🔵🔵🔵 [ANN] BitMax.io Transaction Mining & Reverse-Mining ⚡️⚡️⚡️

[ganeshramk]

WEBSITE | TELEGRAM

Updates on 19 Oct 2019

Role of an exchange in digital asset system is well explained. Please read their recently published blog

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>   Blog Link <<<<<<<<<<<<<<<<<<<<<<<<<<<<<

Updates on 5 Oct 2019

BitMax just announced delisting decision on Deepcloud.ai. Please read their recently published blog

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>   Blog Link <<<<<<<<<<<<<<<<<<<<<<<<<<<<<

Updates on 15 June 2019

BitMax just announced EOS and ETH volatality card with notional value of 10 USDT or 100 BMX. Please read their recently published blog

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>   Blog Link <<<<<<<<<<<<<<<<<<<<<<<<<<<<<

Updates on 02 June 2019

BitMax just announced its new exciting volatality product called Turtle card. Please read their recently publish blogs

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>   Blog Link 1 <<<<<<<<<<<<<<<<<<<<<<<<<<<<<

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>   Blog Link 2 <<<<<<<<<<<<<<<<<<<<<<<<<<<<<

More updates will follow soon...

BitMax.io Transaction Mining & Reverse-Mining Rules

BitMax.io will release 10% of the private sales proportion (90,000,000 BTMX) at 10:11 p.m. EST on Nov 10, 2018. Released BTMX will be distributed and posted to the users’ accounts.
Moreover, BitMax.io platform token BTMX will be ready for trading under new trading pairs of BTMX/BTC and BTMX/USDT. We have put together six key concepts about Mining and Reverse-Mining. Hope this will be helpful!

1.   The limit of 10 billion BTMX utility tokens is strictly imposed without any further increase.  49% (4.9 billion) of total issuance, pre-distribution part, will be unlocked along the transaction mining; while 51% (5.1 billion) will be gradually released and distributed to incentivize users for daily participation in transaction mining.

2.   Mining: Process of the user paying certain transaction fee and receiving equivalent market value of BTMX as reward on hourly basis.

3.   Reverse-Mining: Process of user getting rebates by executing Maker trades and the equivalent market value of BTMX tokens being deducted from user account in real time. Those deducted tokens are subject to permanent lock-up.
Note: Buy and sell order of BTMX are excluded from participation in the Mining and Reverse-Mining modes. For ERC20 token trading pairs user cannot participate in Mining.

4.   Mining rate management:  
Fee variable is used to adjust the rates of Mining and Reverse-Mining every ten-minute.


5.   Platform Data Usage Fee:
Every day, the platform will set aside 80% of net transaction fee revenue for Data Usage Fee Pool (“the Pool”) and distribute back to token holders 1/180 of the Pool balance at UTC 00:00 (EXCLUDING pending released BTMX and BTMX in permanent lock-up)


6.   BTMX Large-Sell Order Lock-up:
The limit for Daily Net Sale of BTMX (EXCLUDING the return of BTMX from Reserve Mining trading mode) is set at 300,000 BTMX tokens while the hard cap is 600,000 BTMX. The sell of every single BTMX token above the limit (300,000 BTMX) will result in three BTMX tokens being lock-up for 30 days. During the 30-day lock-up period, 1/30 of the lock-up amount will be released on daily basis. Any account transfer-out of BTMX and any open sell order of BTMX will all be factored in the Daily Net Sale of BTMX.

Key Takeaways:
* Reverse-Mining allows users to get rebates while sell BTMX at equivalent market value or higher (taking referral rewards into consideration), hence mitigating the selling pressure on the market.  Moreover, it can enhance trading liquidity on the platform. Solid market liquidity is one of the key differentiators for any exchanges.

* Steady distribution of platform data usage fee on daily basis will increase stickiness of the platform and lead to more stable return for users holding BTMX in the longer term. Therefore, BTMX price will neither spike up in the initial launch due to high return of data usage fee nor plunge in the late stage because of decreasing return.

* To protect the interests of retail investors, large-sell order lock-up rule is implemented to reduce the possibility of sudden influx of tokens on the secondary market and help maintaining BTMX price relatively stable.


This is all about the 6 key concepts for BitMax.io Transaction Mining & Reverse Mining. Let me know if you have more questions!

More Information
Contact us:   support@bitmax.io

WEBSITE | TELEGRAM

Note: I am not a part of the BitMax team and am not a point of contact for this project. For any questions related to the project, kindly contact the team members via TELEGRAM.

[em777]

first of all, i like the project i feel it gonna be a really awesome project but what i don't get is the mining process from what i gather the user will pay a certain token then they would receive an equivalent market value of BTMX how is that.

[RyCriptoC]

first of all, i like the project i feel it gonna be a really awesome project but what i don't get is the mining process from what i gather the user will pay a certain token then they would receive an equivalent market value of BTMX how is that.

We need more information to understand how actual mining is going to work. Have to check their whitepaper, if it's available.

