In the first half of 2018, Fcoin, a mining model exchange launched by Zhang Jianxin, quickly became popular when it went public, and it made a bloody road in the bear market. Everyone frantically rushed to mine and attracted a bunch of exchanges to follow. The characteristic of the trading mining mode is that the exchange will refund the handling fee charged by the transaction to you, and the token can also participate in the dividend. Compared with the previous BNB, it uses a quarterly net profit of 20% to destroy. OKB is a 50% fee refund per week, FT uses a more violent approach, 80% dividends plus a 100% commission equivalent FT return. However, the good times are not common. Although FT is a pioneer, its economic model design has inherent defects. This also leads to a vicious circle when the circulation becomes larger, the dividends decrease, the price of the coins falls, and the pressure is getting bigger and bigger.
In the second half of 2018, Dr. Cao led a group of Wall Street background teams to jointly build the Bitmax exchange, and designed a balanced economic model with their expertise, divided into mining and filling modes, and stabilized. The fluctuation of the currency price is definitely worth looking forward to. Maybe it is the vent of the next wave of bull market.
The first thing I would like to say is the interface of the platform itself. Everything looks quite good, a convenient arrangement of windows showing transactions between participants of the exchange and display of orders.
Transactions between orders are almost without delay, a split second, which is good news. If you compare BitMax with TOR exchanges, I would compare with the Binance exchange , it is very similar to perception and convenience, speed and functionality. At BitMax , there are obviously future ones, and this can be seen with the naked eye. Output and Input takes up to 10 minutes, several online confirmations and funds are transferred. Very comfortable working in such conditions.
The BitMax team has worked very well on its platform, in the future I think it wakes up one of the best exchanges, TOR - 3 is for sure.
BitMax.io will use the “transaction-mining” model to reward trading users and also include a mining (marketing fee) option in the mining model. BitMax.io platform currency BTMX is constant at 10 billion, of which 49% (4.9 billion) is pre-released, and 51% (5.1 billion) is gradually returned to trading users through the “transaction-mining” model.
- Core concept definition
Taker: means to deal with other orders in the depth list immediately at the time you place the order at the price you specify.
Maker: means that at the price you specify, when you place an order, you do not immediately deal with other orders in the depth list, but enter the depth list and wait for other orders to deal with you.
Mining: Users pay transaction fees at a certain rate and receive BTMX as a process of mining rebates
Filling: The user's pending order transaction fee is negative, that is, the platform pays the user's pending order transaction fee at a certain rate, and deducts the BTMX from the user account according to the BTMX real-time price. The BTMX permanent lock bin for the mine recovery does not participate in any form of platform currency. Rebate.
Ordinary transaction: the general transaction process in which the user does not participate in mining or filling, and pays transaction fees at a certain rate.
Note: Selling BTMX can not participate in mining or filling, only ordinary transactions, payment of regular transaction fees
2.Taker and Maker mode selection and corresponding rates
Taker: The optional mode is as follows (only one can be selected)
Mining
general transaction
Maker: The optional mode is as follows (only one can be selected)
Mining
fill mining
NOTE: When a user BTMX balance is insufficient to pay the required BTMX fill mining, automatically switches to select a mode of any of the following
Mining
Ordinary transactions
Ordinary trading
users can change the mode settings of Taker and Maker at any time in the personal center of the account. The applicable transaction rate for each mode depends on the nature of the Taker/Maker at the time of each transaction.
- Mining output and quantity of ore
Mining output per transaction = handling fee per user / BTMX real-time price
Fees paid by each transaction user = volume * 0.1% * commission rate benchmark
The amount of each transaction filled = the fee paid to the user per trading platform / BTMX real-time price
Fees paid to users per trading platform = volume *0.04% * commission rate benchmark
Note: BTMX real-time price is BTMX snapshot price per second
- Commission rate benchmark
The commission rate benchmark factor is used to adjust the transaction commission rate when users participate in mining and filling, and then adjust the amount of BTMX produced by the actual mining of the platform and the amount of BTMX recovered by actual mining. (0<the commission rate benchmark coefficient ≤1)
Note: The frequency of the platform adjustment commission rate benchmark coefficient is once every 10 minutes. The commission rate benchmark coefficient of the next 10 minute window will be adjusted according to the actual mining rate and target mining rate in the first 24 hours, and in each window. The commission rate benchmark factor for the current window (10 minutes) is initially published.
