decentralized?
There are many exchanges out there and if you try to count the decentralized exchanges you might end up disappointed. There isn’t that many prominent exchanges that are properly decentralized. When I say decentralized I mean an exchange with a rewarding nature. Bitmax.io is set to do that. It wants to create a fully decentralized high performance exchange were users are rewarded for trading. The more trading you do the higher the reward. So instead of the exchange taking a trading fee and fully owning it. Bitmax.io wants the community to get involved and be able to share that.
When I mentioned that Bitmax.io wants to involve the community; I meant it literally. Bitmax.io users will be able to freely create mining pools and help in the creation of the ecosystem. When a users creates a mining pool they gain 100% of the returns. That is not all that Bitmax.io is doing, they have an API in place to allow for autonomous operations to happen on the platform. This means users can create bots and intelligent trading systems that helps different entities trade or offer their tokens like ICOs automating their sales.
All of this would not be very effective if Bitmax.io is to perform transactions and settlements in a slow manner. Bitmax.io is to provide a high performance platform where settlements are real-time and transparent which is the nature of being decentralized. This aspect is an important criteria of Bitmax.io that makes it stand among the rest. Settling transactions openly and instantly.
The high performance platform is attributed to the in-memory matching algorithm between sell and buy orders. Bitmax.io has also adopted asynchronous read-write mechanism that is able to overcome locking of either. The estimated speed is around 200k transactions per second. It is worth noting here that the developers working on this all come from wall street and have the combination of both development and finance. That is what makes Bitmax.io strong on this front.
To generate the necessary traction Bitmax.io started incorporating 7 dominant coins (BTC, ETH, BCH, LTC, USDT and BMAX) with spot trading model. It will gradually allow more advanced trading models like the margin trading model.
The platform would not be effective without the necessary liquidity and to tackle that bitmax.io has actually talked to various investors and trading funds who showed interest to join Bitmax.io once the beta testing is over.
Bitmax.io being a community exchange will be providing support in different languages to cover as many individuals from the community as possible. Its support currently supports English and Chinese and as the user base grows, different languages will be incorporated accordingly. The support will be provided through WeChat, Mobile apps and the web application.
As users trade in the platform they will be rewarded in BMAX. BMAX is the token issued in the platform and it is an ERC-20 token capped at 10 billion tokens. 51% of the 10 billion is allocated to transaction mining which will be rewarded based on the trading frequency of different users. the remaining 49% will be allocated for pre-distribution which includes the private sale and marketing.
Bitmax.io has got a handy list of prominent investors on board like FBG Capital, BitMain, Matrix Partners China, DHVC, GBIC, Perseverance Capital and Palm Drive. Ever since it began it managed to get more that 17k users on their telegram and WeChat channels.
Bitmax.io is quite active and is constantly pushing updates in the various channels they have. If this interests you like it did with me, here is a list of resources you can use to know more about the project:
Resources:
BitMax Official Website: https://bitmax.io
Twitter: https://twitter.com/BitMax_Official
Reddit: https://www.reddit.com/r/BitMax
Telegram English Official: https://t.me/BitMaxioEnglishOfficial
Telegram Official Announcement Channel: https://t.me/BitMaxOfficialAnnouncement