Shared Digital Asset Exchange Platform; HiBTC

cryptoisheretogrow
Sep 6, 2018 · 5 min read

I would like to provide general information regarding a brand-new cryptocurrency exchange which is live at the moment; HiBTC. The exchange is rich in rewards and have a democratic governance model implemented.

The exchange has an interesting name, which is a word composed of two separate words; Hi and BTC. BTC is what we know as Bitcoin which represents the very first cryptocurrency created on blockchain. It would not be false to name Bitcoin as the mother of all cryptocurrencies. Hi is the synonym of Hello. The name of the exchange HiBTC simply defines the never-ending interaction of people with cryptocurrencies. It also aims to remind the users to be faithful to the original aspiration of Bitcoin and other cryptocurrencies.

Native Token HIBT and Holders’ Privileges

HIBT is the native token of HiBTC platform. There will be 10 billion of HIBT tokens issued and this number is fixed. There are some privileges gained through holding HIBT tokens which are:

Revenue Shares

Platform revenues will be distributed among platform users who hold HIBT tokens. Distribution will be made daily and it will be done in accordance with the bonus rules.

Participating in Governance

HIBT holders will have the right to participate in decisions related to platform. making process via voting. Voting will be facilitated by smart contract voting system.

Participating in Community Supervision

Members of the Community Committee will be elected by HIBT holders. Elected supervisors will report their activity to the community while they are doing their jobs. At the end of their service, new committee members will be selected via voting.

Listing Recommendation

A certain amount of HIBT holders will be awarded with right to recommend a token listing.

Reward Schemes

Revenue Sharing

The platform revenues will be distributed among the HBIT holders and the remaining revenues will be used to operate the platform. Snapshots will be taken hourly to determine the HIBT holding status of users. The accumulated dividends for each day will be paid the other day.

In order to encourage the users to hold HIBT on a long term a “Dividend Bonus Program” is introduced where, the part of the HIBT participated will be locked for a certain period of time in return of a bonus.

1+1 Currency Listing Mode

There will be two listing modes provided by HiBTC, namely Platform Selection Channel and HIBT Holder Recommendation Channel.

Platform Selection Channel requires the representative of the coin which desires to be listed at HiBTC to acquire and lock a certain amount of HIBT as the “investor protection fund” which will be unlockable during listing period. In case of any fraud this fund will be to the investors who suffered from the loss caused by fraudster lister.

Holder Recommendation Channel requires a certain amount of HIBT to be held by the user to be able to recommend a token to be listed. Once the recommended support reaches a certain level the platform will issue an invitation to the desired project.

Holder Shared Fund

1.8 billion of HIBT created will be locked up in the Holder Shared Fund. These funds will be locked up until the mining was complete. The dividends belong to this part will be used to buy back HIBT form the secondary market and those bought back from the secondary market will be included in the fund too. All the HIBT accumulated in this fund together with dividends will be allocated to the users after mining is finished. The distribution and unlocking plan will be published after mining is competed.

Transaction Mining

This model comprises of “transaction + token holding” mining, in which the allocated tokens will be rewarded to the users. Everytime a user makes a transaction on the platform there is a transaction processing fee generated. Based on the HIBT amount held by the user and the market price of the processing fee paid by the user and the HIBT market price the rewarded amount of HIBT is calculated according to the formula which is given in the whitepaper.

In order for the model and platform to be sustainable, the hourly mining quantity of each account will be limited. On the other hand, users will be able to increase their mining grades by simply increasing the amount of HIBT they hold. This way, their rate of return and mining per hour ceiling values will increase.

Organizational Structure

HiBTC aims to be a more democratic platform. Therefore, founders do not hold any business titles nor like anybody else does. They are so humble that they just want themselves to be called technicians who work for platform to work properly. The platform will be governed by the community. The process will be based on voting structured on smart contract voting system. HIBT token holders, which is the native token of platform, will participate in voting process vis using their HIBT token voting power. I will try to provide detailed information regarding this governance model later on my next article.

Roadmap

According to the roadmap all the functions including mobile app will be delivered before the end of 2018.

Website: https://www.hibtc.com/#/act/homepage

Whitepaper: https://www.hibtc.com/om/about/en-us/whitepaper.pdf

BTT @meejay: https://bitcointalk.org/index.php?action=profile;u=1027151

cryptoisheretogrow

Written by

Chemical Engineer, Father, Soul, Crypto Enthusiast,

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