AMA questions: Part III
Part III of III
This article is the final part of this AMA series.
Part I of this AMA can be found here.
Part II of this AMA can be found here.
3.1 What is the difference between you and other aggregators?
Unlike other aggregators, Bitgear aggregates liquidity of both centralized and decentralized exchanges. We support both ERC-20 and non-ERC20 native tokens (such as BEP2 and DOT) in one platform. For these reasons, Bitgear can provide more liquidity, deeper order books, and supports a larger variety of tokens. Of course, other platforms can also provide access to certain tokens. However, slippage can be unpredictable and costly, our platform will mitigate this. Furthermore, some of these platforms do not support the use of Limit Orders, Bitgear does. Finally, the fee and price structure is currently the most competitive on centralized exchanges. For example, Uniswap fees are 0.30% per trade, whereas a major exchange will charge around 0.10%. If we add our fee of 0.05%, the overall fee to use Bitgear (0.15%) still ends up being significantly lower than the fee on Uniswap, with the added benefit of increased liquidity and decreased slippage.
3.2 Do you have any staking programs in the pipeline?
Yes. Details in regard to staking, as well as other utility dynamics, of the GEAR token, are to be released over the following months. Leading up to the launch of Gear Market and Gear Engine. We can already disclose that, apart from staking, there will be an incentivized tiered system for bonus rates and lower fees throughout the entire Bitgear.io ecosystem. $GEAR will be used to keep Gear Engine running and it will be burned in relation to the performance of the platform. We have created and positioned $GEAR for maximum utility value. $GEAR has a real impact on the experience you will have on Bitgear.io, represented in every single part.
3.3 When will the MVP be released?
Our Minimum Viable Product (MVP) will be released in the next 3 months. This time will be used for auditing, bug testing, and penetration testing. We will keep the GEAR community posted with progress updates and we will be sharing feature-focused details. We would like to ask our community to be part of our ongoing development, keeping you informed along the way. Also, we will be demoing the platform to our partners over the next couple of weeks, so that we can start building bridges, both literally and figuratively.
3.4 Do you have a Marketing Plan?
Yes. We have a fully-fledged marketing roadmap as well as concrete goals and milestones.
3.5 Dear Bitgear team — I love the general idea of your project — but I am highly curious where the data of your exchange demo stress test is being exchanged? Is it dummy data or testnet data? If the latter, could we be provided a way to see these transactions on this testnet?
The purpose of the stress test is to showcase our “first-in, first-out (FIFO), time/price priority, limit order matching” functionalities while thoroughly testing the engine’s capability to withstand the trade volume of the highest volume exchange that is currently on the market, in real-time. This testing is needed for Bitgear Portal, and enables the use of limit orders.
3.6 Where do you see Bitgear one year in the future?
Good question! Traders use a vast amount of CEXs and DEXs as their portal to the liquidity in the market on a daily basis. What other choice do we currently have, right? An average trader is forced to get used to a growing variety of user interfaces to do their business. We all have an ever-expanding database that consists of dozens of accounts, 2FA’s, bookmarks, e-mail addresses, and whatnot. It is our vision to consolidate everything a trader needs in terms of liquidity and tools, into one easy to use, but powerful platform. By adding this simplicity to our industry, we will also lower the barrier of entry for a new generation of traders. It is our goal to become a household name in the cryptocurrency industry. A mainstream platform that will provide you with access to every market, while also keeping you in control of your crypto assets in your personal wallet.
Lots of companies aim to become “the next Binance”, and for good reasons. Binance has shown us what is possible in just a few years by focussing on development and providing a great service. We believe that we have an edge over our competitors and one year from now we expect Bitgear.io to be well underway in becoming “the next Binance”. Lower fees, better aggregation, smaller spreads, easier login, deep shared liquidity over a multitude of assets coupled with the proprietary arbitrage capabilities (that people can actually use) will catapult the Bitgear.io ecosystem into a long and prosperous future.
3.7 It was mentioned in the Discord that the project isn’t open-source, but running on proprietary code and there will be no open GitHub. What is the rationale behind this decision and how can the crypto community be expected to entrust their funds to a platform for which they cannot see the code?
The proprietary code that belongs to the centralized bridge will stay closed source, it is our competitive advantage. However, you won’t have to take our word when it comes to whether to trust us or not. Our code will be externally audited to provide peace of mind. Please note that all exchanges are closed source. In regard to the funds of our users, these will not be parked as funds on our exchange. I.e. for a Binance buy order the platform takes the users funds in a smart contract and our liquidity is used to buy and withdraw to the user address.
3.8 What does the name Bitgear mean for this project?
We see Bitgear, and more specifically $GEAR tokens, as the cogs that keep the machine running. The “gears” will be at work throughout the ecosystem, all part of a system where each module benefits and strengthens the other. We also simply think it an awesome name and believe it will go a long way in terms of branding.
We want to thank everyone in our community who participated in this AMA. While the submission for new questions is closed, please do not hesitate to reach out to our community manager in Discord should you have further inquiries.
Based out of Frankfurt, Germany, the Bitgear.io team aims to provide an unmatched exchange experience through the development of several tools that will allow traders of any skill level access to algorithmic trading strategies, arbitrage, and decentralized finance (DeFi). Bitgear.io has four exciting products as part of its larger platform ecosystem, GEAR Engine, GEAR Market, GEAR Portal, and GEAR DeFi. To learn more please please follow us on Twitter, Discord, and Medium!