In a detailed report on the collapse of the cryptocurrency exchange giant FTX, there were some key takeaways about the exchange, these are:
In what many refer to as the “Lehman Brothers Moment” for cryptocurrency, FTX, a cryptocurrency exchange, went from having a market value of $32 billion to declaring bankruptcy.In what many refer to as the “Lehman Brothers Moment” for cryptocurrency, FTX, a cryptocurrency exchange, went from having a market value of $32 billion to declaring bankruptcy.
Binance declared on Nov. 9 that it would no longer purchase FTX, claiming that this decision was made “as a consequence of business due diligence.” Additionally, reports of misused funds and regulatory inquiries were raised.
The entire crypto space has been thrown off balance by FTX’s demise. Congress and the SEC are now looking into what transpired due to this.
In this article, we will be talking in detail about Biokript and why this next-generation platform is the solution for crypto-trading.
Here is the list of topics to discuss:
- What is Biokript?
- What are Biokripts solutions?
- Token distribution
- Conclusion.
What is Biokript?
Biokript seeks to provide a successful, effective, and Shariah-compliant hybrid cryptocurrency exchange that is decentralized as the next-generation cryptocurrency exchange platform. The Biokript team has over ten years of experience, and their goal is to give cryptocurrency investors fresh options to engage in the emerging digital economy without handing over money to centralized institutions.
What does the Shariah-compliant standard mean?: The Islamic mudarabah profit sharing, which divides all profits proportionally to the number of tokens possessed, following Shariah norms.
The Problem:
- Custody
- Security
- Market manipulations.
- Misuse of Customer funds.
What are Biokript's solutions?
Market Manipulations: In the issues mentioned at the beginning of this piece about FTX, the issues will be resolved by Biokripts’ business strategy, which complies with Shariah, and since Biokript has a token, trading volume manipulation will be eliminated.
Holders will earn trading income, and wash trading essentially, giving token holders free money will not be viable.
Additionally, everything can be checked and audited since every transaction made via Biokript takes place on the blockchain.
Custody: Biokript will use top-notch security for its exchange, and the most recent encryption technology will be used to secure all of its files. Our exchange will be non-custodial, thus users will have full control over their funds.
The Biokript Exchange is designed to provide users with complete control over their money.
Security: Users will have a variety of two-factor authentication solutions available to them, and the system will alert users to impending withdrawals so they may stop them in advance if anything seems suspicious while also providing security and customer service.
All users will be required to use two-factor authentication to protect their accounts. All user funds will be secured in a smart contract that cannot be hacked, unlike centralized exchanges, to completely secure all accounts.
No misuse of customer funds: Due to Shariah compliance, Biokript will provide low-risk investment possibilities and forgo riskier transactions like futures and leveraged trading.
The objective of Biokript is to build a community of people who are eager to learn and eager to assist others.
Educational blockchain content: To keep our traders and community informed about the cryptocurrency business, we will also offer pertinent instructional content.
Token distribution.
To fund the start-up of the Biokript exchange investors will be offered Biokript tokens. In return, the holders of Bkrp will get the opportunity to receive a percentage of trading fees, listing fees, and profit through the price appreciation of the Biokript token.
The profit split will be 50/50 between the company and the token holders. All the profits will be distributed to investors based on the number of tokens they are holding.
As an example, if we had weekly trading revenues of $200,000 and if we had a total of 500,000,000 tokens in circulation, our algorithm would automatically divide 80,000 by 500,000,000 so for each Biokript token held in the investor’s wallet, the investor would get 0.00016 worth of Biokript tokens. (The number is 80,000 and not 200,000 because 40% is distributed to investors as profit, 40% is kept for the company, 5% will be used for security fund, 5% for reserves, and 10% will be reserved for token burn). So if you had 10,000 Biokript tokens in your wallet(worth about $50 at the initial price), the investor would earn $1.60 every week — or about 3.2% return per week; 12.8%/month or 153.6 %/year.
Tokenomics.
Total supply: 500,000,000
Treasury, airdrops, community and team: 15%
Listing and liquidity: 15%
Advisors: 5%
Token sale: 35%
Conclusion:
A cryptocurrency exchange named FTX went from having a $32 billion market value to filing for bankruptcy. In this post, we’ll go into great detail about Biokript and explain why this cutting-edge trading platform is the best available today. It is a decentralized hybrid cryptocurrency exchange that complies with Shariah. Building a community of people who are ready to learn and keen to help others is the goal of Biokript. To protect their accounts, users will be required to use two-factor authentication. Unlike centralized exchanges, all user funds will be protected under a smart contract that cannot be compromised.