If you have been following recent updates in the crypto sphere, you must have heard about HiBTC. It might seem absurd that more exchanges are developed when existing ones are yet to perform up to standard. The exchange we have here is much more than what might be deduced from its surface features. It’s a fact that the number of available exchanges is not less than 500 but onus of their problem arose from scalability.
What is Cryptographic Exchange?
The immediate rejection of cryptographic currencies in the early moons of 2009 was unprecedented especially since the world was just recovering from the financial downturn of the previous year. Ever since then, these currencies have been traded on exchanges while keeping eyes on the big fish of becoming global currencies.
Cryptographic exchanges are platforms where all digital assets are sold and bought. Soon after the development of the centralized exchange, others followed suit because pain points have not being met. It is in this same category of problem-solving that HiBTC found itself.
Redistribution of Control
The first pain point the platform hinted on solving is centralized control and governance. Most times, current exchanges take governance by themselves without entrusting some quota to the end-user. This does not augur well for the system and further posits it as undemocratic. HiBTC disrupts the status quo by offering full-scale decentralization to transactions.
In related development, great wind of change transcends the exchange following concentration of governance to end-users. Key decisions are however limited to token holders. A 5% HIBT token qualifies a user to list currencies on the exchange and also take part in elections.
Even Asset Disbursement
Another upside to the exchange is redistribution of assets to users. Backed by its open-source and user-oriented governance, HiBTC shares profits with users. This is one feature that had been consistently across exchanges. The exchange we have here promises to offer 50% of profits to users. This incentive will certainly draw attention to the exchange. There is also right sharing that is in tandem with user governance. Here, users can take decisions on rights income and other underline policies that will significantly contribute to the exchange’s growth.
Token-Holding Incentive
Worthy of mention is HiBTC’s token incentives. The first outlook to this is for users who are yet to trade with their tokens. After some time preceding the purchase of the HIBT token, a user gets shortlisted to receive certain amount of the token as reward for his purchase. For security purposes, tokens and other assets on the exchange are stored in cold bag isolations.
Trade Mining
The exchange also has other approaches to incentives. The transaction-based model rewards token holders for taking part in mining. The idea is to issue token incentives to token holders when their stakes in mining were high.
Security
The exchange had forged collaborations with offline security agencies for its protection. It however has cold bag isolation where 90% of assets on the exchange are stored against hacks just as multi-firewall is also available.
Scalable Transactions
If you’re looking for scalable transactions that can be processed in real-time, HiBTC is perfect exchange tailored towards that end. Taking long walk from lags in current exchanges, HiBTC uses financial-grade framework in clocking 2 million TPS.
FomoHIBT
FomoHIBT is another channel for incentives but unlike others, it does not have permanency. Scheduled to last for a week, it would during its stead create prize pool where all incentives are measured.
Key Participants in FomoHIBT
Supporters and token holders will take active part in the pool. In the long run, FomoHIBT converts token holders into positive contributors. The latter are token holders who made higher purchase of the HIBT and also traded with it. As posited by exchange’s team, the higher tokens purchased by a token holder increases his stake.
When the Pool gets triggered
Prices are set in the pool at the onset of a day’s trade. These prices are meant to be achieved by the end of particular trade and its completion triggers the pool. Simply put, the moment transactions clock same rate as the price set in the FomoHIBT prize pool, the pool literally gets triggered to release 80% of the allotted HIBT token to winners.
Winners in each pool are selected on transaction basis and might be disqualified if the pool did not get triggered on the day they participated. When the pool is triggered, only three token holders who had more token advantages after computations will be rewarded. Remnant tokens are issued to other participants.
Conclusion
While HiBTC might pass for an exchange, the FomoHIBT pool had just opened another pathway — increase in token value. Possibility of the token’s value increasing is tenable because token holders will be struggling to purchase more tokens and as a result, part with more funds. Also, the rush to become tops at the end of the pool will facilitate trades and as trades become seamless, there is tendency that the token value will go up. By the end of the week-long FomoHIBT pool, HiBTC must have attained enviable heights in crypto exchange.