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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.

#Blockonix

How to use Blockonix DEX: A step by step guide

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Blockonix is one of a kind decentralized exchange which runs on the ethereum blockchain. Every function of the exchange is entirely blockchain based. Starting from trading to listing a new token, every function occurs on the ethereum network. Not only this, the exchange is totally community drive. All the trading fee as well as the listing fee earned is either directly burnt forever or places a market order in the BDT/ETH (Blockonix Token to Ethereum) market to buy back tokens from the community members. The clear decentralized nature of the exchange makes it one of the safest cryptocurrency exchange in the world. Using a decentralized exchange may prove to be troublesome for some people especially the newcomers in the crypto space. Here is a step by step guide of how to use the Blockonix Decentralized Exchange:

 

Reading the pop-up:

blockonix 1

As you first visit the exchange website, a pop-up appears which explains the important measures to be taken care of in order to maintain the security of your tokens as well as a little about the working of the exchange. It is recommended to read each point clearly before starting to trade on the platform. Once you have read all the points thoroughly, click on ‘Done! Take me in.’ button on the last pop-up screen.

 

Start Trading:

blockonix 2

Once you have entered the Blockonix platform, you get a pop-up to link your wallet to the exchange in order to start trading. Due to the decentralized nature of the exchange, you have to trade with your own wallet rather than the wallet that most exchanges provide. This is quite fascinating for those who believe in Proof of Keys as the Blockonix exchange does not hold any user’s funds or tokens. To connect your wallet click on any of the suitable options listed on the pop-up screen:

  • You can create a new wallet: Only you will be the holder of this wallet. (Same as the case when you create a new ethereum wallet on MyEtherWallet).

or

  • Import your existing wallet by using your private key or JSON file.

or

  • Connect your hardware wallet (TREZOR OR LEDGER).

or

  • Connect using Metamask: Just unlock your metamask and refresh the page (It will be connected automatically).

 

Once you have connected your wallet, click on the Accounts tab on the header of the panel. Inside the Accounts Tab, you are able to see the tokens you currently hold in your wallet.

blockonix 3

 

To start trading the tokens you need to transfer the particular token (you wish to trade) from the Main Account to the Trading Account. For this click on the right-pointing arrow (blue colored) besides the particular token, you wish to transfer. (Note: The following tokens are transferred to the exchange contract address which is public, so you are still the only owner of your tokens). Once you click on the right-pointing arrow, a pop-up will appear asking you for the number of tokens you wish to transfer to the Trading Account in order to start trading. Enter the number of tokens and click on transfer.

 

  • If you have created a new wallet or imported your wallet using the private key or JSON file, the transfer shall be automated once you click on the transfer button.
  • If you are using Metamask, Trezor or Ledger: You need to manually approve the transaction (transfer) when prompted by the particular type of wallet. In the case of Metamask, you may be asked for approval two times rather than once.

 

Once you have made the transfer and the transaction gets approved on the ethereum network, you will be able to see your tokens in the Trading Account (Refresh the page once if you are not able to see the tokens even after the transaction is approved).

Once you see the tokens in your Trading Account, you can now start trading!

blockonix 4

  • Click on the Exchange Tab on the header of the panel and choose the type of instrument you would like to trade.

blockonix 5

  • Place an order by adding the details in the New Order section on the screen.
  • After filling the details click on Buy or Sell whatever you would like to do.

blockonix 6

  • A pop up will appear giving you a summary of the order you are going to place. Click on Buy or Sell if you are sure to place the order. Once you confirm, your order will be placed in the market once the transaction is approved on the ethereum network.

blockonix 7

If you are using Metamask, Ledger or Trezor: You will be asked to confirm the transaction manually by the particular wallet software. Confirm the transaction in order to place the market order.

 

blockonix 8

blockonix order book

  • Once the transaction is confirmed on the ethereum network, you order will be visible in the Order Book as well as in the Orders And Trades section. (Refresh the page if you are not able to see your transaction even after the ethereum transaction is approved).

