BitMax.io [BTMX.com], the industry leading next-generation digital asset exchange, has announced a strategic partnership with Fantom, the decentralized nervous system of the smart cities of the future, and the platform for nearly instantaneous payments. Fantom solves the problems of existing distributed ledgers such as Ethereum and Bitcoin, by utilizing its revolutionary technology on a global scale. The Fantom token was listed for trading on the BitMax.io exchange on March 12th, 2019.
What is Fantom?
Fantom’s mission is to provide compatibility between all transaction bodies around the world, creating an ecosystem that allows real-time transactions and data sharing with low cost. The distributed ledger proposed by Fantom is combined with a high-performance virtual machine and secure smart contract execution.
The new network proposes a groundbreaking consensus mechanism which utilizes gossip to reach aBFT consensus. The developers behind Fantom consider themselves to be specialists in holistic consensus. They’re building the network and the next generation infrastructure or backbone to power smart cities and blazingly fast payments. Fantom is a highly scalable, decentralized, and secure network. It has the ability to collect a large quantity of high-speed data transmission with scalable solutions across multiple smart city service providers.
By 2020 it is estimated that smart cities will have 90 billion IoT devices sending data that needs to be stored securely and be accessible to stakeholders for smart city data-driven Smart contracts and DApp. As an IT infrastructure backbone, the Fantom platform will change the operation of public utilities, smart homes, healthcare, education, traffic management, resource management, and environmental sustainability.
Fantom uses a new protocol called the “Lachesis Protocol” for maintaining consensus. This protocol will be integrated into the Fantom OPERA Chain. Applications built on top of the Fantom OPERA Chain will enjoy instant transactions and near-zero transaction costs.
The platform is open-source and will be used and changed by the community to provide various application support tools that can be used to create decentralized applications [DApps].
Fantom’s solution to current blockchain problems
Fantom’s technology is intended to create potentially infinite scalability, processing transactions very quickly even with a large number of nodes participating in the network. It will use a method where a single event block verifies the transaction prior to it, and transactions are verified and processed in a non-synchronized way without being approved by miners as in prior blockchains. The increased transactional load won’t lead to bottlenecks or delayed approval. It also intends to manage historical information without assistance from external databases, such as the Oracle Database.
Event blocks that store information from transactions contains multiple data packages. A data package may include historical information, transactions, Smart Contracts, reputation management, and rewards.
Third generation blockchain technology shows improved performance, but the speed of creating blocks is still slow. The OPERA Chain intends to ensure high creation and processing performance of up to 300,000 transactions per second.
With a high level of scalability and reliability, Fantom’s strong third-generation blockchain technology will be able to be utilized on a large scale across many industries and domains. It intends not only to process large numbers of transactions at scale but to process Story and historical data to ensure the reliability of transactions.
Dr. Ahn is the CEO of Fantom Foundation. Ahn is a contributing writer at Fortune Magazine and has been awarded the President Award for his successful IT business. In 2010, Dr. Ahn established a successful food-tech platform SikSin, which has since acquired over 3.5 million downloads and 22 million monthly page views.
Jake Choi has been involved in the cryptocurrency space for over three years as an investor, trader, advisor, and entrepreneur. Previously, he worked as Vice President of Sales at digi.cash, a digital currency platform, where he established their cryptocurrency brokerage and vaulting business, facilitating trades up to US$5million worth of cryptocurrencies.
Michael Kong is a smart contract developer who has been involved in the blockchain space for several years. He previously worked as the Chief Technology Officer at Block8, a venture capital-backed Blockchain incubator where he managed all of the business’s projects.
What is BitMax.io?
BitMax.io is the industry leading next-generation digital asset exchange that provides a broad range of financial products and services to both retail and institutional clients across the globe. This innovative trading platform was founded by a group of Wall Street quant trading veterans and built upon the core values of blockchain, transparency, and reliability, to deliver high-quality client services and efficient trading experience.
Last November, BitMax.io team introduced a revolutionary trading model that combined “transaction-mining” and “reverse-mining”. Different from traditional transaction-mining-only exchanges, BitMax.io platform users receive not only BTMX tokens as a reward for trading on the platform but also rebates for executing maker trades. “Reverse mining” helps to support the liquidity on the platform.
