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How Blockonix is beating all odds in becoming a global cryptocurrency exchange platform

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Blockonix bitindia

Formerly known as Bitindia, the cryptocurrency exchange platform Blockonix did not only change its brand name but also its market scope by positioning itself to the international cryptocurrency market. Blockonix is a decentralized cryptocurrency exchange platform different from the other centralized approaches a lot of other cryptocurrency exchanges uses.

 

How Rebranding has positioned us to engage in the international Cryptocurrency market

Blockonix was originally borne in India as Bitindia the local market was our main market scope till we decided to shift the cryptocurrency platform due regulatory pressures on cryptocurrency in India.

Although we earlier viewed moving from India to another location to launch our cryptocurrency exchange and trading platform as a major challenge, we turn this challenge into an opportunity to capture the virgin global cryptocurrency market. To prepare us to take our platform to the global scene we adapted some of the top level industry class blockchain technology and practices. These include securing hundreds of payment gateways around the world, opting for a decentralized instead of a centralized cryptocurrency exchange and deploying the lowest transaction fees on our exchange platform.

We developed our own native BDT tokens which can be directly swapped from Blockonix website. We aim to make BDT token as transferable as possible by making it exchangeable for all of the major cryptocurrencies available on the market. Using our own native token on Blockonix makes it practicable for us to keep exchange rate variations to a low level making the tokens more useful and reliable.

 

Why our Decentralized approach ensures a better security of our user funds

Lately numerous cryptocurrency exchange platforms around the globe have fallen prey to organized hacking causing billions of dollars in financial losses. We explored better methods to significantly reduce the risk of successful hacks related financial losses on our platform. We found out that most of the platforms that fell victim to these hacks either had a centralized arrangement or had flaws on their smart contracts.

To ensure the highest possible level of security for our platform we have developed a series of procedures which we have deployed on Blockonix. Our system is 100 percent decentralized meaning we don’t store user data at any central location. Even a successful hack on our system will lead the hacker to nothing since no sensitive user data is stored on our system. We store the data on decentralized nodes in an encrypted format. Even though a user node is compromised by a hacker breaking the cryptographic encryption to be able to view the data in plain text is practically impossible. This is one the many security layers we deployed on our system.

We acknowledge that we cannot be 100% perfect in safeguarding our system by our self alone, that is why we run a bounty program with a very high price tag to allow anybody who can identify any security flaw with our system to show us and we pay them the bounty. In this way we are certain that our system can be 100 percent secure at every time.

 

Capturing the Global Cryptocurrency Market

There is no doubt that cryptocurrency is the future of money the question is about when and how would you like to join the crypto-community. At Blockonix we believe that developing a strong community driven infrastructure for interfacing cryptocurrencies and fiat money is an important step in attaining this future.

Our systems are developed for the global market to allow instant low fee transactions from any part of the world in a highly secure and very reliable blockchain. We strive to maintain the highest levels of security in the platform and remain uncompromised by any malicious actor inside or outside of our platform.

#Blockchain

Blockonix Decentralized Exchange Launched!

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Blockonix DEX is a purely decentralized exchange with not even a single third party involved in your transactions with no chances of fraud.

Blockonix DEX that the world was awaiting is now live. Confirmed by the following tweet on Official Blockonix twitter account.

Here is everything you need to know about the exchange before you starting trading on Blockonix:

 

1. Purely Decentralized

Blockonix DEX is a purely decentralized exchange with not even a single third party involved in your transactions. This means that while trading only the buyer and the seller shall be involved in the trade. Being a completely Decentralized Exchange, all the transactions shall occur on the Ethereum Blockchain which makes it entirely hack proof which is the best quality of Blockchain.
Blockonix is spreading the word of decentralization which was meant to be the essential reason for the launch of the growth of cryptocurrencies. Blockonix believes that centralized exchanges eradicate the real value of cryptocurrencies and due to centralized exchanges Cryptocurrencies will never be able to become mainstream.

 

2. No Third Party Ownership

On Blockonix DEX, There will be no single/ third party or group of persons who own the Blockonix Exchange Ecosystem which means there can be no chances of fraud as all the transaction processing shall be automated on the Blockchain in a highly secured decentralized environment.

