BitMax just launched Trans-fee mining, here's why it matters.
It's true! Current exchanges offer incomplete trading models, for instance, traditional exchanges fail where security and transparency is concerned, centralized exchanges fail where security is concerned and most decentralized exchanges fail where liquidity is concerned.
It was tough finding the complete solution, a trading partner that's not only secure enough to keep all your assets safe, but one that's also transparent and has a high liquidity. That was until BitMax came along. BitMax won't let you trade with fiat currency, but through innovation, user focus and decentralized technology, the benefits you get from trading on the platform will more than make up for this.
AI and AI algorithms help BitMax build a community based autonomous economy, real-time settlements and high levels of liquidity are perfect for user retention while multi-level firewalls, multi-signature requirements and hot an cold wallet solution keep the user's digital assets secure and away from harm.
And while all these features and strengths are impressive, the company's launch of an innovative mining solution and the subsequent first public release of mining activities on the platform on November 1st is what i'm really excited about.
BitMax's philosophy has always been about letting users participate with each other, whether it's through project voting or on participating to build the ecosystem. Building a platform that's not just participative, but also collaborative has always been on top of BitMax's agenda and the introduction of the - Trans-fee mining - model reinforces this tenfold.
What it is.
The trans-fee model is a unique incentivization model that gives traders back their transaction fees in the form of BTMX regardless of how volatile the market is, this model is not only meant to encourage user engagement but also increase overall liquidity within the platform.
A total of 10 billion BTMX tokens will be set aside for transaction mining and users can take part in different types of mining inside the platform. For instance MIning which involves the process of paying a transaction fee and receiving a certain amount of BTMX as a reward, reverse-mining which is focused on maker trades and involves a incentivisation model where BitMax pays the user a transaction fee in exchange for the BTMX tokens that user holds in their account and regular trading - this one's self explanatory.
Now you might be thinking - charging transaction fees on trades is the biggest way exchanges make their money, if BitMax is giving away over 80% of it then how will they remain sustainable in the long run? It's simple if you think about Amazon.com, one of the biggest companies in the world, who they make close to zero profits because they're focused on the long term and most importantly focused on their users.
BitMax is just as focused on the users which is why it is comfortable sacrificing it's profit just to keep it's users satisfied. BitMax will however earn revenue by charging a minimal fee from virtual currency withdrawals and charging a listing fee for coins that want to get registered on the platform.
Useful resources.
Feel free to engage more with BitMax on the links below：
Website:
Twitter:
Reddit:
Telegram:
Medium:
Email: [email protected]
Thank you for reading.
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Rhinoboy11
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