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BitMax.io launches innovative mining to benefit crypto trading and exchange community

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BitMax.io launches innovative mining to benefit crypto trading and exchange community
Source: BitMax

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

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.

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:

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The FunFair Blockchain Platform Now Hosts CryptoCasino.com

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The FunFair Blockchain Platform Now Hosts CryptoCasino.com
Source: FunFair Blockchain

RakeTheRake Goes Live as First White Label Partner of Leading Blockchain Provider

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