Introduction
Proffering a lasting solution to an existing problem can offer an innovator or investor a firm basis to start a business that will amass great revenue and add value to the benefactors. Identifying a challenge in any industry and drafting out a firm plan to resolve it and ensure an improvement of the system, is a strategic method to develop a business plan. More so, having such a concrete plan will place your business above competitors and advertise it in such a way that it garners the needed business support and solid partnership from investors. If you can have a mindset of adding value and solving a current problem, it will thrill you on the number of participants you can pull to join your network.
This brief introduction points out the objective of most emerging projects that come up within the blockchain industry and cryptocurrency space. With a large number of projects currently in the crypto market, every promising one needs to develop a new feature, propose a new method of performing operations, or build an entirely new feature. Blockchain technology still seems to be alien to certain people in different parts of the world and having a network that bridges this huge gap can prove useful in the market. Besides that, other certain areas require improvements such as the level of security, transparency, cross-chain interactions, and many more.
New projects can consider having an in-depth look into the areas and structure their framework and services to touch some of these areas. For our remarkably innovative platform, BintexFutures recognizes the need to have a vision when venturing into the blockchain industry and this is why it has a plan to offer new features. The development team has been able to identify certain key areas that are currently facing challenges and has structured the Bintex network to deliver some solutions to these areas.
Identified Challenges in the Crypto Market
Blockchain technology and cryptocurrency deliver exceptional benefits that have transformed how most operations operate, especially in the financial sector. The decentralized system has changed several processes in various industries and it is expanding to other ones and integrating better in existing ones. Howbeit, there are still certain identifiable challenges prevalent in the decentralized platforms and even the existing centralized systems. We moved from using centralized systems to decentralized platforms, and even as both have great features that make them distinct, they still have certain challenges. BintexFutures identifies all these challenges and intends to build a network that resolves most of them; this is the envisioned plan of the Bintex network. As an exchange platform, Bintex plans to detect the issues will the centralized and decentralized exchanges, and plan how to build an all-inclusive system.
Centralized Exchanges
We need to understand that centralized exchange platforms are among the biggest and used exchanges in the market. Examples include Binance, Coinbase, Bitfinex, and Kraken. However, the primary challenge with these exchanges is that it grants the platform total responsibility to store all the digital assets of its customers. Aside from the storage of users’ assets, the complete control of the assets resides with the centralized exchange and this makes customers vulnerable to the loss of their assets whenever there is a breach on the platform. Well, centralized exchanges are known for their fast processing time of transactions and this is because transactions are done outside the blockchain. Other challenges associated with these platforms include insider trading, price manipulations by uncontrolled market forces, and high transaction fees, which the platforms benefit from all trades.
Decentralized Exchanges
The challenges BintexFutures has identified in decentralized exchanges include the following;
Low Liquidity and Low Volume: This is an issue leading to the volatility in the cryptocurrency market, and it translates to a fluctuating price of the asset, which affects the market. Low volume occurs when the exchange does not have enough tokens in circulation and this upsets some programs of the project.
Slow Transaction Speed: The speed of performing transactions on decentralized exchanges is quite slow compared to that of centralized ones.
Limited Cross-Chain Interactions: Most exchanges adopting decentralization does not have the capacity to perform cross-chain trading across multiple blockchains.
Limited Cryptocurrency Types: Various exchanges do not have a handful of cryptocurrencies on their listing.
Poor User Experience: The user-interface and graphics of several decentralized exchanges do not have appealing designs that attract and excite customers.
Compatible with mostly ERC-20 Tokens: This creates a limitation to a wide range of available crypto assets.
BintexFutures Vision
Analyzing all these challenges in a bid to develop an innovative platform, BintexFutures is creating a decentralized trading system that will be resourceful and integrated, to satisfy the needs of most applications in different sectors. It will resolve the challenges of decentralized exchanges through building a strong cross-chain interaction, high processing speed, multiple supported tokens, and liquid BNTX tokens. Clients trading under the Bintex system will also perform their trading and exchanges with total control, without the interference of the platform, and the transaction fees will be minimal.
Do checkout the links below to get more information about this project;
🌐 Website: https://bintexfutures.com/
📙 Whitepaper: https://bintexfutures.com/Bintexfutures%20white%20paper%20V%201.0.pdf
🔗 Telegram: https://t.me/bintexfutures_chat
🐦 Twitter: https://twitter.com/Bintexfutures
🔗 Facebook: https://www.facebook.com/bintexfutures2019/
🔗 LinkedIn: https://www.linkedin.com/company/bintexfutures/
🔗 Reddit: https://www.reddit.com/user/BintexFutures
📹 YouTube : https://www.youtube.com/channel/UCTZsygYwafZdx0CsVKcyuWw
AUTHOR'S DETAILS
Bitcointalk Username: Trickbeauty
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2767532
Proof of Authentication: https://bitcointalk.org/index.php?topic=5280276.msg55749647#msg55749647
Eth Address: 0xB31BaD5011A1a045b44244C4dD52A7952262795e