The BMAX token
The backbone of the BitMax exchange is going to be the projects custom designed and native digital utility token, known as BMAX. Designed to be the primary token on the platform, it will start as an ERC-20 token on the Ethereum blockchain.
BMAX will be a token that is non-refundable and will be used as the unity of exchange between the participants on the BitMax exchange one it is live. The main purpose of this token on the platform is to provide the users a convenient and secure mode of payment and settlement while interacting with the ecosystem of the platform, this means that all transaction fees, withdrawal fees and listing prices will be paid for in the BMAX token.
However holders of this token need to be aware that doing so does not in any way represent any shareholding, participation, right, title, or interest in the Foundation, the Distributor its affiliates, or any other company, enterprise or undertaking, nor will BMAX entitle token holders to any promise of fees, dividends, revenue, profits or investment returns, and are not intended to constitute securities in Singapore or any relevant jurisdiction.
The sole use of the BMAX token is as mentioned above to be the main method and payment of exchanging, and paying fees on the platform, it will also act as an incentive on the platform, rewarding users who participate in trading on the platform once it's live. As it currently stands, the plan is for there to be a total of 10 billion BMAX, without any additional coins being created in the future.
Unlike with conventional coins like Bitcoin which currently rely on a Proof of work method of mining (Although this may change to staking in the future) the BMAX token will be obtainable via 'Trading Mining', simply put the higher the trading volume of your account is, the higher your shares of BMAX will be, For example, if the user generates a transaction fee of 1 million and the market price of BMAX is 1 yuan, the BMAX mined today would be valued at 1 million, and the user is eligible for 1 million BMAX (Taken from the teams reddit as their example) This will reward users who stay loyal to the exchange over a long period of time, or whales who deal in large volumes in a single transactions. On top of this 'trading mining', it will also be possible to purchase and sell the BMAX token on the exchange under the pairs of BMAX/BTC, BMAX/ETH.
One of the most interesting uses of the BMAX tokens is for membership. All users will be given the option to consume, or spend a certain amount of the BMAX tokens that their have either earned via the various methods above (for example 'trading mining') or via purchasing in the supported pairs, this will then give the users access to exclusive networking circles for the sharing of community information, such as the latest developments in blockchain technologies, and gaining access to exclusive areas on the Bitmax platform (To be confirmed by the team what these benefits will be)
Social media channels
if you would like to follow their various social media channels, you find them below:
BitMax Official Website: https://bitmax.io
Twitter: https://twitter.com/BitMax_Official
Reddit: https://www.reddit.com/r/BitMax
Telegram English Official: https://t.me/BitMaxioEnglishOfficial
Telegram Official Announcement Channel: https://t.me/BitMaxOfficialAnnouncement