bitfxt blockchain to the people white paper

Transcription

1 bitfxt blockchain to the people white paper

2 CONTENTS Intro Problems Bitfxt Exchange matching Engine Feature Rollout Coins/ Fiat Device Coverage UI Preview Revenue Model Bitfxt Coin (BXT) Allocation ICO ICO Schedule BXT Value & Repurchasing Plan BXT Vesting Plan for the Team Funds Usage Core / Founding team Investors, Advisors and Ambassadors Risks Market Competition 1

3 MONERO MONERO MONERO MONERO MONERO MONERO MONERO INTRO In our view, there are fundamentally two different types of exchanges: the ones that deal with fiat currency; and the ones that deal purely in crypto. We are building a hybrid of the both with more focus on the crypto. Even though they are small now, we strongly believe that pure crypto exchanges will be bigger, many times bigger, than fiat based exchanges in the near future. They will play an ever more important role in world of finance and we call this new paradigm Bitfxt; Bitcoin - Forex technology. ripple litecoin litecoin With your help, Bitfxt will build a world-class crypto exchange, powering the future of crypto finance. bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin BITCOIN ripple RIPPLE litecoin litecoin LITECOIN cardano cardano iota cardano cardano iota CARDANO IOTA nem icon MONERO MONERO MONERO MONERO MONERO MONERO MONERO nem icon MONERO NEM ICON 2

4 PROBLEMS AND OUR SOLUTION Some of the current crypto exchanges suffer from a number of problems: 1. Poor technical architecture: Many exchanges are put together quickly, by good tech people, but who have little or no experience in finance or in operating an exchange. They often choose the simplest approach to get the system up and running. While this may work well in the beginning, as traffic grows, the system will not be able to handle the increased load. Exchange systems need to be engineered from the ground up with security, efficiency, speed, and scalability in mind. This often slows down the initial development, but is critical for long-term success. Our team has decades of combined experience building and maintaining world class financial systems that shape the economy. We understand how these systems are built from the ground up. 2. Insecure platform: There are hundreds of exchanges that went down due to being hacked. Bitfxt is built to high standards, audited, and penetration tested. We have experience, building financial systems to the highest security standards and strive to ensure security first. 3. Poor market liquidity: Professional traders and normal users are significantly affected by this. Having a shallow order book means high slippage when trading, which is very expensive for traders. Getting miners, institutional investors and large traders into a new exchange is a chicken and egg problem, and requires a team with deep industry resources. Bitfxt s team have been in both the finance and crypto industry for many years. The team has worked on and operated a number of exchanges, and have accumulated a large network of partners in this space. These partners will be key in bootstrapping the exchange. 4. Poor customer service: Traders are a different breed when it comes to users. Understanding the trader mentality is vital for running a successful exchange. Money is literally on-the-line. Many exchanges service traders as if they were running a social media site. A 3-second delay in seeing your friends status update would hardly be noticed, but on an exchange, the same would be unacceptable, resulting in a torrent of user complaints. In additional to the technology stack, Bitfxt is built with service in mind. Bitfxt shares support responsibilities across the entire staff and company. When a trader has a problem, they get an answer directly from someone who knows the system and not someone reading from a script. 3

5 5. Poor internationalization and language support: Blockchains have no borders. Most exchanges focus only on one language or one country. 6. Poor training and awareness: Most exchanges careless about the knowledge level of their clients. Bitfxt has decided to provide an academy to educate users on everything that has to do with is emerging technology. BITFXT EXCHANGE MATCHING ENGINE Our matching engine is capable of sustaining 1,400,000 orders / second, making Bitfxt one of the fastest exchanges in the market today. You can be certain, on our exchange, that your orders will never be stuck due to the matching engine being overwhelmed. 4

6 FEATURE ROLLOUT We will roll out the platform in roughly the following order: Spot trading/exchange (Already live at Cointracker/tools (Already live at store/apps/details?id=com.tregix.bitfxtcointracker) Academy (Already live at Cryptocurrency volt (Already live at Decentralized (on-chain) exchange (Coming soon) Cryptocurrency payment system (Coming soon) and more COINS Bitfxt will support trading pairs in the following coins: BTC ETH BXT (Bitfxt Coin) Ethereum BXT Bitcoin FIAT USD NGN More coins and fiat will be added over time. We generally will only add coins that have strong credibility, user base, and liquidity. If you have a coin that you wish to be listed on Bitfxt later, participating in our ICO will help. 5

7 DEVICE COVERAGE We will provide cross-platform trading clients for: Web-based trading client (Already live at Android native client (Already live at store/apps/details?id=com.application.bit4value) ios native client (Coming soon) PC Windows native client (Coming soon) REST API (Coming soon) MULTILINGUAL SUPPORT The very initial release will be in English only.) More languages will be added over time. UI PREVIEW Web wallet preview Trade chart preview 6

