cool hit counter The era of exchange profiteering is over, and a reshuffle is on the horizon to see who seizes the opportunity?_Intefrankly

The era of exchange profiteering is over, and a reshuffle is on the horizon to see who seizes the opportunity?

If there is a theme for the blockchain industry in June, it must be "platform coin". Within less than a month, the sudden explosion of exchange platform coins on the network has caught practitioners who are still immersed in the main online of major projects by surprise.

The Battle of the Platform Coins: A Huge Change in Exchange Business Logic

Looking back at the roots of the current round of exchange platform coin battles, it is the FCoin exchange and its platform coin, FCoin Token, which went live in late May. Compared with traditional exchange platform coins, FCoin has two special features: First, it adopts a "transaction mining" issuance mechanism, which is to convert 100% of the fees generated by the user's exchange into FT tokens according to the average price of FT on that day, and return them to the user on the next day. The second is the "dividend mechanism" of "fee refund", which means that 80% of the previous day's fee income is returned to the user in proportion to the user's FT holdings.

There is no doubt that the emergence of this platform coin has completely overturned the original industry logic: generally speaking, the traditional "exchange-platform coin" association model is to benefit the exchange through the route of "creating a platform coin usage scenario → platform coin increase → user funds influx → bringing traffic and trading volume". The "transaction mining" model is a direct break from this inherent thinking, the original logic chain to simple and brutal simplification into another cycle: platform coin up → user funds into → bring traffic and trading volume → platform coin up.

Figure: The original "exchange-platform coin" correlation model

Figure: The new "Exchange-Platform Coin" correlation model

It can be said that this brand new traffic attraction model of exchange platform coins directly brings a hope of "overtaking" to those second and third tier exchanges that have been crushed to death by the big three. After all, people are short-sighted, and a regular ration of real money dividends is much more painful than nebulous future use scenarios and upside. In such a situation, if the strategy is set up properly, these second- and third-tier exchanges have a great opportunity to channel user traffic to their platforms at a time when the market is shrinking, and eventually retain investors through good service, thus changing the entire exchange landscape. At present, several platforms, including Fullcoin, CoinPark and CoinPark, have already started the "transaction mining" mode, and the most well-known of them is the familiar BigONE.

ONE debuts as BigONE grabs trade mining

I believe many of you have heard of BigONE, a blockchain asset spot trading platform owned by INBlockchain (Coin Capital), which was launched in November 2017. At the time of BigONE's launch, the main industry pain points it addressed included the following: fiat currency trading, inability to prove fairness, and asset security concerns. In response, BigONE has adopted solutions such as coin trading, achieving 100% reserves, and making public the cold and hot wallet addresses of all blockchain assets on the platform, and all transaction data and account asset balances for the day. Through these measures, BigONE has maintained a relatively leading position in the exchange space.

However, judging from recent developments, the BigONE platform is not satisfied with its current position, it also hopes to leverage the opportunity of "transaction mining" to make a difference in the possible coming dramatic changes in the industry landscape: on June 21, 2018, while the majority of the industry is still debating the rights and wrongs of "transaction mining", BigONE is announcing the launch of its new platform token ONE. According to the official rules, the total number of ONE issues is 20 billion, 51% of which goes to the community and can be obtained through both transaction mining and invitation mining. The remaining 49% will be airdropped daily to holders of BigONE's original platform coin "BIG" in accordance with the relevant unfreezing rules. In other words, BIG holders, not only can get unlocked airdrop ONE coins with their BIG coin holdings, but they can also get the platform's commission rebate with ONE.

The release of BigONE's new model has triggered a strong reaction in the industry. Not only did the OTC exchange price of BIG coin skyrocket by more than 150%, but the trading volume of the platform also increased significantly: according to statistics, during the launch of BigONE's "Trading Mining Zone" Alpha public test (June 22-24), BigONE's platform trading volume reached $4 billion, surging to the leading echelon position of the exchange. Such a huge volume of transactions has resulted in lucrative ONE income for all participants involved - in addition to what we mentioned earlier, where holders of BIG tokens received a corresponding percentage of ONE airdrop, the first early bird users who participated in the Alpha public test phase received up to 700 BTC equivalent of ONE back in mining fees. In addition to this, BigONE also pays out 100% of the fee income for this period as a reward in the form of platform-wide trading pairs corresponding to the coins. For early bird users of BigONE's "trading mining zone", such returns are relatively attractive - data shows that current Fcoin trading mining returns are around 1% per day, while ONE's mining daily returns can reach up to 5%.

Mytoken Software Shows BigONE Tops 24-Hour Trading Volume on June 25

With such an attractive return, a large number of investors are rushing to BigONE, wanting to join the just launched Beta public test: according to statistics, as of press time, the "trading mining area" has more than 65,000 users queuing to apply for pre-mining ONE qualification, in response, the BigONE platform will release 1000 early bird qualifications every hour during the Beta public test from June 25 00:00 to June 27 23:59, according to the queuing order, until the full opening of "trading mining" on the 28th. The ONE/USDT pair is now live in the "Trading Mining Zone", and will also be live in ONE/BTC, ONE/ETH, and ONE/EOS pairs one after another, depending on the official announcement.

Catching up, BigONE looking to recreate Cloudcoin's former success?

So, is it possible for BigONE to use this wave of chaos to break through to the head echelon of the exchange industry and secure its position? In the author's opinion, this possibility exists. After all, BigONE's founding team has many years of relatively deep accumulation in various aspects of technology and operations.

I believe many veteran investors in the cryptocurrency world know that the predecessor of BigONE is the "Cloudcoin Exchange", which many early players are familiar with and started forming back in 2013. It is also the first platform in the world to tap and go live with value projects such as Ether, EOS and Quantum Chain. With the sudden growth of the aforementioned projects, Cloudcoin has reached the top of the digital currency exchanges in terms of trading volume several times, and its user base has grown rapidly. It is worth noting that during this period, Cloudcoin has never experienced any loss of user assets despite the various cyber attacks that have continued to hit it; in fact, Cloudcoin is the only exchange in the history of the world that has not lost any coins. Eventually, for reasons that are well known, Cloudcoin went offshore and became BigONE as we see it now.

It is not difficult to see that although Cloudcoin back then has been rebranded as BigONE, it still has the most important resource in the current exchange industry - that is, a core team with rich technical and operational experience. There is no doubt that in such a case, as the former global No. 1, BigONE is also bound to aim for a more forward position than at this stage. It is reported that BigONE has recently completed its strategic transformation, resource integration and technology upgrade in a low-profile manner, and has entered into a strategic cooperation with PXN, the world's first exchange-as-a-service company, to become a member of PXN's technology-enabled shared exchange alliance. So, can BigONE take advantage of this wave of exchange shuffling opportunities to recreate what once achieved? The answer will be revealed soon - on the 28th, BigONE will end the Beta public test and fully open the mining transaction, then all BigONE users will enjoy the "transaction mining + fees 100% refund" service, the specific results, let us wait and see.

Source: vernacular blockchain


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