The cryptocurrency industry has been steadily growing for a few years now. Therefore, digital assets are being exchanged at impressive rates. The field, however, is in need of a platform that can ensure there is a smooth connection between the primary and secondary markets and all of the involved participants, including project financing, venture capital, institutional and retail investors.
BitMax, then, appears as a viable solution. It is a network that ensures the efficiency of the operating platforms. The incentive system based off interest and profits is the core driver to the development of blockchain projects in the cryptocurrency economy, and BitMax projects to be behind it.
In short, BitMax acts like a global operator of digital asset exchanges. Its broad clientele ranges from retail to big institutions, and it has the backing of a talented group of Wall Street veterans. By nature, BitMax’s objectives are to enhance the speed and reliability of trade execution and to make connections smoother and easier.
The group of creators describes BitMax as an “innovative new-age digital asset exchange, in the mission to create a new type of decentralized community-based autonomous economy. We hope that building upon a series of open and fairness market rules, BitMax will boost the liquidity of the overall market, support the blockchain structural optimization and promote equitable resource allocation.”
What does the company/Project do?
BitMax is based on the Proof of Work (PoW) and the Proof of Stake (PoS), and it relies on all participants’ endorsement to build its consensus community of decentralized and autonomous blockchain ecosystems.
BitMax has evolved from a centralized governance model to what it is today, a new, decentralized community-based distributed autonomous system. It has all happened thanks to the distribution of production output.
BitMax’s decentralized autonomous system is participative because the users are under no obligation to take part in the performance of tasks such as mining, voting, and constructing the mining pool.
It is also collaborative because users help each other in achieving value-add and common objectives. BitMax is also cooperative because it incentives mutual help and participation and users would like to share the benefits as the return: BitMax would return 100% of the user’s fees in accordance with the Proof of Work (PoW) and Proof of Stake (PoS). BitMax is, of course, decentralized and autonomous.
How advanced is the project?
The BitMax project recently launched its beta version, as per the ICO roadmap. The developers have next month (August) as the projected date for the initial trading launch. In October, BitMax will have the Smart Contract voting.
The company plans to initiate the platform fee distribution through smart contracts by November of this year, while December is reserved for initiating margin trading.
February 2019 will be a key date, as BitMax plans to foster incubator investment. The exchange public chain launch is scheduled for next April.
What are the tokens used for and how can token value appreciate?
The name of the token associated with the project is BMAX. It will run on the Ethereum blockchain and is an ERC-20 token. The digital asset is the basis of the platform’s distribution rights, voting decision rights and voting right.
BMAX will be obtainable via Trading Mining, which consists on the user trading the mining output BMAX, and 100% of the user transaction fee is converted into the equivalent value of BMAX to return to the user. Also, BMAX can be purchased on the exchange under the pairs of BMAX/BTC, BMAX/ETH.
Team and advisors
BitMax’s team is highly talented and experienced in the assets trading field. It consists mainly of Wall Street executives, professionals, and technologists with a vast knowledge of the market structure and rules.
BitMax’s team offers in-depth experience in researching and developing institutional large-order matching systems and trading infrastructure.
Strength and opportunities
BitMax offers transparency of transactions records, which provides the ever-necessary trust element. Its platform can endure high-performance output with a 24/7 model and access to transaction records.
The tech-support offers security, high performance, and scalability. Advanced in-memory matching algorithms, asynchronous non-blocking read and write, distributed real-time messaging framework and other advanced technologies power BitMax.
Other strong points are a smooth environment for trading with support for FIX protocol and API, safety and stability, and vast support for financial products, supporting BTC, ETH, and BMAX (BitMax’ s token). There is also liquid support, multi-lingual support, and full-platform customer support, including a web browser, Android client, IOS client, HTML5 Mobile, PC client, and WeChat.
Weaknesses and threats
The lack of English support is worrisome. It is evidently clear that English is not the project’s native language, which may be a complicating factor in the marketing and PR campaigns. The objective should include engaging customers and clients in the Western civilization, as well.
Overall, the project looks plenty good, but there are a couple of minor drawbacks. Its name sounds a lot like “BitMex,” which happens to be another trading platform. It could create confusions down the road.
Since the project is still in its beta version phase, it may be a little too early to provide a fair judgment on its features, let alone its success in the ever-competitive digital assets exchange industry.
However, BitMax has all the ingredients (aside from the language issue, which should be addressed in order to captivate a broader sector of the market) to make an impactful appearance in the blockchain and cryptocurrency fields.
It has a great team of developers and advisors (with experience in Wall Street, no less,) a solid concept, and a broad potential clientele, including retailers and big, powerful institutions. If BitMax achieves its goals of enhancing speed and reliability of trade execution and making connections smoother and easier, look out.
Our Rating: B
* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.