The need for crypto exchange was necessarily because cryptographic currencies relatively had no other literal means of survival. Since they cannot be physically exchanged and serve as fiat payment, exchanges were the last lifeline for these currencies.
Starting offer centralized exchanges, the journey to efficient had been forged on bumpy roads. The latest crop of exchanges on ground cannot process enough transactions and when they try to, the side-effect is attraction of slags in the system. Hence, throughput is not certain just as high transaction costs are imminent.
Standing out from the crowded marketplace of over 500 exchanges, HiBTC wants to restore end-users’ hope on exchanges with its unique features.
Top-Notch Security
The platform first solves security lapses. Because assets are quite volatile, security measures such as multi-firewall and signatures presented by HiBTC will go the extra mile in protecting accounts. On the other hand, top security agencies had been notified and they’re charged with examining the platform’s codes at intervals. To safeguard loss of assets, cold isolation bag was developed and about 90% of assets on the platform will be placed here for safe storage.
Efficiency and Transparency
Current exchanges have been taunted for their lagged transactions which in turn affects throughput. To this end, HiBTC operates with a financial-grade framework. The framework is hinged on the memory coupling algorithm and is billed to achieve 2 million transactions per second.
There is also security API facet that entrenches trading directives and also provides investors with much needed support to scale their trades. In synergy with its efficiency is transparent recording. HiBTC publishes relevant information. Publicized data spans across voting and transaction data and is intended to breed trust in the platform. Every data published on the data can be traced and is verifiable.
Risk Hedging and Rights Sharing
Risk is relatively unwanted pest but they are take root in virtually every business and crypto exchanges are not ruled out. However, their continued existence might not be favorable for exchanges and that was the backbone to HiBTC’s risk-hedging.
Investors on HiBTC are provided risk-hedging tools such as token financing and forward contract to help them scale through. On the hand, the platform created medium for equality. Through its rights sharing, end-users are allowed to take part in governance. This medium was facilitated because of the community model adopted by the platform. The approach specified regulations by users and hence, users can contribute their quota towards the platform’s advancement. Governance is however entrusted to token holders.
Scalability
Another major issue solved by the project is limited throughput of exchanges. With backing from financial grade framework, HiBTC promises to attain two million TPS every second.
Trade Mining
It is worthy of mention that the platform offers incentives to prospective users. First, users can earn the HIBT token after they must have stored certain amounts of the token. In another view, the transaction or trade mining is another way to earn the token. Under the latter category, traders and token holders are required to stake certain amount as processing fee after which they carry-on with their transactions.
The relinquished processing fee will come in handy when incentives are to be issued. Incentives under trade mining are paid to prospective winners a day after they had been selected.
The FomoHIBT Bounty
Aside the aforementioned bounties, HiBTC has a new bounty program that would run for a week. FomoHIBT is designed for token holders who wish to trade through the HiBTC exchange. During its stead, FomoHIBT will release 850, 000 tokens to prospective winners and is meant to be another means of acquiring the token.
Role of Prize Pool
FomoHIBT is not merely a bounty program but a prize pool. Prize pool here implies accumulated funds pushed into one port (pool). The prize pool we have here collates 100% funds from the Holder Shared Fund Account. Later on, the platform sets price to be attained by the pool before funds will be redistributed.
Triggering the Pool
The pool can be triggered to release preloaded funds after certain levels had being attained. For instance, the pool price tag might be pegged at 50, 000 HIBT tokens and once transactions had reached that spot, the prize pool will be triggered and token incentives released.
Even Distribution
Token incentives can only be issued to positive contributors (token holders). The rule here is that the higher token a user purchases and transacts with increases his chance of coming tops at the pool. Once the pool had been triggered, the platform collates all inputs (purchased tokens) by users and the top three are rewarded with 80% of the token and the remaining 20% redistributed to other contributors.
The rule specifies that if the pool does not get triggered same day, the price for the pool will be reset and all those who contributed risk chances of getting rewarded. Winners who were successful will be credited with equivalent tokens within a day of their shortlist. Such winners will be published in the pool’s leaderboard.
Bottom Line
The soul of HiBTC is its transparency and token incentives. The latter is certainly medium of drawing more prospects to the platform and increasing the token’s value at same proportion.
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Author >>> CynthiaLM
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