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.
The project’s roadmap has numerous user-friendly features, trader-focused services, and investment-grade solutions that can be used by crypto-enthusiasts of all types. One of these, an innovative mining solution, will be launched, and first phase public testing of mining activities will go live on BitMax.io platform on November 1st, 12 am EST.
About BitMax.io’s Mining
Leveraging their quant trading background and deep knowledge of the capital market, the team is working on introducing the transaction-fee based “Trans-Fee Mining” model that would distribute back the transaction fees to traders in the form of the exchange’s own token. The more traders trade, the more tokens they will receive, hence the term “transaction mining.” Furthermore, the team introduces specific incentive structure for market maker trades, the type of trading behavior adding liquidity to the exchange.
This development has the potential to revolutionize crypto trade and exchange.
Trading on Traditional Exchanges
Traditional exchanges charge different rates from both makers and takers for using their platform, with both parties being deducted anywhere between 0.2% and 0.05% or so for each trade executed. This means that the more you trade, the more you pay to the exchange in transaction fees.
Many big exchanges have profited heavily by following such models, but BitMax.io is bringing about a paradigm shift by making it easier for investors and private individuals to benefit from crypto trade and investment.
With the trans-fee-mining model, users can save transaction fees and get platform tokens simply by executing trades on the BitMax.io exchange, regardless of market conditions, volatility, or other external factors.
How Trans-Fee-Mining Works
In the trans-fee-mining model the BitMax.io trading platform uses an innovative utility token called BTMX. Instead of deducting a fixed percentage from all trades as trading fees, BitMax.io instead credits makers and takers with an equal value of BTMX.
In this way, BTMX is mined as an outcome of regular trading. This not only conserves mining energy but also incentivizes trading regardless of external factors by providing traders with a new token [BTMX] that has a rich secondary market and can be used for future trading and other activities. This is a huge positive factor for traders who execute trades in times of market volatility. Furthermore, BTMX can be traded with other cryptocurrencies based on available trading pairs or can be cashed out to the user’s BitMax.io wallet.
Additional Mining Specs
BitMax.io’s rules governing mining and the creation and distribution of tokens are designed to ensure fairness and transparency. These rules are as below.
Types of Mining
“Mining” is the process where the traders pay transaction fees at a certain level and receive a certain amount of BTMX as a trading reward.
“Reverse-Mining” is a separate unique incentive structure for the Maker trades, the process of the platform paying transaction fee at a certain rate in return for the equivalent market value of BTMX that the user holds in the account.
“Regular Trading” is simply not opting for either Mining or Reverse-Mining and conducting regular trades on the platform.
Rules for Makers and Takers
A Taker is someone who places an order that is immediately filled fully or partially (for example, a market or stop order) before getting on the order book.
A Maker is when a user places an order that doesn’t fill immediately partially or fully (such as a limit order) and sits on the order book waiting to be matched.
Traders can select either Mining or Regular Trading mode for their Taker trades.
For Maker trades, they can select one from Mining, Reverse-Mining, or Regular Trading mode.
*Please note that additional details on fee calculations and mined token utilization will be published over the coming weeks.
Mining Design Protocols
This innovative new approach to mining and trading is built on a very comprehensive token creation and exchange operating framework that factors in all of the key elements of sound token economics design, including all of the following:
- Token production output control and target mining rate control to manage the sustainable rate of tokens being mined as part of supply.
- Managing liquidity: the rule design including very innovative structure to encourage liquidity provision type trading behavior
- Profit-sharing/allocation mechanism: Since BTMX tokens constitute a new form of utility value on the BitMax.io, for those token holders who agree to share transaction data, there will be further platform fee distribution to encourage them to continue holding BTMX.
- Mandatory lock-up for large sale order: This is necessary to better balance the trading activities in the market and help to support the value of tokens over longer periods of time.
- Consumption framework: The different ways that BTMX can be used on the platform as the only utility payment considered during the design of the new trans-fee-mining approach.
With the launch of this new mining model, BitMax.io maintains its commitment to helping to build a stronger, more beneficial trading tools and services for the crypto community. With a large and growing user base, the trans-fee-mining initiative is sure to attract and bring in new users to the BitMax.io platform, and the company is working hard to provide quality trading services those new customers and market entrants over the weeks and months to come.
For more information, follow BitMAX on:
The FunFair Blockchain Platform Now Hosts CryptoCasino.com
RakeTheRake Goes Live as First White Label Partner of Leading Blockchain Provider
RakeTheRake’s CryptoCasino.com has been launched on FunFair Technologies’ leading blockchain casino platform as a licensed white label.
CryptoCasino.com is the first external white label of FunFair, and the casino is ready to dive into the rapidly growing blockchain gambling scene. In 2019 alone, this industry sector recorded over 1 billion dollars’ worth of wagers.
Through this launch, the brand is able to reach the FunFair’s base of 65,000 FUN holders, adding more to its own sizable player base which has been developed over the years of hosting its internationally popular poker affiliate program.
As RakeTheRake’s first endeavor in both the online casino and blockchain space, CryptoCasino will showcase how easy and low-cost it is to launch a successful casino domain on the FunFair platform.
CryptoCasino will raise the standard of the blockchain gambling game by incorporating FunFair’s Guaranteed Fair technology and its ever-growing library of casino and instant win titles.
RakeTheRake’s Founder and CEO, Karim Wilkins, said:
“Becoming FunFair’s first white label with CryptoCasino gives us great satisfaction. We’re extremely confident in our brand, the platform, and the innovative affiliate technology, and we can’t wait to take CryptoCasino and its players to the moon.”
FunFair’s Co-Founder, Jez San, stated:
“CryptoCasino’s launch is a major landmark on the FunFair roadmap and we’re excited to partner with expert marketers in RakeTheRake who will drive further adoption to our gaming ecosystem.”
“We continue to update our platform to ensure it’s user-friendly for those with and without crypto knowledge and we are working on the next steps with RakeTheRake, with the CryptoCasino players being able to confirm our position as the leading blockchain gaming provider.”
The CryptoCasino.com domain is live and accessible to all players within supported countries. As an opening giveaway, new players will be able to benefit from a limited time sign-up bonus of $60 worth of FUN tokens.
FunFair Technologies Description
FunFair is among the most recognized B2B blockchain-based casino platform providers in the industry. By using the advantages of blockchain, FunFair strives to change the casino industry for the better. The casinos based on their platform have lower costs, the games are accessible to a larger customer base, and players are able to engage in guaranteed fair gambling.
The 40-member team behind FunFair has over a century of combined experience in the gaming and casino sector, and two decades of knowledge in the blockchain. This enables them to provide a platform which features quality slots, tables, and unique instant win games which operate on transparency and fairness.
FunFair was established by Jez San OBE, Jeremy Longley and Oliver Hopton in 2017, with their headquarters being based in both Dublin and London.
CryptoCasino is a new breed of casino which merges the benefits of blockchain with cutting edge technology to provide players with a guaranteed fair gambling environment. As CryptoCasino uses FunFair Technologies’ blockchain casino platform, its players will experience the most qualitative games in the industry with the utmost transparency.
Armchair Partners Ltd, an online gaming affiliate, manages CryptoCasino as a white label and also runs RakeTheRake.com, a poker rakeback brand. The company is based in the UK and Sweden; it was first established in 2004.