There’s no gainsaying the fact that cryptographic currencies have proven themselves viable alternative to their fiat counterpart. Making its incursion in the light of the global financial crisis of 2008, the blockchain came into existence. A decade down the line, it had been deployed to many use cases. However, digital coins were the first innovations to be used on the platform. These currencies have been faced with strict restrictions and the only alternative to their continued existence is being traded. Since fiat currencies are in major dominance and their scope is through exchanges, it seems having same for crypto currencies might not be possible.
Light emanated at the tunnel end when centralized exchanges were created and later replaced by a decentralized one. Downside of these exchanges had been low throughput and high costs. There’s also tendency of behind the scene transactions and falsified data.
To this end, having a cryptocurrency exchange that capitalizes on improving on the downsides of already existing exchanges became a necessity and HiBTC was invented to fill that gap. Baked by the blockchain and positing decentralization, the project hopes to tenaciously hedge all downsides in cryptocurrency exchange transactions.
Rephrasing Exchange Model
What was obtainable in previous exchanges was centralized holding. In this formation, exchanges bear the gains and brunt of transactions. When trades are in the green, accumulated profits are at the disposal of such exchanges. To this end, end-users do not get remitted from the profit.
HiBTC introduces a community-based model where traders take the blame for failed transactions and get upper cuts from profitable trades. The crypto currency industry is valued at over $600 billion and in the light of this, users trading through HiBTC are sure of having good return for participating in activities on the exchange.
Redistributed Assets
What was obtainable in other exchanges was centralization of assets. Hence, users hoard their investments and are not willing to partner with others. The holder shared fund account developed by HiBTC collates all assets into one platform. At the end of trades, the project allocates 50% of profits to the account and all participants will get fair share of the revenue. Trading across exchanges is burdensome as traders battle different rates. To this end, HiBTC is disciple to Adam Smith’s principle of labor division. By asset redistribution and reward mechanism, HiBTC is bringing transparency and throughput to the exchange industry.
Trade Mining
Incentives have been lacking in current exchanges and that was why HiBTC created the trade mining concept. Through what is aptly captured as transaction and token mining model, the platform literally rewards you for be in possession of its token.
Rewards are only effective if a trader transacted through the platform. Aside this, a transaction fee gets generated whenever a trader transactions with HiBTC. For the trader to get his reward the processing fee he paid and the amount of tokens held by him will be taken into cognizance. Afterwards, the market rate of the trader’s token will be checked after which such trader gets paid once per hour.
On the other hand, traders can increase their earning by increasing their token stakes. HiBTC offers more rewards to traders that have higher tokens.
Scalability and Governance
On a lighter note, HiBTC entrusts decision making in the hands of its users. Being in possession of 5% of the HIBT token already qualifies you for decision-making in the platform. On the hand, the platform promises a transaction throughput of 2 million each second. There is also multi-layer firewall for the platform’s protection.
Tokens
The tokens issued by the hibtc exchange are known as Hibtc tokens (HIBT). They serve as certificate of rights and interests on the platform. Holders of the tokens get to enjoy from several rights and priviledges such as decision making right alongside the founders of the platform, also whoever is holding the HIBT tokens would benefit from revenues generated by the platform which would be allocated daily based on the number of tokens held as at the time of wallet snapshot.
Token Specifications
Token Ticker: HIBT
Total Supply: 10,000,000,000 HIBT
Distribution of Tokens
Team: 25%
Investors: 5%
Incentives: 50%
Holder Shared Fund: 18%
Marketing: 2%
For more information about HIBTC Exchange, kindly visit:
Website: https://www.hibtc.com
Whitepaper: https://www.hibtc.com/om/about/en-us/whitepaper.pdf
Telegram: https://t.me/www_HIBTC_com1
Twitter: https://twitter.com/HiBTC_Exchange
Writer: Crypto4ruby
Writer bitcointalk URL: https://bitcointalk.org/index.php?action=profile;u=1788350