At present, the trading is mining model of the exchange has been bad-mouthed by many media, and the trading is mining model has become a dark horse.FCoin, the current price of its platform currency has also fallen again and again. From the perspective of customer acquisition in the early stage, the transaction is mining model can attract a large number of users, but it is not easy to last for a long time.
For exchanges that implement the trading is mining model, BitMax.io CEO George Cao believes that,The key is to transform into a real exchange before the dividend curve drops to a certain level, that is, during the dividend period of transaction mining.
BitMax.ioIt is a new exchange recently contacted by Odaily, which is to be a digital asset trading platform for decentralized community-based autonomous economic ecology. At present, the development path of BitMax.io, in simple terms, isOn the one hand, extend the bonus period of transaction mining as much as possible, and on the other hand, use Wall Street financial thinking to deploy overseas.
In terms of prolonging the bonus period of transaction mining as much as possible, BitMax.io mainly usesIntroduce a leveling mechanism to control the circulation of platform currencyand so on.
The leveling mechanism introduced is mainly used to ensure the liquidity of the platform currency.According to the introduction, the specific method is to focus on the operation of the trading mining dividend ratio, and then design stable formula parameters based on the transaction volume of the platform currency, circulating chips and price changes, simulate and calculate the possible costs and profits, and calculate according to the weighted currency. The weight of the price index determines the scale of liquidity provided to the platform currency.To put it simply, when the currency price irrationally plummets or soars to a certain extent, the platform currency is bought or sold through the stabilization fund set up inside the platform, so that the price of the platform currency tends to be as stable as possible, and the dividend curve is smoother .
Control the circulation of platform currency.The platform currency BTMX is constant at 10 billion, of which 49% are pre-issued and 51% are mining income; it provides a variety of transaction mining modes including transaction mining, and allocates different amounts of additional rewards to users; in terms of dividend mechanism, BTMX Holders enjoy 80% dividends of platform handling fees.
In addition, BitMax.io will also introduce a relay mechanism to increase user transaction volume, but George Cao did not disclose more. George Cao said that through the above methods, the bonus period should be extended to several months instead of 2 or 3 weeks.
Previously,Previously,Odaily has introduced, the next wave of dividends for the exchange is likely to be the deployment of overseas markets and the policies/licenses to obtain mainstream markets. Among them, from the perspective of the layout of overseas markets, it is difficult for domestic mainstream exchanges to outperform localization teams in terms of user experience and operations. In comparison, BitMax.io has the following advantages:
First of all, from the perspective of operation, the core members of its team have the background of traditional financial institutions on Wall Street, are familiar with the operation methods of overseas exchanges, and understand overseas users better.
Secondly, from the perspective of compliance, George Cao said,The real inflection point of the exchange is when the regulatory door is opened, so BitMax.io will plan in advance to design a securities-level trading system from a regulatory perspective, and the focus of the coming year will be to design a series of financial derivatives.
Regarding the overseas layout, George Cao said that the team plans to open three exchanges around the world. BitMax.io currently opened in Singapore is the first exchange, and will open exchanges in Canada and the United States later and apply for local licenses.
In addition, BitMax.io was led by Bitmain and Danhua Capital, and has certain domestic resources.
In terms of trading system architecture, George Cao said that BitMax.io adopts the service-level architecture of large financial institutions for design. According to reports, the trading system architecture will integrate memory matching algorithms, asynchronous non-blocking read and write, distributed real-time information transmission framework and other technologies to improve users trading experience.
In terms of security, according to reports, BitMax.io cooperates with a third-party security company to conduct a code audit on the entire site code before going online. Set up a multi-level firewall to monitor system data anomalies in real time. In terms of user assets, a wallet solution with multiple signatures and hot and cold isolation is adopted.
BitMax.io launched its public beta on July 16, 2018 and officially launched on August 13.
The team currently has about 30 people, and technical staff account for about half. CEO George Cao is the founder and chief investment executive of Delpha Capital Management, the co-founder of White Rock Investment, one of the 12 directors of the Chinese financial organization TCFA, and previously worked at Barclays Capital in New York and Barclays Bank of London as quantitative investment director, and PM at Knight Capital Group. Co-founder Ariel Ling has 18 years of senior management experience across management consulting and the financial industry. He used to be the Americas Director of Deutsche Banks Liquid Investment Products Department and Commerzbank AG (German Commercial Bank, Germanys second largest bank) Americas Business Development Director , COO of Commerz Markets LLC (US Brokerage Trading Company), etc.
