HiBTC Exchange : The New Generation Cryptocurrency Trading Platform
Cryptocurrency exchanges are platforms built for trading in digital currencies of all kinds. They function just like the NYSE and the NASDAQ. According to statistics from CoinMarketCap, there are currently over 200 exchanges available worldwide with over 1,600 different digital currencies listed. If you want to invest in the much valuable Bitcoin or any other crypto asset, you will need to venture into crypto exchanges where you can buy or sell your virtual assets.
However, you need to be careful before approaching any trading platform, simply because not all platforms offer benefits to users. Some are not secure for investment, while many others hide profits from registered users. In this article, I will discuss a new digital asset trading ecosystem which has the potential to disrupt the entire industry.
HiBTC: Shared Digital Asset Trading Community
HiBTC is a new platform for trading in digital assets. It is built to be the world's first truly user-centric cryptocurrency trading community. In August 2018, the channel was launched to the cheers of millions of cryptocurrency enthusiasts across the world, who were interested in what it had to offer.
According to the founding team, HiBTC differs from all other cryptocurrency exchanges because, among other things, the platform's trading profits are shared among its community of token holders. Well, like I stated earlier, a wise investor will examine a digital asset trading system carefully before registration or investing on it. Let's check the key attributes of this new platform.
Key Features of HiBTCThroughput
One reason why users run away from some cryptocurrency exchanges is their slow speed of transaction. Majority of such platforms are not designed to handle very many transactions per second (TPS). Whenever the volume of transactions exceed the inbuilt capacity, the systems are easily overwhelmed and delays occur. Throughput is simply the rate at which a blockchain platform achieves its goals. In other words, it deals with ease of transaction, efficiency, and speed.
HiBTC handles throughput by utilizing advanced memory coupling algorithms in a financial-grade transaction model. As stated by the team, HiBTC can scale a whooping 2 million TPS without hitches. Besides, it also technically supports professional crypto investors with high frequency, FOK, GTC, GTT, and the ICO.
Revenue & Right Sharing Model
Unlike the other exchanges, HiBTC is highly incentivized with different reward mechanisms to compensate registered users. In the first instance, there is an incentive attached to token ownership. In this regard, users receive certain commissions from the total profits made on the system. The native token called HIBT serves as the basis of all transactions and compensation.
The second reward scheme on HiBTC is based on transactions. Traders are rewarded with tokens for participating in trading on the exchange. HiBTC has a "Holder Shared Fund Account" to hold HIBT tokens and dividends, which will be shared among the holders eventually.
Another area in which HiBTC rewards its users is in the issue of right sharing. This platform invest token holders with decision making rights in the community. For instance, a group of HiBTC users can recommend new crypto assets to be listed on the exchange, at any time. This ensures transparency and a degree of decentralization compared to existing crypto asset marketplaces. Again, relevant data arising from transactions will be regularly published on HiBTC to be verified for maintaining fairness and orderliness.
Security
Security on cryptocurrency exchanges should be of paramount importance to any trader or investor. On HiBTC, there are several safety mechanisms put in place to secure assets from malicious attacks and fraudulent intentions.
According to the Whitepaper, HiBTC has partnered with major cyber security firms to conduct pre-launch testing of codes and install multiple protection firewalls. After launching, the platform will deploy multi-factor authentication combined with the separation of cold and hot wallets to discourage security breaches.
HIBT TokenThe HIBT token is the main digital currency issued by the trading platform as a means of exchange and authentication of interest. A total of 10 Billion HIBT tokens are issued and this volume will always be kept constant for stability.
HIBT will be distributed in 3 different ways:
Mining Reward: 50%
Thawing: 43% (Holders of tokens, founding team, and partners)
Early Putting: 7% (Investors and market promotion).
Trading as MiningAs recent trends go, HiBTC also adopts the "trading as mining" principle, and trading profits are shared among the token holders. Though this may look like a Ponzi scheme, yet it is a legitimate asset trading plan designed to attract more users and gradually increase liquidity.
Trading activities on HiBTC also involve mining. The plan is that everytime a contributor participates in trading, a processing fee is generated. The amount of HIBT mined will be calculated by a formula based on amount of HIBT the contributor has, the market price of the fee paid, and the HIBT market value. The respective HIBT generated is automatically calculated and transferred to the beneficiary's account.
This has the potential to rapidly increase trading and liquidity volume on HiBTC as well as benefit traders and investors.
FomoHIBT Incentive Program
HiBTC has another incentive program to reward the most active contributors on the trading platform. How does this work?
Well, a registered user is expected to have purchased HIBT tokens during the period prior to the opening of trading on HiBTC. After this window elapses, there will be a fund pool carrying a price tag which can only be unlocked during trading. The prize pool will be accumulating the profits from daily trading activities. Any time the set price is reached, the prize is released and the fund is shared among the most active contributors.
The top 3 winners of the day will share 80% of the fund 50% to 20% to 10% respectively. The remaining 20% will be shared among the rest accordingly. Main purpose of the FomoHIBT program is to make it a contest in which HIBT tokens are redistributed among active contributors in order to encourage more users to participate in the daily trading activities.
ConclusionFrom the analysis, it can be seen that, HiBTC has trendsetting features that set it apart from other cryptocurrency exchanges. In terms of liquidity challenge, it has a solution for it; for security, it's well fortified; and its trading profits are given back to the token holders, unlike what we see on other trading platforms.
For more information on HiBTC, please click on the links provided below.
USEFUL LINKS
For any question regarding HiBTC, please comment below. I will be happy to read from you.
Now that the traditional financial institutions are getting interested in blockchain technology and cryptocurrencies I think it's time to make the transactions more secure especially in the trading system. An exchange like Hibtc will be able to ease the mind of skeptics institutions about cryptocurrencies.
Will the exchange trade with fiat too?
No fiat currency trade right now. it might be implemented in the future.
Hibtc would provide access to people on the blockchain. The exchange would provide the opportunity for users to access highly liquid cryptocurrency markets.
The rapid development of cryptocurrency trading calls for a more effective and secure exchange . here comes Hibtc to the rescue. I’m hoping for a positive outcome.
Hibtc would revolutionize digital currency trading and get rid of the existent bottlenecks constraining the crypto market.
Why is hibtc exchange not on the coinmarketcap exchange volume rank?
It has not been added yet, but details regarding this will be announced in all their communication platforms as soon as the specifics become available. So stay tuned.
It would help with volume if it actually appeared on CMC. I know hibtc needs a minimum amount of trading to appear on CMC, but surely hibtc should have gone past that point.
Do have I to pass KYC to trade ?
You don't need KYC to trade, but you need KYC to withdraw.
I don't like the idea of KYC for a small new exchange platform. I can understand down the track that it may be needed for when broader financial instruments are included, but seriously they should have levels of verification where users who exchange small amounts of crypto are exempted from Kyc. If binance can do it that way, I'm not sure why hibtc can't do the same.
This platform would be of great benefits to all traders out there, I hope they get the word out there, so these traders can notice great exchanges such as these.
Hibtc has the capability of changing the way other cryptocurrency exchanges operate because it targets the pain points associated with the crypto currency space and hopes to solve them.
This project will certainly raise the market to a new level! They’ve got a team of professionals needed to move this project to the next level. The project consistently implements several important programs, which should be encouraging for all investors.