Bitmax recently launched the industry first ever trans-fee mining and reverse mining feature on the bitmax exchange. What is the trans-fee mining and revere mining feature?
This feature allows users to get rewarded for every transaction carried out on the bitmax trading platform. Just like how users are charged a specific transaction fee on other exchanges each time they complete a trade on bitmax, on bitmax exchange the transaction fee that was charged will be rewarded back to the users in form of the bitmax token. That means users will be rewarded with bitmax token each time they perform a transaction on the bitmax exchange. The total reward received by the users is equivalent to the amount of transaction fee that is charged. This feature was brought up to attract more trading by traders and divert the attention of exchanges from profit making to delivering better services.
Bitmax also set up some rules for the trans-fee and reverse mining.
There are two types of trans-fee mining, conventional mining and reverse mining. The conventional mining is just directly referred to as mining, where users get rewarded btmx token after paying for transaction fee after a trade has been carried out. Reverse mining is the process whereby bitmax pays traders with btmx equivalent to the value of the transaction fee that bitmax pays to its traders after every transaction made and this type of mining is limited to makers.
There are two categories of trader, the Makers, and Takers. The makers are defined as the traders who create the bitmax tokens through mining, they create bitmax tokens by making an order and also because their orders are never filled immediately they are made or created. Takers are defined by the traders that have their orders filled once they are made and before they get to the order books. So in this sense, any trader can become a maker or a taker it only depends on when their orders are filled.
Bitmax also provides the traders with the options of trading regularly just as they do on other exchanges. That is trading without the trans-fee mining features.
Bitmax also put in some factor into consideration while they were designing the platform.
Firstly, they are making sure that the token output and mining rate just to prevent the bitmax token from getting affected by any sudden rise or sudden fall in mining.
Secondly, to prevent a sudden injection of bitmax tokens into that market which may directly affect the value of the bitmax tokens, bitmax has decided that a mandatory lock-ups are enforced when a large trade has just taken place.
Thirdly, Bitmax has designed their platform in a way such that it promotes healthy liquidity.
Lastly, To make the bitmax tokens more valuable, bitmax will introduce various ways the tokens will be used for. As we have seen one way is the trans-fee mining.
To the boast of bitmax they can attest for over 400, 000 TPS which is the best TPS one can find at any exchange making them the first to boast of that TPS as well as with the Trans-fee mining.
Want to know more, head over to this article https://www.reddit.com/r/BitMax/comments/9zp85d/bitmaxio_mining_features_part_2/?st=jp37fzfm&sh=3e7fead3 and see for yourself what bitmax is made up of.
Official Resources
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