[AngelJoshua]

I thought bitmax will going to focus only on their exchange but it's great to know that they will going to extend their services on different level. Will going to wait for more about about it.

[chan001]

I thought bitmax will going to focus only on their exchange but it's great to know that they will going to extend their services on different level. Will going to wait for more about about it.

Most of the information is available at their website. At this platform they have just started,  but it seems the team is working on project since long time.

[ibininja]

In this case the Bitmax token would be used for the reversing process. Do I understand that the total pool is fixed? Pre minted?

[EgyKing]

one of the advantages of bitmax exchange is the high level of security. explained on the Bitmax website using multi-level firewall and segmentation in its security, can you explain how the security system works?

[em777]

one of the advantages of bitmax exchange is the high level of security. explained on the Bitmax website using multi-level firewall and segmentation in its security, can you explain how the security system works?

yeah, they seem to understand the importance of security, i think multi-level firewall will create a more robust and secure security even if a packet goes through one firewall there is no guarantee it going to go through the rest i total get why they are employing multi-level firewall but segmentation i guess i have to do my own research to grasp the concept in terms of security

[mrmreza]

https://discord.gg/vJJJZqp

For discord advertisement contact with us. you you can found  more  advance for your coin.

[Anilbg]

one of the advantages of bitmax exchange is the high level of security. explained on the Bitmax website using multi-level firewall and segmentation in its security, can you explain how the security system works?

yeah, they seem to understand the importance of security, i think multi-level firewall will create a more robust and secure security even if a packet goes through one firewall there is no guarantee it going to go through the rest i total get why they are employing multi-level firewall but segmentation i guess i have to do my own research to grasp the concept in terms of security

There are Many instances  when other exchanges got hacked in past. It's expected that Bitmax taking care of security and not leaving anything for hack.

[CrypticBabe]

well they really have something interesting in their exchange to catch eyes of Traders!
they planned out whole process of distributed and also the problem that might cost if so many tokens released in market and their prevention to that is indeed deserves a Clap! good job with the whole plan!

[Ace44]

first of all, i like the project i feel it gonna be a really awesome project but what i don't get is the mining process from what i gather the user will pay a certain token then they would receive an equivalent market value of BTMX how is that.

When trading, a certain percentage of fee is been deducted from traders and most exchange have made massive profits just from the fees, now bitmax is taking that away by creating a process were users will actually be rewarded by just trading, rewarded with the BTMX tokens, such will make the exchange attractive and yea, it will add value to the token

[Kinkadeinspired]

There are so many interesting aspects to this project which catches attention easily. But I am particularly impressed that there are no plans of increasing the initial 10 million BTMX created, also the fact that 80% of revenue will go back to token holders. This is great!

[faulerwilli]

very interesting concept. 80% of the daily fees go back to the users? That's really a lot. Do you think 20% is enough to keep you running?

[Getadaaa]

very interesting concept. 80% of the daily fees go back to the users? That's really a lot. Do you think 20% is enough to keep you running?

80% of the fees !!! That’s a lot. If it’s coming back by doing some tasks like mining to keep the system safe, then it works for me. I guess is a great idea and the first exchange to do so.
I’ll like to see how this works. But first I’ll get an account with bitmax. How long does it take to get past KYC on Bitmax.

[phantam]

very interesting concept. 80% of the daily fees go back to the users? That's really a lot. Do you think 20% is enough to keep you running?

80% of the fees !!! That’s a lot. If it’s coming back by doing some tasks like mining to keep the system safe, then it works for me. I guess is a great idea and the first exchange to do so.
I’ll like to see how this works. But first I’ll get an account with bitmax. How long does it take to get past KYC on Bitmax.

It’s a smart way to insure people are holding the bmax tokens are in high demand as people will want to take advantage of that much of a payment for holding the tokens as that’s a lot of dividend payments possible as volume on the exchange starts to build

[a14m]

this shit gonna moon so hard 🚀🚀🚀🌚🌚🌚

[AngelJoshua]

I thought bitmax will going to focus only on their exchange but it's great to know that they will going to extend their services on different level. Will going to wait for more about about it.

Most of the information is available at their website. At this platform they have just started,  but it seems the team is working on project since long time.

Yeah, I saw that they already have a fully operational exchange and they already announced some additional updates about it and it's really good. We must keep an eye on this project.

[gee777]

I thought bitmax will going to focus only on their exchange but it's great to know that they will going to extend their services on different level. Will going to wait for more about about it.

Most of the information is available at their website. At this platform they have just started,  but it seems the team is working on project since long time.

Yeah, I saw that they already have a fully operational exchange and they already announced some additional updates about it and it's really good. We must keep an eye on this project.

I checked their twitter and saw that they just launched the exchange recently but it is difficult finding out how many tokens they have listed on the exchange.

[shewasfourteen]

BitMax token trading is open. BTMX is now trading at 4.45x in ETH from the referral program price.