8 Order book preview Exchange area preview Wallet preview Cointracker preview 7

9 REVENUE MODEL Bitfxt s revenue model will come from the following sources: Source Exchange Fee Withdrawal Fee Listing Fee Margin Fee Academy Description Bitfxt initially will charge maximum of 2% or less fixed fee per exchange. Other variations will be subsequently introduced. Bitfxt may charge a small fee for withdrawals. Bitfxt will select innovative coins and other assets to be listed on the exchange, there may be a fee associated with those listings If you trade on margin, there may be a fee or interest on the borrowed amount. We will charge fees in 100% BXT coin for users to enrol in our academy Trading fee ICO listing fee Press release fee Bitfxt will charge variations of 0.25% or more per trade depending on the condition of the market at the time of trade. This is to ensure system stability. Other variations will be subsequently introduced, including maker-taker, volume based tiering and 0 fee promotions. Our ICO calendar will charge fees in 100% BXT coin to be listed as a featured ICO. We will charge fees in BXT, BTC or ETH for our media team do a press release for any client. Advertisement fee We will charge fees in BXT, BTC or ETH for our media team to place an advert on any of our channels for any client. Other Fees There may be other fees the platform may collect for various services such as automated algorithmic order etc. BITFXT COIN We will issue our token coin, called the Bitfxt Coin. A strict limit of 20M BXT will be created, never to be increased. BXT will run natively on the Ethereum blockchain with ERC 20. We may create our own blockchain in the future. 8

10 ALLOCATION % Amount (BXT) Participants 70% 20% 10% 14,000,000 4,000,000 2,000,000 ICO Founding Team Angel Investors ICO The ICO will be done in BTC, ETH and LTC, on multiple platforms around the world. ICO SCHEDULE All times below are West African Time (GMT), GMT+1 hours. Date Task 2018/09/17 Announcements and Sc. threads Circulation of white paper 2018/09/20 Private sale begins ICO FLAG off/blockchain Conference 2018/09/27 ICO Public sale begins pubic sales,airdrops, bounties & promotions 2018/10/16 Launching of BitFxt Ghana. Ghana blockchain conference 2018/10/22 BitFxt academy launches. BitFxt blockchain academy in Lagos, Nigeria 2018/11/10 BitFxt Blockchain Conference, Abuja and major partnerships. 2018/11/12 BitFxt South Africa Blockchain Conference, J.Burg and major partnerships. 2018/11/27 ICO public sales ends. BXT coin ICO ends 2018/12/01 Coin Auditing. BXT Coin auiditing kicks off. 2018/12/07 Coin Auditing. BXT Coin auiditing ends. 2018/12/10 Coin Listing. BXT Coin lists on Bitfxt exchange 2018/12/20 Coin Listing. BXT coin to list on 2 other major exchanges 9

11 ICO private sales will start from 12PM September 10th. Investors can purchase BXT tokens in 4 phases on a first-come, first-served basis until 14,000,000 tokens are sold. As each new phase starts, the price will increase. Investors will receive BXT instantly at the point of purchase (Self Drop). The detailed schedule is as below: ICO Phase st 1 Phase nd 2 Phase rd 3 Phase th 4 Phase GMT+1 1ETH 1BTC 2018/09/ /10/ BXT Based on market price 2018/10/ /10/ /10/ /10/ BXT 1500 BXT 2018/10/ /11/ BXT BXT VALUE & REPURCHASING PLAN You can use BXT to pay for any fees on our platform, including but not limited to Exchange fees Withdraw fees Listing fees Advertisement fees Academy fees Consultancy fees Any other fee When you use BXT to pay for fees, you will receive a significant discount: 1st year 2nd year 3rd year 4th year 5th year Discount Rate 50% 25% 12.5% 6.75% no discount 10

12 Repurchasing plan Every quarter, we will use 20% of our profits to buy back BXT with additional premium and destroy them, until we buy 50% of all the BXT (10M) back. All buy-back transactions will be announced on the blockchain. We eventually will destroy 10M BXT, leaving 100M BXT remaining. Decentralized Exchange In the future, Bitfxt will build a decentralized exchange, where BXT will be used as one of the key base assets as well as gas to be spent. BXT VESTING PLAN FOR THE TEAM Initial release: 20% (400K) After 1 year: 20% (400K) After 2 year: 20% (400K) After 3 year: 20% (400K) After 4 year: 20% (400K) 11

