Asia and Asian exchanges are always a hot topic of discussion in the crypto world. Add AI and decentralized on top of the exchange base and what you get is a recipe for an exchange with mass appeal. The exchange Bibox and their token BIX does just that and today we will be focusing on the BIX token and the benefits holding it gives to its holders as well as discuss the future development of the exchange.

The Bibox Exchange

Bibox is a Chinese exchange that’s end goal is to become an AI-enhanced decentralized digital asset exchange. In other words, they want to use AI in their exchange to help with trading. The exchange was founded by individuals who had been involved at OKcoin and Huobi so the team already has experience working with exchanges.

Bibox itself has become increasingly popular over the past couple of months and its token has seen parabolic price action. The exchange’s current goals can be summarized as become decentralized, incorporate a large amount of fiat pairings, and incorporate AI into its system. The specifics about how AI will be used hasn’t been communicated as of yet and because of the speculation we’re going to be focusing primarily on the BIX token.

Meet BIX

BIX is Bibox’s token for their exchange similar to BNB for Binance. BIX is an ERC20 token so it runs off the Ethereum blockchain. Like other exchange tokens, BIX is designed to give holders benefits on the exchange as well as become an integral part in the listing process for new coins or tokens.

What I mean by integral to the listing process is that projects have to pay Bibox in BIX in order to have their coin or token listed on Bibox. That system creates a natural positive feedback loop for BIX and the exchange. In my mind it works like this Bibox grows, people want to use the exchange and buy BIX for and benefits. More people means more coins want to be on Bibox. Projects buy BIX for listing which helps support the token’s price. People take notice and want to buy BIX and come to the exchange which draws more attention and growth and the cycle continues.

Aside from this system that the Bibox team and all other exchanges really have set up holders of BIX have some nice perks. The first is that paying fees with BIX grants the holder discounts on trading fees. That discount works like this. The first year of BIX traders receive a 50% discount on fees when using BIX. Year 2 that bonus is reduced to 25%. Year 3 it’s 12.5% and year 4 its 6.25% and finally at year 5 of the exchange BIX will no longer grant a discount on fees.

Additionally, holders of BIX will have access to what the team calls VIP applications but it would appear that the course of the VIP levels hasn’t really been fleshed out. A quick search on social media channels reveals little information besides some buzz and hype.

Finally , and most importantly for holder rewards, holding BIX entitles holders to 45% of Bibox’s net profits per week. How that works is by taking the amount of BIX a user holds, dividing it by the circulating supply and then multiplying it by the reward percentage and net BTC earned by Bibox. Let’s work through an example.

For the sake of this explanation we’re going to assume that the circulating supply is 100 million BIX and a user holds 1 million BIX. You would take the amount a user holds (1 million) and divide that by 100 million giving 1%. Next, you would multiple by 45% or 0.45 and finally multiply by the net BTC profit earned by Bibox (100 for this example) giving the user 0.45 BTC in payouts per week.

Math:

1,000,000 / 100,000,000 = 0.01 or 1%

1% * 45% (0.01 * 0.45) = 0.0045

0.0045 * 100 BTC = 0.45 BTC

Some details to consider about their rewards program. You must make at least one trade in that week to have your BIX in the pool for consideration. Your BIX must be kept in your Bibox account. Any other basic questions should be answered by Bibox’s most recent post regarding their rewards.

The final detail about BIX is that Bibox does have a token buyback and token burn plan. Their whitepaper states that up to 25% of their seasonal (quarterly) net profit will be used to buy back BIX. That bought back BIX will be burned after it’s bought. The most recent buy back was August 7th where Bibox burned 2 million BIX. The total amount burned thus far is 3.5 million BIX.

Outlook

Bibox doesn’t have a publically released roadmap for the development of their exchange or if they do it’s quite well hidden, so I’ll be developing this section based off of articles released by Bibox.

The most recent announcement was Bibox’s acquisition of Chain Capital on August 16th. Bibox describes Chain Capital as “a Swiss digital asset fund management company that owns a VQF license.” The importance of the VQF license is that “Bibox is qualified to launch fiat-crypto currency business in Europe” or in other words Bibox can add fiat pairings for European currencies like the Euro or Franc. That addition is great to see as I stated in one of the first paragraphs that a key goal of Bibox was to pursue a wide range of fiat pairings.

A future event to look forward to is the “Inaugural Bibox Global Meetup.” That meet up will be taking place September 8th in order to celebrate Bibox’s Singapore office opening that occurred on July 1st of 2018. The schedule for the event doesn’t include anything I can definitively say would grant us an outlook as to what the exchange has planned for the rest of the year. I would imagine that if any future goals were to come out it would be included in the half hour presentation labeled “Bibox, Top-10 Exchange in 6 Months.” Other than that I’ll be keeping my ear to the ground looking for announcements regarding advancements made by the exchange as they are released.

Price

BIX is currently traded at a price of $0.50 or 7164 Sats or 0.00174613 ETH. The total supply of the token is 267 million and the circulating supply is 102 million. Given those numbers the current market cap of the token is $51 million. 24 hour volume for the token across its pairings was $64 million.

Exchange

Naturally, BIX is available for trading on the Bibox exchange where Bibox offers over 20 pairings with its native token. The most popular of the pairings include BTC, ETH, USDT, and BTM with volumes of 34%, 26%, 20% and 19% respectively. BIX is also available on Huobi with ETH and BTC pairings.

Bibox — https://www.bibox.com/

Huobi — https://www.huobi.com/en-us/

Community

To learn more about Bibox and their token BIX please see the following links:

Website — https://www.bibox.com/

Bibox News — https://bibox.zendesk.com/hc/en-us/categories/115000449314-News

Twitter — https://twitter.com/bibox365

Reddit — https://www.reddit.com/r/Bibox/

Conclusion

Bibox is an interesting exchange that is hard to get a read on due to their lack of transparency regarding future plans. What can be seen though is that the exchange has grown at a rapid pace as it sits at position 9 according to coinmarketcap’s Top 100 Crryptocurrency Exchange by Adjusted Trade Volume. As stated in the outlook section, this exchange will be one that I’ll be watching closely for news.

Thank you for reading today’s article! This is my first article for this week with two more coming on Abyss and Augur! As always follow me on here or on Twitter @thant1194 or on InvestFeed @thant11 in order to stay up to date on all my articles as I release them. I am not associated with the Bibox exchange and am a holder of their token. Thank you again for reading. I have to return some video tapes.

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