Blockbid is a trader owned exchange that rewards traders more than any other exchange with our world first Liquidity Incentive Model. Featuring unmatched rewards for trading volume, monthly buyback and burn from 50% of the fee revenue.
Q: Welcome! Why dont youstart off by introducing yourself to our community. what you do at Blockbid and your crypto journey and past work.
Thanks. Great to be here and looking forward to sharing about Blockbid journey 😁
I am a cofounder and CEO of Blockbid operate as the bridge between the commercial and technical sides of Blockbid. My background is in hardware originally and moved to software in my early teens. Crypto has always intrigued me since reading the bitcoin whitepaper many years ago 🙂
Q: Can you tell us what is Blockbid?
Blockbid is a trader owned exchange that rewards traders more than any other exchange with our world first Liquidity Incentive Model. This model, coupled with our partnerships with leading market makers ensure deep and competitive order books. Our technology is built from the ground up, holding security as paramount every step of the way. Our goal was to bring the users an exchange that values our member base as we grow with them together.
Q: What made you start another exchange? There are lots out there already.
When we first set out in Aug 2017 we as founders were trading cryptocurrencies that scattered across multiple exchanges, so traders and investors need to sign up with numerous platforms. This causes inconvenience and trust issues for users, as well as missed trading opportunities due to time lapse whilst funds are in transit between different exchange platforms. Our solution was to provide a licensed, registered & regulated exchange in which users can Trade with Confidence.
Q: How many cofounders does Blockbid have, and how big is the team now?
We are 3 cofounders and currently a team of 12. During the initial stages of development we expanded our team to almost 40 contractors working on site in Melbourne, Australia
Our team built the platform in house to ensure security is mainted throughout the platform rather than piecing together whitelabel products and relying on suppliers or distributors for services that are crucial to the integrity of the platform
Q: So you say Blockbid is trader owned. Care to explain how is that exactly?
We have always listened to our community to help us build our exchange and they have been with us for the journey all the way from prototype release in Oct 2017 to our private test group release earlier on this year.
Q: What is this Liquidity Incentive Model?
The LIM is how we are giving back to our users by joining us on our journey by taking the next step with us.
The liquidity incentive model is an evolution of transfee mining which makes it far more beneficial to traders. Basically you get rewarded tokens proportionally to the % of volume you trade on the exchange. This means that the rewards per dollar of trades increases as total exchange volume decreases, which attracts more liquidity as it is needed. It’s self balancing. At the start, the daily emission of tokens is massive, so early traders get a massive slice of the overall token supply. Every 30 days continously we will buyback and burn tokens using 50% of trading fee revenue.
Q: What is the role of your partners(Bit go, The blockchain association of Australia, ADCA, EEF) in the project/ecosystem? Can you explain in deep detail Blockbid’s Liquidity Incentive Model and it’s future things/incentives that you might add to it?
Bitgo is our 3rd party smart contract wallet auditor. We were the first exchange token added to the batch of ERC20 as we helped through the smart contract creation auditing processes.
Our other partnerships and affiliations have been working with association that have influence in Australian crypto sphere. We have attended bipartisan events in Canberra and risk assessment meetings with AUSTRAC to make sure we are on the forefront in providing in depth information to the regulatory bodies in Australia. This is all to help us be able to provide a regulated and licensed platform that holds the same obligations to its customers as any other financial institution such as banks.
Our Liquidity Incentive Model is explained in depth on our whitepaper and can be downloaded using this link.
Q: In you White Paper, you team has mentioned about token emission, token buy back and burning but hasnt mentioned role of token in your project ecosystem. So, what will be token used for? Why are there 2 tokens: BID and BIDL that i see on your website and use cases of them?
BID provides a selected timeframe that users are able to trade with out any fees and is also used for various other platform access such as insurance payment or token additions by project.
BIDL was built to help us solve the chicken and egg problem when it comes to launching an exchange. Initially there is no liquidity. As a consequence nobody wants to trade on the exchange and therefore there is no liquidity. The proposed model aims to bootstrap the liquidity and trading activity of the Blockbid platform.
Our early ICO participants and hodlers of BID are rewarded with a 1:1 free airdrop as BID is logic is applied until the Liquidity Incentive Model is completed
Q: What special features Blockbid have and which makes him ahead to other exchanges?
We are built from ground up to provide our users with a easy to navigate UI coupled with a secure, licensed and regulated platform. Our goal for users is to able to instill the trust that has been missing from the crypto world and allow everyday traders the ability to Trade with Confidence. Many platform use whitelabel services and therefore are unable to support scalability, by building it in house we have the ability to provide continuous updates and functionality without having to rely on SLA’s of distributors.
When you put this together with out Liquidity Incentive Model it makes us very unique 😁
Q: The model incentivises the provision of liquidity early on in the life of the platform . The distribution of tokens is highest when liquidity is the lowest . can you explain more about that?