 

3. Trading Fee- Huge 70% Discount

Blockonix has implemented 0.1% trading fee which is the same for both: Market takers and Market makers. This is not yet seen on any other exchanges may it be centralized or decentralized. Usually every exchange charges a higher amount of trading fee from the Market Takers. The fee shall be charged in ETH.
70% Discount: Traders can also pay the fee through BDT Tokens which is the core token of the Blockonix Exchange. While paying the Fee through BDT, Users will automatically receive a discount of 70% on the transaction fee which makes it the trading fee just 0.03% which is the least amount of fee that any other exchange charges.
Apart from the trading fee the normal amount of Gas shall be paid by the user on each transaction which is the fee for the miners.

 

4. Astonishing Strategy to increase the value of BDT Tokens (Blockonix Tokens)

Blockonix has a very long-term plan of increasing the value of its core BDT Token on every transaction. (BDT Tokens have a limited supply of Approx 10 Million. That means only approx 10 Million BDT Tokens exist).

All the fee which will be earned in ETH through Trading shall be used to buy BDT Tokens from the BDT/ETH pair Market. This means that on every transaction, trading will immense in the BDT/ETH Market which gradually increases the value of BDT Tokens. Also, such BDT bought back from the market shall be permanently burnt by automated transfer to an Ethereum Smart Contract (BURN ADDRESS) which will burn all the transferred tokens forever and is irreversible.

How will it happen?

A. Every day at a particular Ethereum Block, an Ethereum Smart Contract shall place a buy order of the entire ETH balance collected during the day as Trading Fee in the ETH/BDT Market above the current best offer in the market. As soon as any part of the buying is successful, the BDT bought through the process shall automatically be transferred to an Ethereum Smart Contract (BURN ADDRESS), which will burn all the transferred tokens forever and is irreversible.

B. All the fee which will be earned in BDT Tokens shall be automatically burnt by en Ethereum Smart Contract (Burn Address) which means on every transaction, the scarcity of the BDT Tokens will keep on increasing and someday only a handful of tokens will be left. This is a great strategy for increasing the value of BDT Tokens as ‘Scarcity leads to a Higher Demand’.

The BURN ADDRESS is set to PUBLIC and can be seen by everyone.

 

5. Listing your Token on Blockonix Exchange

If you wish to list your own token on Blockonix Exchange, it is a straightforward process and such a simple process has never been seen on any other authenticated exchange.
Blockonix has a very nominal amount of Token Listing fee of 5 ETH or 1500 BDT for the New Token Listing. There is a small authenticity test made by the Blockonix team to check if the token is authentic or not. If your token is found out to be inauthentic then your Listing Fee is refunded back into your Ethereum account.

The Best Part:

The best part of Token Listing on Blockonix Exchange is even the token listing increases the value of BDT tokens. Amazing! Isn’t it?

All the Listing Fee that is paid in ETH by the Listing Company shall be automatically transferred to the BDT/ETH Market placing a buy order of the entire ETH balance collected during the day as Listing Fee on a particular Ethereum Block during the day. (The same process as in the case of Trading Fee)

All the Listing Fee that is paid in BDT by the Listing Company shall be automatically burnt by transfer to the Ethereum Contract (BURN ADDRESS). Such Burning of tokens is irreversible.
(The same process as in the case of Trading Fee)

This is a massive strategy to increase the value of BDT Tokens.

 

6. No Revenue Exchange

Blockonix will be the first ever exchange that will run without earning any revenue

How?

As all the Fees earned through Trading as well as Listing shall be either Burnt or Used to buy back BDT Tokens from the exchange. Also, such BDT which is bought from the BDT/ETH Market shall also be burnt forever by automatic transfer to the Ethereum Contract (BURN ADDRESS).

Such Burn Address is kept Public by the Blockonix Team so that everyone is able to see how many tokens are being burnt each day.
That’s Awesome!

This means that Blockonix will earn 0% revenue.

 

7. Most User-Friendly Experience

Blockonix has the most user-friendly interface ever seen in any decentralized exchange yet.
The Exchange is very simple to use and on the same time has the most advanced features for the expert traders.
With such an astonishing user interface, Blockonix is set to become the world’s number 1 decentralized exchange.

8. Launched with more than 200 Trading Pairs!

Blockonix is launched with more than 200 trading pairs including all the top Ethereum Tokens worldwide which is amazing for the communities of such tokens.