BitMax.io always strives to provide its global users with a comprehensive set of trading products. Its recently launched margin trading function is another step forward from a product offering perspective to better serve their dynamic trading needs. For those users who understand and acknowledge the risks involved in margin trading, the function allows users to borrow funds from the platform and to trade more digital assets than they normally could afford.
The list of digital assets that can be traded on margin has increased from the initial four to 18 different tokens, even including BTMX platform native token. Again, this is the pioneering move among all the exchange players, that not only builds upon its progressive BTMX token economics but also expands the utility functions of BTMX, especially with those BTMX under lock-up that can be used as collateral.
Overall margin trading can bring more trading volume and enhance liquidity on the platform. And with increased buying power, users can leverage their tradable asset as collateral for a potentially higher return on investment when the price goes up. However, they need to bear the risk of potential losses from margin trading when the price moves down. [The margin trading function of BitMax.io is not available for North American markets].
A Collaborative Partnership
BitMax.io has already expanded its global client base to 40,000 active community members and over 110,000 registered users. Last several weeks the team has successfully launched the listing of seven innovative new projects and the Fantom listing will be part of this impressive track record. BitMax.io and Fantom are both committed to encouraging the broad-based adoption of cryptocurrencies with focus on real-world usability and scalability.
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Are Blockchain Casinos on the rise?
Over the years, the online casino industry has gone through many changes with new technology allowing for better payment methods and software on the sites. One of the newer additions to online casino sites is blockchain and sites that use this.
Here, we are going to discuss whether we think that blockchain casinos are on the rise or not. Keep reading if you’d like to find out more about these casino sites.
What Is A Blockchain Casino?
Blockchain technology is essentially a system that allows digital information not to be copied when it is being distributed. This technology originally started out as a method for Bitcoin which is a cryptocurrency and now is present in many online casinos. Blockchain was first invented in 1992 and since then it has come a long way.
A blockchain casino is a safe and secure casino that uses this special technology to pass the information on. There are many new casino sites that are already using blockchain technology but is the number of these still rising?
Why A Blockchain Casino?
You might be wondering about the advantages of blockchain casinos and why many casino operators are making the switch to this technology. The main reason for this is that there are many advantages to using this technology. Firstly, there is more transparency and trust and there is also a reduced risk of fraud.
This is something which is very important to many players at online casinos as they want to make sure that they are not passing their details onto a company that is going to sell it on.
When a casino uses blockchain technology, they can also allow players to make payments with cryptocurrencies like Bitcoin which are becoming even more popular in recent years. Of course, there are many other advantages of using a blockchain casino both for the player and the operator. For this reason, we have seen a rise in the number of blockchain casinos online right now.
Issues With Blockchain
There are some minor issues with blockchain casinos that operators are working hard to resolve as soon as possible. The fact that it is new means that there are some general infrastructure issues and the transactions can go through a lot slower than some players would like. Of course, these issues are set to be resolved sooner rather than later.
The Rise Of Blockchain Casinos
From the research done by companies interested in blockchain casinos, it is clear that these casinos are on the rise. In the first quarter of 2019 alone, there was $1 billion of TRON cryptocurrency gambled online. This is a lot of cash and it shows that players are not afraid to try out this new type of casino when it comes to spending their own cash.
Research also suggests that this income came from over 432,000 users which are a lot more people than it would have been in the past when this technology was first invented.
Of course, it is also important to note that the online casino industry is growing at the same time as the popularity of blockchain casinos. It is expected that the online casino industry will earn more than $50 billion this year which is a lot of cash.
With more people playing online in general and the technology improving so much – it is expected that blockchain casinos will become even more popular as time goes on.
It is clear that blockchain casinos have been on the rise for a while now and they don’t plan on stopping any time soon. As the technology gets more advanced and players can be sure that their details are going to be kept safe, these casinos are set to become even more popular.
On top of this, online casino regulators can rely on technology when it comes to ensuring casino operators are sticking to the regulations. Look out for the rise of blockchain casinos as time goes on and more casino operators start to make the switch to this technology.
We expect more payments being allowed in Bitcoin form as well as the other cryptocurrencies that are gaining a bit of momentum right now.
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