The project we have here is no doubt rave of the moment in crypto sphere. There’s no gainsaying that current exchanges have failed traders and the few that survived its literal onslaught are licking wounds of their loss.
HiBTC came on board just as every other exchange but has so far proven its mettle. Becoming lone ranger in quest to solve scalability issues hampering transactions, the platform had been touted to process two million transactions per second.
It therefore became imperative that major upsides that propel the platform should be explored. HiBTC promises to be more than an exchange; it will go on to become leading force in digital transactions.
Rechanneling Interactions
While trading on traditional exchanges seems herculean task, mention must also be made of their centralization. Since majority of these have firm hold on decision-making, end-users’ opinion literally has no effect. To this end, HiBTC recreated the model and installs new status quo. Buoyed by the principle of power separation, the platform opted for community model. The model specifies that users have the right to take decisions on the platform.
Community and Governance
With the overwhelming power impressed upon them by the platform, users can conveniently take part in decision-making. This is far cry from obtainable incidences where users’ services are only needed in trading.
Though some might jump into conclusions, the platform does not entrust governance by fiat. This is only restricted to token holders. On decision-making, prospective token holders can tender their votes for electoral posts on the platform. Another upside here is currency integration. Most often, exchanges seem to take longer time in verifying and accepting a currency into their platforms. That scenario is set to change because HiBTC allow token holders tender proposals for currencies they are interested in.
- Reward Schemes
In order to attract more investors and traders likewise, HiBTC created a loyalty scheme. This spans across different angles with each fulfilling its end of the deal. They are basically two and the first is the token holding model. It is common knowledge that exchanges rarely offer incentives to users.
With HiBTC, the status quo changes for good because the token holding model is designed to reward users for tokens in their possession. Obtaining rewards here demands a user purchasing the HIBT token; keep it in his account for some time and at specified time, he gets its reward equivalent.
- Transaction Reward Model
Mention had been made of the token model where users get incentives for merely being in possession of the HIBT token. The transaction model is quite complex and often takes much processing.
To qualify, a user must have certain amount of HIBT token that he wants to trade. Before trading, he has to pay the processing fee with the token equivalent. At the end of a day’s trade, HiBTC goes through each user’s account.
There is certainty of making mistakes in computations and that informed the platform’s implementation of hourly trade snapshot. Once a day’s trade ends, HiBTC uses available data in sorting out highest traders. First, it calculates a trader’s processing fee and accesses his remaining tokens for comparison with current rates. Top traders are normally rewarded with the HIBT token in hourly intervals. There is however recent variation to the transaction incentive model.
FomoHIBT – New Incentive on the Block
Not resting on its oars with respect to incentives, HiBTC developed new bounty program known as FomoHIBT. This will be upgrade to the transaction model and will be channel for more incentives.
The prize pool composed in this is expected to last for seven days and within its stead, it would gather resources from the centralized Shared Fund Account. FomoHIBT is entirely different and its computation is primarily on a user’s transaction power.
Concentration would be on the number of tokens a user bought and sold during a round. A total of 850, 000 tokens have been set aside for the bounty program.
Who Can Participate?
FomoHIBT is basically designed to suit two different users – those promoting its campaign and those that will purchase the token. Each round runs for 24 hours and users are to make their purchase before the entry closes.
- How to Earn
Before tokens are purchased, HiBTC had already set fixed a round must attain. Attainment of this rate will offset the pool and top three contributors will be rewarded. Simply put, once transactions on the exchange have clocked the set price in the prize pool, the pool in turn gets triggered and contributors’ inputs will be collated.
Top three contributors will be selected and new price set for the next round. All rewards are remitted through the HIBT token and are credited to the winner’s account within 24 hours.
Conclusion
The interesting thing about HiBTC is its reward mechanism where users are offered certain amount of tokens for their inputs towards the platform’s growth. There’s no gainsaying the fact that HiBTC is a Daniel come to judgment.
Author >>> CynthiaLM
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