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When Mt. Gox, a Japanese bitcoin exchange that handled more than 70% of all global bitcoin transactions got hacked and 850,000 bitcoins worth at least $450 million dollars stolen. Mt. Gox didn't just close, it also showed everyone one of the worst issues plaguing centralized systems. Insecurity. Suddenly it became crystal clear that big changes needed to be made. The biggest and most promising one came in the form of BitMax. The whitepaper defines it as an innovative digital asset trading platform. I call it revolutionary.
Wait! before you call me a bluff. Allow me to tell you why first.
It's Transparent and Open.
Centralized exchanges go against what blockchain was meant to be. Blockchains were supposed to be completely based off a community, all the decisions to be made should have been given to the blockchain's users and not a central authority. Traditional exchanges do the opposite, they ask for tonnes of data that can be stolen and then set up costly fees, that users need to pay to access the platform.
We've all seen what happens when users are asked to take a back seat on issues that relate to their data or assets. Monopolies! It even gets to the point where whatever the centralized exchange says goes. For example, in January 2018 kraken went 'offline' - the company did issue a statement saying they only needed 3 hours for system upgrades and maintenance. They ended up taking 40. 40 hours!
BitMax has given members of its platform's community the power to decide whatever happens inside the platform. Members can collaborate to conduct important tasks such as voting for projects, developing the ecosystem and building the mining pool. As if that's not good enough, BitMax still offers incentivisation rewards to everyone that participates with the platform.
Users that help build out the mining pool can get up to 100% renumeration based on their work. (Determined by the PoS and PoW mechanisms.)
Because centralized exchanges are managed by central authorities, transactions are monitored by financial and government transactions, BitMax is exempt to this rule meaning it can offer its users one of the most important features in any exchange.
REAL-TIME settlements.
As opposed to traditional decentralized trading platforms where to complete one transaction, many transactions need to happen in the background - From your wallet to the exchange then to your wallet again :( With BitMax you only need to key in the trade you want into your wallet to get your preferred crypto. Right away.
To conclude.
Although it's decentralized, BitMax builds upon a few features that made the most popular exchanges so beloved by traders. Such as its FIX protocol which allows for real-time exchange of data for example, the platform can get current crypto prices from the market to fulfill all its members trading requests.
Another way the company shows it doesn't need to reinvent the wheel, is with its ease of use plus fast transaction rates. See BitMax took a new angle to decentralized asset trading. It created it's unique blockchain that's the transaction layer to be placed above other chains to ensure everything happens much faster and at better performance levels.
*Even though there need not be any government intervention, all transaction records are transparently available is asked upon.
Useful resources.
If you would like to find out how BTMX (previously known as BMAX) is currently stacking against Bitcoin or Ethereum, check out the company's Exchange
Their user-friendly UI has also made it easy to withdraw & deposit - Bitcoin, Libra, Ethereum, Ziliqa, Tether, Bitcoin Cash, Litecoin and other major coins for a trade, it's literally as easy as logging in and clicking the withdraw or deposit buttons. So, don't be left behind, register now and start accessing your trading dashboard - Sign Up
It's 5th September 2018, which means BitMax.io has already started its official BitMax.io World Summit Tour 2018 at the Fusion Factory in Berlin.
Jump on the company's social handles and other related pages to find more about this plus other information regarding BitMax and BTMX.
Links below:
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Disclaimer: Every article on this blog is written from personal opinion and therefore should not be taken as a financial advice by any means. Like in every other investments opportunity, Do Your Own Research (DYOR)
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Nice read buddy, very articulate. This is a very good project in Blockchain @rhiboboy11
the exchange is revolutionary
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With crypto market facing current challenges, this is a very promising project in Blockchain technology. Nice blog @rhiboboy11
thanks
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