Exchanges exist for the purpose of allowing easy change between different assets. According to CMC there are more than 200 exchanges with varying trading volume. We can find those that have a daily volume above 1 billion and as low as $50 daily volume. We can classify exchange based on their volume. Say exchanges with daily volume between $100 mil - $200 mil and so on.
There is another classification of exchanges; there are centralized and decentralized exchanges. Centralized exchanges usually operate their own records and anonymously like Binance, while the decentralized exchanges are usually known for transparency an easy access to their records; something like idex for example. Centralized exchanges are usually costly but have many services that help traders; while that might exist in decentralized exchanges it is not as mature, to have an exchange that provides the perks of both world would be a great contribution to the crypto community and that is what BitMax is aiming to do create a community based exchange. Let us see how are they doing that...
Currently with most exchange the returns of everything that goes on and around the exchange goes to the exchange and in some cases some slip to those that contributed. Bitmax wants to change that and have the community gain most rewards and freely. Users can create and maintain mining pools and get 100% of remuneration. This to incentivize users to build mining pools.
For the users Bitmax is set to provide a high performance trading platform with real-time settlements, the framework is set to process a target of 200k transactions per second. Bitmax's ability to achieve high speed settlements is largely attributes to how it is architectured as It is designed with advanced in-memory matching algorithms and distributed real-time messaging framework along with the common distributed and asynchronous read/write operations. It is worth noting that Bitmax comes with an API to allow different advanced implementations like market making, or ICOs.
Bitmax will begin small and grow with time. Initially it is set to support crypto-crypto trading enabling 7 coins, BTC, ETH, BCH, USDT, BMAC and LTC. Adding new coins is possible through BitMax ICM participation. So If you are interested in listing in the exchange you can do that through BitMax ICM. As BitMax evolve and liquidity is at a proper level it will introduce advanced types of orders and balance management services.
The fuel of the network is called BMAX token which initially is set to be an ERC-20 token on Ethereum. It is set to a cap of 10 billion BMAX tokens. The BMAX tokens can be obtained through Trade Mining. Trade driven mining is when the exchange utilizes the zero free trading model to incentivize demand for the token. The exchange usually calculates the fees of trading or daily trading that takes place on the platform and convert those fees to in this example BMAX and deposit it to the trader's account; rendering that a zero fee trading platform. Users can also obtain BMAX through normal purchase of placing a buy order.
The distribution of the 10 billion BMAX tokens is divided into two main portions. 51% of which is allocated to transaction mining. So when I mentioned earlier that trade mining is about converting trading fees to the token and depositing it to the trader it would mean in this case that the total trading daily tokens would be divided by 51 to get the tokens in circulation.
49% of the remaining tokens is set for pre-distribution for the different sales, team and marketing efforts. The private sale makes 9% of the total supply which is part of the 49% set for pre-distribution and 10% of which will be released before the remaining tokens.
For more details you can read more in the whitepaper and the following resources:
Resources:
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