What Define Smart?

Smart is intelligence, the ability to provide solutions to problems in a rather fast and productive manner. There have been several of such smart innovations aim at making life easy. The blockchain is one of such innovation making real life issues simple and very much uncomplicated however a section of this innovative industry haven't been given much attention. Apparently there is a need for exchange of tokens, it's very crucial to the whole process as it provides liquidity for the blockchain.





Bitmax.io aims to be quite a different exchange all together, it excites me a whole lot to see how much driven the team are in seeing that the exchange is placed among the very best crypto exchanges out there. Although it's a centralized exchange built with efficiency, security and speed as main focus, it's bringing in innovative terms of usage never seen before in crypto exchange until now.

BitMax.io is a global operator of innovative digital asset trading platform with a broad range of products and services for global retail and institutional clients. With its relentless focus on transparency, reliability and quality of execution and client services, BitMax.io has established itself as a clear leader in the crypto trading and exchange space.



BitMax.io is introducing Transaction Mining model to encourage users to trade on the BitMax.io platform as part of overall liquidity strategy. There will be multiple trading modes available through Transaction Mining Model, including further incentive structure for market maker trades. Transaction Mining is structured in such a way trader gets back their transaction fee back to their wallet in BTMX tokens as a way of incentiving the activities of trade carried on in the platform.

Traders are of extreme importance for any exchange platform, Bitmax.io see the need for incentiving the process of trading, making trading rewarding and entertaining. The greater reward goto the market maker. For example in reverse mining the market maker i,e The trader who makes the trade, creating trade even if it sits in the 'limit order' tab which in general knowledge creates liquidity for the exchange is rebated for executing maker trades, the transaction fee spent for execution of the order is refunded to maker in BTMX tokens, the equivalent market value of BTMX token being deducted from user account and the BTMX tokens being subjected to permanent lock-up.

This example culled from the whitepaper; in the Reverse-Mining mode, the user executes the Maker trade of buying 10,000 ETH. The following table illustrates the asset change:

Takers and Makers are provided with varying option of trade according to their preferences. Takers can participate in transaction mining or regular trading while Makers are given the option of Mining, Reverse Mining and Regular Trading to choose from.

In Transaction mining user are incentived of their trade activities carried out on main chain assets but not on ERC20 token trade, users should take note of this, it is not immediately clear to me what the main chain assets is at this time but further look into the project in the future will throw some more lights *kindly look forward to my next article. ERC20 tokens trade activities is limited to only reverse mining and regular trades. It should be noted too that reverse mining can't be applied to trade in BTMX tokens as regular transaction fee is applied. See below for fees as applied to the three approaches to trading in the Bitmax.io platform.

Seen quite a lot of people talk about how the distribution will take place and what the timing is looking like, here are some detailed explanation of the process culled here;

Mined BTMX will be distributed and posted to user’s Account on hourly basis according to the individual mining activities.

For Maker trades under Reverse-Mining mode, the platform will pay the user transaction fee in return of the equivalent market value of BTMX from the account on the real-time basis.

Daily settlement for data usage fee distribution will start at UTC 00:00 (Beijing Time 8:00 am) based off the previous 24-hour distribution amount, and will be booked and reflected in individual account on BitMax.io by the end of the day.

Distribution of platform transaction fee will be settled in the currency form of the transaction. BitMax.io provides One-click for BTMX Conversion service to allow users to convert their small assets to platform token BTMX. Please check “One-Click Conversion for BTMX” announcement released earlier for details.

Create an account here and enjoy smart trade at it's finest

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