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July 26, 2018, 08:45:23 AM |
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Ururk, the center of ancient human civilization, with over 5000 years of history is the earliest city-state in human history. It is the second city founded by Nimrod in Shinar.
The city had city walls, palaces, temples, the hero Gilgamesh, Ptolemy’s astronomical and astrological treatises, and the earliest cuneiform script that all proclaimed the former glory of Uruk.
“It is the first true large city of human civilization.” Yet, only the city walls still remain in the barren desert.
Now, modern civilization with blockchain technology strives to build an utopian “blockchain nation”.
Recently there have been countless news about exchange tokens, no matter if it was about early platform mining or latter about Fomo3D, they have caused much discussion within the cryptocurrency circle. Yet, what we are most interested in is none other than the recently released Huobi exchange token HT and Bibox exchange token BIX. This is the first time there were transactions between two major exchange platforms. You could see this as an exchange of tokens between platforms, but you could also view this as a cooperation that could shake the industry.
What is an exchange token?
For people that are new to cryptocurrency, they may believe that it is a simple form of transaction and you can also participate in platform promotions.
Yet from a different perspective, exchange tokens originated around June to July last year. Some platforms created icoshares, or buying one’s own stocks, and traded them. Due to the recent market craze, many people chose to enter at that point. While waiting to be verified by the market, the Chinese government banned digital platforms and ICOs, and as a result the exchange platforms all went abroad.
Many exchanges crowdfunded icoshares in the early stages, but exchanges in the later stages were unable to crowdfund in the original time period, and as a result exchange tokens of some exchanges were traded for other tokens and disappeared without further results.
In November of last year, exchange tokens gained popularity once again. Binance’s exchange token BNB prices showed growth greater than major tokens. In just one month, BNB grew to over 100 times the original price, and caused quite a stir in the cryptocurrency circle. The concept of exchange tokens really took off at that time.
In addition, some major exchange centers also followed suite in developing exchange tokens. We can see that from zero transaction fees to stock dividends, exchange tokens are now quite similar to traditional stock exchanges markets. The competition between platforms and icoshares of the early stages have brought prosperity to the market once again.
The various exchange platforms accumulated many users and brought a lot of traffic. Yet, this was only the beginning of the market. When Huobi entered the exchange token market, it brought a lot of different ideas. The most influential and eye-catching being the HADAX listings. HADAX allowed many project teams to easily and efficiently enter large exchanges. The popularity of HADAX wouldn’t lose to the current mainstream, Fomo3D.
In order to participate, many project teams and voting users bought HT fervently. Many incidents that happened later on can be traced to when HADAX first started trading. This may have delayed the bear market, but has put Huobi in a great position in the market with possible strategic positioning. Many exchanges strived to copy Huobi, including the exchange tokens of newly listed exchanges. Exchange tokens took action before mainstream tokens, but the effectiveness is questionable. First mover advantage is something that followers can’t easily catch up to. When your position in the market has been solidified, there isn’t a need to come up with new innovative ideas. That is why many people in the industry like to say, one day in the industry is like 100 days outside.
The development of new functions can be said to be just new tricks, but what is the true meaning for exchange tokens? Buying an exchange token is like buying a future expectation of the exchange. Many people have forgotten this original meaning, and that is why the trading between the exchange tokens of the two major exchange centers is worthy of attention.
What will the future bring?
The cooperation between the two exchanges has become an unicorn in the industry. Who knows if they will work together to pull away from followers, provide inspiration for future markets, or establish an exchange center just for the trading of exchange tokens. No matter which direction later developments take, being beneficial to users should be the first priority. Only time will tell which path is successful.
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