13 FUNDS USAGE 25% of the funds will be used to build the Bitfxt platform and perform upgrades to the system, which includes team recruiting, training, and the development budget. 25% will be used for Bitfxt branding and marketing, including continuous promotion and education of Bitfxt and blockchain innovations in industry mediums. A sufficient budget for various advertisement activities, to help Bitfxt become popular among investors, and to attract active users to the platform. 30% will be kept as capital for the exchange and to provide immediate liquidity for those seeking to exchange BTC, ETH, BXT, USD and NGN on our instant exchange. 20% will be kept in reserve to cope with any emergency or unexpected situation that might come up. 12

14 MEET THE TEAM We have a solid team led by Franklin Peters, with both traditional finance and cryptocurrency experience. We have a track record of successful start-ups under our belt. Franklin Peters Founder/CEO/Chief strategist (A.K.A Blockchain Oracle in the crypto community) Peters is the founder and CEO of Peters Consults Initiative, a brand that provides blockchain education, start-up consultation, business idea development, start-up funding, financial intelligence coaching and general mentorship. He is also the Founder and C.E.O Bit4value International Limited, an e-commerce consultancy company based in Nigeria which attracted mainstream attention and investment. Peters will focus exclusively on Bitfxt. Peters is a part of the Kurecoin and Pencoin team. His input has helped the companies get to where they are today. He is still mentor to other major blockchain projects in Africa. Engr. Ngozi Emefiena C.T.O/Partner Engr. Ngozi is a partner, angel investor and business strategist of bitfxt technlolgy. SHe is also the Co. Founder of Cryptochiz Investment Company. Where she functions as a blockchain consultant and top trader. 13

15 Vennila Arumugam Project Manager Vennila is the a core blockchain and DApp developer with over 8 years of active experience. She is the lead Project Manager of Bitfxt technology. Mubashar Iqbal Project Director Mubashar Iqbal is the lead developer of bitfxt cointracker and the project director of bitfxt technology. He is Very keen about the development of tool for bitfxt users to get closer to the understanding of blockchain. He is the representative of bitfxt in Estonia. Mubashar Saeed C.T.A/Partner Mubashar Saeed is a software developer with years of experience in mobile game development. He is the International Public Relations Officer of Bitfxt Technology. Subramanian Product Director Subramanian is d Senior Business Development Executive of Bitfxt Technologies Limited Who has handled and delivered more than 200+ projects based on Cryptocurrency Exchange and Trading solutions and have 100% satisfied and repeated works from the clients around the global market. 14

16 Barr. Mike Head of Legal Team Barr. Mike is the legal adviser of bitfxt technology. He is a crypto enthusiasts who believes that its just a matter of time, blockchain and cryptocurrencies would change the way we transact and do businesses all over the world. Ikechukwu O jibe Creative Director Ikechukwu O jibe is the creative director of bitfxt technology. He also manages a global community of digital artists called Arts and Up. Mr. O jobe C. Prince Mr. O jobe Prince is an author,life coach,entreprenuer, blockchain enthusiast and online investor. He is also the West Af rican representative of Bitfxt technology. Ameh Attahache Dominic Aka DomCrypto, he is a cryptoprenuer and have influenced a lot of lives on cryptocurrency literacy, trading and mining. He is the C.E.O of Domatt Ace Global and has a good number of audience. Reginald Felton He is one of the most respected cryptocurrency trader worldwide, also one of the best app developers ever to design products f rom just his imagination. 15

17 ANGEL INVESTORS, ADVISORS AND AMBASSADORS IN NO PARTICULAR ORDER Engr. Joseph Angel Investor Felix Medayese Angel Investor Engr. Emeka Adviser Matthew Olobo Ambassador Daniel Paul Ambassador Obiora Onyinyechi - Ambassador Odoemenam Victor C. - Ambassador RISKS There are many risks involved in running an exchange. We understand this and have the skills, experience, and leadership to overcome them. SECURITY IS PARAMOUNT Many crypto exchanges have failed due to poor security procedures. Most security breaches could have been prevented by taking simple precautions to protect critical resources. Our team has developed Bitfxt with security as the foremost concern in their minds. We strive to ensure that we have followed all the industry best practices when it comes to securing infrastructure and data including ISO/IEC 27001:2013 and the CryptoCurrency Security Standard (CCSS). 16

18 MARKET COMPETITION We know this will be an ultra-competitive space. There are probably hundreds, if not thousands of teams wanting, planning or doing exchanges. Competition will be fierce. But in this age, this is a common risk in any decent concept/start-up or mature company. The question is: given our team, track record, experience, industry resources, and product, do you believe we stand a better chance than the rest of the pack? If yes, then please join our ICO. 17

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