 

The Cryptocurrency Community has faced a lot of misfortunes in the recent past including the frauds by crypto exchange and Hacks such as the MT GOX and Coincheck Hack.
Making Blockonix ‘The Future of Cryptocurrency Trading’.

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#Blockchain

What is Omisego? Is it a good investment for 2018?

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Omisego was originally developed as an extension platform of an already existing firm named, Omise. The parent company is operating from Thailand.

Realising the potential of Omisego project.

Introduction

The cryptocurrency domain has spurred a lot of other fields related to the financial sector in order to support the overall financial environment which has in turn been developed on the basis of cryptocurrencies. The concept of decentralization is being applied by many organizations for the implementation of the projects and solving a real-world practical problem. Hence a number of cryptocurrency tokens have been developed in order to act as a fundraising medium. While some of the projects turn out to be Ponzi schemes some of the others are expected to overthrow already existing some dominant projects. Omisego is one of such platforms that has outgrown with a lot of potentials.

The ERC20 tokens

Similarly, the Ethereum project was created under which an ERC20 token template was made available to all its users in order to create their own decentralized token based on the Ethereum platform. All the tokens which are created by using this standard format put forth by the Ethereum community, confirm that transactions on the Ethereum network itself. Indirectly they help in the development of Ethereum network.

Omisego

One such most popular ERC20 token is Omisego. It was originally developed as an extension platform of an already existing firm named, Omise. The parent company Omise, founded in 2013 and operating from Thailand is a venture-backed payment company. Technically the project is nothing but an Ethereum based smart contract platform which uses its native token OMG.  

 

Let’s witness some of the Key Milestones of Omisego project.

  • It is worth noting down that out of hundreds of cryptocurrency tokens based on the ERC20 Token standard, this one was the first one of its kind to reach the $1 billion valuations. The initial coin offering for Omisego was conducted in the year 2017 where it managed to raise almost $25 million.

 

  • The Omisego project aims at eliminating the gap which existed between various payment gateway service providers, financial gateways, and Financial Institutions.

 

  • The Blockchain Gateway is backed by a financial asset. The on-chain as well as a decentralized project is highly scalable and can serve the requirements of billions of people seamlessly. Omisego’s meaning is to become one of the most prominent exchange as well as a settlement platform.

 

  • By incorporating Omisego open source wallet structure, any institution can incorporate, it into their financial system. They also facilitate in connecting the most isolated forms of financial services provided by Visa, MasterCard, PayPal, etc and decentralized projects like Ethereum.

 

  • The free open source and white labelled E-wallet program code of Omisego are available and one can customize it according to their style, design, layout, and even integrate it with other apps.

 

  • The Omisego project enjoys a lot of privilege from its parent company, Omise. Which indirectly means that all the centralized financial services which are provided by the parent company Omise, is clustered with the decentralized power provided by this project in order to optimize the overall functioning.

 

  • The Omisego project concept is so amazing that the team developers have been honoured as ‘Fintech Rockstars’ by Forbes which is an added feather on their cap.

 

  • Omisego project uses the Proof of Stake Consensus mechanism for the validation of transactions. The nodes which do the process of verification receive the OMG tokens in the form of reward.

 

  • A number of different models were put forth in order to solve the scalability issue of the Ethereum network. This project was the first implementation of one of those four proposed models named, Plasma, which was collaboratively proposed by Joseph Poon, and the founder of Ethereum, Vitalik Buterin. There have been a number of instances till date, where we have experienced the clogging of transactions on the Ethereum network, due to the overflow. hence Omisego aims in bringing down this scalability issue of Ethereum network through Plasma model.

 

  • McDonald’s which is one of the most popular fast food restaurant chains spread all over the globe has joined hands with Omisego in order to incentivize the payment methodologies. Even the Central Bank of Thailand along with Japan are looking forward to incorporating this payment system into their financial sector.

 

  • Omisego project has also collaborated with major Financial Institutions of Japan like The Bank of Ayudhya, Sumitomo Mitsui Banking Corporation (SMBC), and Credit Saison.

Is Omisgo worth investing in?