The higher % of trade volume a users provided in a 24hr period the more BIDL they receive.
The first 2 months of the LIM period there is a total of ~175m tokens available, giving us about 2.91m tokens per day.
If you contribute on particular day 10% of all daily volume in the first 2 months of the LIM you’ll receive about 290,000.
If you contribute on particular day 10% of all daily volume in the next 2 months of the LIM you’ll receive about 145,000.
The LIM models rewards users whom bring the liquidity to platform at the early stages although with the continuous on market buyback & burn every 30 days it allows users whom entered in at a later stage to still earn BIDL at a great value
Q: What are the highlights of Blockbid to attract users? What are the benefits of Blockbid token holders? What is Blockbid’s transaction fee? Is there any way to reduce transaction fees?
We are a custom to scale built exchange that is regulated, licensed and insured.
We are continuously buying BIDL on market every 30 days and burning the tokens. This buy & burn is continuous post the LIM period and allows us to reward the users whom have bought liquidity to the exchange.
The LIM model incentivise makers over takers and provide 2/3 of the reward for day.
We currently do not charge any withdrawal fees on the platform.
Q: Currently, the Blockbid exchange has been registered with the Australian Transaction Reporting and Analysis Center (Austrac). What are the benefits of this event for Blockbid? What are the features of Blockbid to gain access to the World market?
We pride ourselves on working with the regulatory bodies in Australia to that help govern and keep business accountable. We have seen many exchanges to date that have disappeared or have not been transparent about their accounting. As a regulated and licensed platform we are held to the same obligations as any financial institution, this allows our members to Trade with Confidence.
We are building our global support to team to allow users to access the right markets based on IP address & verification information. This give us an opportunity to expand into regions where there is remittance services (we currently hold an Independent Remittance Provider license as well from AUSTRAC)
Q: How Blockbid will attempt to dramatically lower the cost of trading and will benfit more to users?
Our LIM allows users to have return in the platform by receiving BIDL.
The continuous on market buy back and burn every 30 days even post the LIM period until there is no more BIDL available allows us to keep our trading fees low. We also do not charge any withdrawal fees on the platform currently.
Q: Do you have Blockbid Ecosystem If yes how it is different than others, If not how you will create and make it better than others?
The current ecosystem is focused on the LIM model and allows us once the in motion to provide a more enhanced ecosystem which will benefit the traders and users the platform.
Q: What about the security? How much I can Trust your platform? Even Binance didn’t provided that much security (they got hacked). So how you will provide that security? And do you have any SAFU like Binance?
We worked with the underwriters on our platform build to provide a one of the kind insurance policy therefore security was our priority throughout the build. We have also insurance on the smart contract and wallet auditing services via Bitgo.
Q: What are the advantages of holding BID, I mean what are the utilities of BID?
BID users are entitled to a no-fee trading window dependant on the amount redeemed. BID holders also receive a 1:1 free airdrop of BIDL tokens as they have been with us for the journey and helped us design, create & test the exchange. BID can also be used by tokens/projects to pay for listing fees and also to by users to access certain areas of the platform such as insurance 👍
Q: Safety and security are always the most concerned issues. So how is the security level of Blockbid? And what technology does Blockbid use for the best security for users?
We have been working on our platform for almost 2 years with security being at the forefront.
Users are required to use 2FA on access and all funds withdrawals require the same level of access.
We built a proprietary Proof of Solvency that runs in the background and was crucial the process of Blockbid gaining it’s 200m USD insurance policy
Q: What does your roadmap for 2019–20 look like? Name some important milestones you are hoping to achieve?
We are always pushing ourselves and the team to continuously build and scale although our focus for the next year will be enhanced worldwide customer support and addition of more fiat currencies.
Q: As my researching, Blockbid was launched its beta phase in April 2018 and now, its September 2019 already. So, after 1 year and 5 months, which milestone does your team achieve? When will we expect to see Blockbid offcial trading launching since i dont see roadmap on your website?
We had prototype release in Oct 2017, beta backend on testnet in Apr 2018, beta UI front-end and backend live trading Oct 2018 and live trading to Blockbid telegram group in Apr-May 2019.
This release schedule allowed us to work with the community to build the exchange and enhance the user experience all the way along 😁
Q: Interesting questions fam! Unfortunately we have run out of time. Can continue to answer here or in their TG channel. Why don’t you invite everyone to go to your TG group for more in depth info?
Thanks! I haven’t read the responses to any answers I provided but please feel free to come to our TG room (https://t.me/Blockbid) to post there and we will get to it 👍
Q: Thanks for taking the time!
Anyone that has posted a question that hasn’t been answered yet please post in our TG room and I’ll also be able to respond there. Thanks to all of you and to @ERCSU for the the great AMA!! 👍