Central to the success of blockchain platforms are token systems. These allow a myriad of services to be provided in their blockchain platforms. Each has a certain value and can be exchanged based on the supply and demand the general crypto community may have. This prompted the creation of digital asset exchanges to aid investors and traders within the digital asset space. However, underlying problems still continue, due to the centralized nature of the most popular exchanges. BitMax will be making the required advances needed to encourage the move from centralized management of exchanges to a decentralized autonomous ecosystem, based on the community. Their new innovative digital asset exchange will strive to make cryptocurrency a seamless experience for the many stakeholders involved.
Why Community-Based? ↵
In the 21st century, society has continued to become ever-evolving and ever-progressing. The views and opinions of the wider public are continuing daily to encompass new ideas and innovations. BitMax is a forward-thinking project that has already realized the endless possibilities for future blockchain platforms. People are continuing to fight for their voices to be heard in a number of issues; imagine what would happen where their money is involved?
The blockchain agenda has the transformative aim for decentralization to achieve the maximum security, privacy, and transparency. This cannot be fully achieved if there is still some form of centralization within blockchain platforms. With a community-based exchange, full decentralization is achieved. In the case of BitMax, any BMAX (official token of the BitMax platform) token holder automatically gets voting rights and also a priority in decision-making within the platform. This provides token holders within the BitMax ecosystem the power to influence important investment and operational decision making that BitMax may be taking.
With a community-based platform, making the right choices solely lies with those who are members of said community. Profit loss would be a highly undesirable situation; as such every decision made or discussions held will opine towards influencing growth. Given that a portion of the revenue generated via BitMax will be distributed to token holders within the community, the incentives are there for fair and beneficial decision making for the ecosystem.
Transparency continues to be a major issue in exchanges. As the BitMax community is involved in all decision-making processes, any rules and regulations that benefit BitMax can be created with transparency at the center. Discrepancies such as hidden charges or hosting of fraudulent digital assets can be greatly reduced via this model of exchange while enabling fairness within the digital asset exchange market through its community-based platform.
The BitMax Exchange ↵
The exchange is solely dependent on the endorsement of all its participants. This has allowed BitMax to achieve a decentralized and distributed autonomy. No one holds more power than the other unless voted by the participants. Here are some of the key features summarizing the BitMax exchange:
As previously stated, BitMax allows all eligible members of its community to participate in various activities within the platform. There are a number of tasks that each member can participate in. Project voting is one of them. This gives the community an opportunity to have a say on what type of projects should be hosted on BitMax. There is also the construction of the mining pooland transaction mining which BMAX holders can participate in. Platform decision-making and joint construction are also crucial activities that BMAX holders are able to take part in as they heavily affect the functions of BitMax.
BitMax allows its community members to collaborate and work on mining pools together. Mining pools help users achieve a set objective within the platform and also have some value addition in the activities they take part in. Ecological maintenance of the mining pools created will also be undertaken by the creators of the mining pool. This collaboration can provide the foundations for further innovation within the platform.
Technological advancements in a number of sectors have allowed innovators to come up with autonomous systems that function just as effectively as or even better than semi-autonomous or dependent systems. However, some technologies are not yet at the optimal level of performance. The goal of BitMax is to have a self-sufficient system that can operate without any supervision while executing the set objectives of the platform. Artificial intelligence and AI algorithms will be highly utilized in order to achieve a fully autonomous platform.
Users stand a chance of benefiting from BitMax through returns. The BitMax ecosystem will allow them to return 100% of user’s fee in accordance with the consensus mechanism used, whether it is the Proof of Work (POW) or Proof of Stake (POS). For even greater benefits, users would have to participate in construction and maintenance of mining pools.
These are the main driving forces of BitMax. The majority of these features require extensive community participation. The emphasis of community participation will be continually maintained throughout the BitMax platform.
Exchange Support Δ
The features stated above require some supporting aspects that would allow BitMax to become an all-around platform capable of meeting the investment and trading needs required by a community-based exchange. These include:
- ⇒Full transparency of all the transactions taking place within BitMax platform. As aforementioned, transparency is highly valued by a greater part of the population. Traders and investors want to know how their investments are handled and how assets move within the platform. Factors such as charges placed on transactions also have to be clearly stated as hidden costs are despised by traders. Records also have to be kept such that it can be easier to make a judgment on transactions that have not been materialized as agreed upon on smart contracts. The records could also help determine any fraudulent activities that some members may be participating in within the BitMax platform. Transaction records will be made available upon request by community members.
- ⇒Safety, security, and stability of BitMax. These have been done in the best possible way yet and they will continue to improve as technology also improves. Threats are ever evolving thus keeping systems constantly updated helps prevent the latest threats. Top-tier third-party security firms will be contracted to deliver a security management system for the platform. Data processing will be monitored real-time through the use of multi-level firewalls. To protect digital assets while in storage or from being accessed by unauthorized parties, multi-signature barriers will be placed. Solutions for both hot and cold wallets will also be implemented such that these digital assets are safe both online and offline.
- ⇒Multi-lingual support is also an important aspect considering the growth of blockchain in recent times. Currently, BitMax can only support English and Chinese. However, as part of their growth strategy, BitMax plans to introduce other languages such as Japanese. Support of various languages will make it easier for blockchain communities in other countries to adopt BitMax. Furthermore, as blockchain grows and more people become familiar with such services, having support in their native language would put BitMax ahead of any competition at that time.
- ⇒Collaborations and Support. BitMax has reached out to a number of industry players with some of them agreeing to start trading using their platform in order to provide adequate liquidity to the BitMax platform during its first months of operation. This liquidity is important as it could help improve the trading experience, especially for small-scale traders.
- ⇒Appropriate technology for high performance. Exchanges require a high-performance architecture that can scale as required. Trading is unpredictable at times and the transaction demands may easily overwhelm an unprepared platform. BitMax goal is to have a transaction rate of 2 million TPS; however, they plan on starting with 200,000 TPS. This will be made possible by features such as asynchronous non-blocking read and write, a trading architecture that meets institutional-level demands among other high-level technology.
The BitMax platform comes at a time when exchanges are facing various challenges, especially regarding security and transparency. The blockchain sphere is also growing at a fast rate. Newer entrants will require a safe space where they can trade in digital assets without fear of losing their investments. Backed by a massively talented team, with all the best experience from Wall Street, BitMax has the potential to provide that space with the platform that it has designed. For more on BitMax and its services visit HERE.
Nouvive: Home of Crypto Beginners, Traders & Investors. Nouvive provides Cryptocurrency trading news, Analysis and indicators for beginners, traders and investors.
Information on these pages contain speculative statements that involves risks and uncertainties. Crypto-Assets profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell. Nouvive does not in any way guarantee that this information is free from mistakes, errors or material misstatements. It does also not guarantee that this information is of a timely nature. Crypto-Assets involve risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing or trading are your responsibility alone. For more information, please view the Risk Warning Below.