The future of Omisego seems highly reliable as the initiative is strongly backed up, by the most prominent Institutions of Asia and all around the world. There have also been instances on Twitter when Vitalik Buterin endorses the token and mentions it to be one of his favourites. One must also be a crystal that the project is free from legal scrutiny as it is completely decentralized in nature. Despite being in its nascent stage, the project has gained attention at such scales. Hence, in the future, the project is undoubtedly going to dominate as it combines the best of centralized and decentralized features.

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Bitcoin

Bitcoin vs Dash: Comparing Bitcoin and Dash

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Lets compare Bitcoin vs Dash. The amazingness of the cryptocurrencies doesn't seem to be tangible enough relative to its complexities. Lets compare Bitcoin vs Dash

Understanding some of the prominent benefits of Dash over Bitcoin.

Introduction

Bitcoin is a very complicated cryptocurrency. Its mass adoption is not anything more than the fantasies of a dream, as the technology is too technical to be understood by the normal people. It is amazing, but not that simple to be effectively applied by the masses. Bitcoin scalability has always been a major point of concern and debate the community professionals, but doesn’t seem to be coming on any grounds regarding the matter. Also, the increase in the block size is been discussed for years together. The Crypto domain is to be a lot more ambiguous than it seems. It is no wonder that using the cryptos to transact is far more complex than using PayPal or Paytm. The amazingness of the cryptocurrencies doesn’t seem to be tangible enough relative to its complexities. Lets compare Bitcoin vs Dash.

 

Bitcoin vs Dash: Transactions

A long string of addresses feels quite unusual when one is extensively used to Fiat transfers. Currently, even the transaction fee has skyrocketed and if a particular transaction is not been attached with sufficient amount of transaction fees it might remain forever in the unconfirmed transaction pool itself. Hence even micropayments which were earlier possible seems to have been completely eradicated due to the high transaction fees.

On the other hand, the transactions on the Dash network is lightning fast when compared to Bitcoin. Dash even provides a special Insta send service which allows for a provision of getting the transactions confirmed quickly. Hence, people who aren’t patient enough to wait for hours together can opt for Dash. Due to the late confirmations price slippage might occur, which is another misery in itself.

Bitcoin vs Dash: Scalability issue

The dash community also strives to bring extensive cooperation between the stakeholders. This was clearly evident when the scalability issue daunted over Dash. The community members obviously had heated arguments as well as discussions but just within a span of 24 hours, they all decided to increase the block size. The problem which hasn’t been solved for years by the Bitcoin community and continues to persist even today. The problem was done in 1 day itself by the Dash community. The incident represents a strong oneness and reliability among them. This doesn’t mean that Dash is completely perfect but it’s ability to upgrade itself with time, is what matters, unlike Bitcoin.

There is also a PrivateSend feature available in the Dash network. By using this particular feature optional feature a user can completely hide his or her identity. As Dash is considered to be synonymous with Cash which has no digital footprint, this privacy feature undoubtedly adds to the convenience of the users.  

 

Bitcoin vs Dash: Community Funding and control

It is absolutely worth mentioning, where the funding comes from, for these organizations. As Bitcoin network is completely decentralized and hence a number of prominent cryptocurrency institutions have come forward in order to fund for the Bitcoin development and research. But there is a catch, with funding comes authority over the decisions, hence the institution which is funding the community the most, it is an unwritten rule that it has the most authority over the decision making.

Whereas this is not the case, for the Dash community as most of the funding is done by themselves only. 45% of the total Dash funds go to the miners, 45% is received by the master nodes of the network, and the remaining 10% is utilized for the for the development of the community. In this case, there are a number of prominent master nodes whose decisions are taken into account in order to reach a common conclusion.

Bitcoin vs Dash: Public address

Another feature of Dash is its public address. Here each and every public address is associated with a human-friendly name, similar to an email address rather than a string of random characters. The transactions are made simpler by giving names to the addresses so as to prevent the transactions to reach a wrong destination. Since, once the transactions are initiated they cannot be reverted back this feature is crucial, as it associates rememberable names to the address.

Conclusion

Although Bitcoin was the Pioneer in the cryptocurrency trend it undoubtedly cannot be considered as the best solution for the current financial practical scenario. The cryptocurrencies like Dash have been coming forward who have their own set of pros and cons. It all jots down, to the need for the day, where currently scalability is one of the major concern. Hence the cryptocurrency Dash seems to be more promising than Bitcoin.

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