- Inviting mining and inviting rebates
The user invites others to obtain their transaction fee or 20% of the BTMX obtained from the mining as an invitation reward (two scenarios for special treatment). Invitation rewards are divided into invitation mining and invitation rebates.
Inviting mining: When invited to participate in mining, the inviting person receives a certain amount of BTMX as an invitation to reward the process of inviting mining
Invite rebate: When the invitee conducts a general transaction, the inviter receives a certain amount of transaction fee and returns it as an invitation to reward.
Special Scenario 1: When the invitee is a Maker in the mining mode, the inviter will not receive any invitation reward from the Maker transaction made by the invitee.
Special Scenario 2: When the invitee is the mining model of Taker, the reward obtained by the inviter from the invitee to do the Taker trade is calculated by 20% of the BTMX obtained from a certain percentage of the mining, which is the adjustment factor.
Adjustment factor = (the total amount of Taker mining in the current hour of the platform - the total amount of Maker filling in the current hour of the platform) / the total amount of Taker mining in the current hour of the platform
Note: The user's previous invitation relationship is still valid, can participate in the invitation to mine and invite rebates
Example: Suppose the user makes a purchase of 10000 ETH. The exchange rate of ETH : BTMX is 1:1 and the current commission rate benchmark is 1.
- Return cycle
The BTMX obtained from mining will return
the fee for returning Maker every hour. It will also be returned in real time. The
invitation reward will be refunded once every hour.
Next, let's take a quick look at two small cases to help you understand what mining and mining are.
Mining : Xiaobai purchased 1BTC on the platform transaction, the transaction fee was 1BTC*0.1%=0.001BTC, and the platform charged 0.001BTC fee. Assuming the BTMX price was 0.0001BTC, the platform returned to Xiaobai 10BTMX. In order to control the mining rate of the platform (ie, reduce the output rate of BTMX), the platform sets the transaction commission rate benchmark coefficient. If the coefficient is 0.8 at the time, the transaction commission rate is 0.08%, and Xiaobai pays 0.0008 BTC fee. The platform returns the white 8BTMX.
Filling:
Xiaohei is an institutional investor of BTMX. There are a lot of BTMX lying in the account. If you sell directly in the secondary market, it will suppress the price of the currency and affect your own income. By choosing the filling mode, you can “sell” your BTMX to the platform. Xiaohe bought a 10BTC on the platform and the platform paid 10*0.04%=0.004BTC. If the BTMX price is 0.0001BTC, the platform will deduct 40BTMX from the small black account. If there is no BTMX in the small black account, you can choose the normal transaction (rate 0.04%) or the mining mode. Similarly, if the benchmark transaction rate of the platform at that time is 0.8, the filling transaction transaction rate is 0.032%, Xiaohe receives the 0.0032 BTC handling fee, and the platform deducts 32BTMX from the small black account.
The mining and filling mode designed by BitMax.io is different from other single mining and rebate mode, which gives users a new trading experience and more comprehensively guarantees the liquidity of BTMX and slows down the price caused by the market environment. Stable, thus protecting the interests of users.
In addition, the first stage of the BitMax.io trading mining will be released more professional and clear transaction details, so stay tuned.
Note:
https://bitmax-test.io is a brand new test network. Existing BitMax accounts cannot be used in the test network. Please re-register a test account on the registration page.
After successful registration, The system will automatically recharge your account for the corresponding tokens, so that you can conduct trading mining tests.
The test network does not provide the function of charging and withdrawing coins. All the tokens in the test network are closed with the system after the test. Clear All.
If you have any suggestions or comments on the platform during the test, please contact the official 7*24 online customer service by any of the following methods:Official WeChat Assistant: Bmax_official_1
2, the official Telegram assistant: @BitMax_Official
Official Telegram Chinese group: https://t.me/BitMaxChineseOfficial
Official email: support@bitmax.io