 

BDT Token Burn:

All the fee earned by the Blockonix exchange is burnt forever. To check the number of burnt tokens:
Go to Etherscan and search the blockonix contract address:

0x741f58cd68d24f361cc0ee0d3aaf7df2bf16132e

https://etherscan.io/token/0x741f58cd68d24f361cc0ee0d3aaf7df2bf16132e

10

Click on ReadContract and Scroll Down to the 11th point (burntTokens) where the number of burnt tokens up to the day is mentioned (Please note: the value displayed here is a multiple of 10^18).

Once the tokens are burnt, the total supply of BDT token is automatically reduced.

 

The Blockonix Contract Source Code is also made public by the exchange:

https://etherscan.io/address/0x741f58cd68d24f361cc0ee0d3aaf7df2bf16132e#code

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#Bitcoin

Is Bitcoin Mining still Profitable?

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Heres a guide to bitcoin and bitcoin mining in2019 and of course the very important question, is bitcoin mining still worth it?

The word bitcoin has been around a lot lately, and you have probably been wondering about it. You have probably also head about bitcoin mining.

 

Heres a guide to bitcoin and bitcoin mining in2019 and of course the very important question, is bitcoin mining still worth it?

Satoshi Nakamoto invented bitcoin as a peer-to-peer electronic cash system. The early days of bitcoin were exploited by the technically informed often garnering outrageous profits. Mining bitcoins was easier then and could be done by a single individual in her bedroom. Now the industry has exploded from a few individuals to a high-level venture; mining bitcoins requires specialized, expensive, machinery.

 

Here are a few basic definitions.

Block -A group of Bitcoin transactions. They are chosen from the mempool (the list of all currently pending transactions) and recorded by a miner into the ever-growing record of blocks known as “the blockchain.”

Hash – to mine bitcoins miners have to solve a cryptographic puzzle. This needs computational power and miners are rewarded freshly-mined bitcoins.

Hashrate – This is a measure of computational power. With an increase in hashrate, it would seem that more and more bitcoins can be mined, but the difficulty is set such that a block is found roughly every 10 minutes.

 

Now let’s calculate the profit gained by an American solo miner.

This explains that an average American would make$1348 a year provided bitcoin price is around $1150 and difficulty and hash rate remain constant. But this is not a likely scenario. Bitcoins difficulty and hashrate have been increasing since the early years. In conclusion, the average miner working solo would find it difficult to mine bitcoins unless he has easy access to cheap electricity.

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#Blockchain

Can Blockchain Replace The Current Credit Scoring System?

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The credit scoring system is nothing new. For years we’ve been told to watch how we spend, to spend only what we have, and to monitor our credit card usage.

The credit scoring system is nothing new. For years we’ve been told to watch how we spend, to spend only what we have, and to monitor our credit card usage. We know that debt—whether school loans, car loans, or medical debt—can be used against us.

With the current credit scoring system, this can mean problems when we want to borrow money or rent an apartment. So what if that system experienced an upheaval? What if blockchain can make that possible?

 

What is Blockchain?

If you’re unfamiliar with blockchain, it’s the creation of Satoshi Nakamoto which is believed to be a pseudonym for a group of people, who are working together under a single name.

Blockchain allows digital information to be easily distributed without making it available to be hacked or copied. Like a digital ledger, new information can be added, but because of how it’s stored, old data cannot be easily altered or deleted.

Blockchain technology began with the creation of Bitcoin, a digital currency. Since then, it has evolved into something much more significant. Blockchain has essentially created a new foundation for improved internet infrastructure.

Is there potential for it to continue evolving until our current credit scoring system is obsolete? It’s a possibility.

You don’t necessarily need to know how Blockchain works to take advantage of it. If you’re curious, though, here are the basics.

 

How Does Blockchain Work?

If you’re at all familiar with computers and the data they host, you know there’s usually one centralized location that stores information. That information is susceptible to hacking, and what’s stored there can quickly become corrupt.

Blockchain changes the way this infrastructure of data works. Rather than one central location where data is housed, the data is duplicated and kept in multiple locations. Regularly updated, the information is no longer available for hackers to invade or corrupt.

Blockchain creates an indeed shared platform. Information is accessible to anyone at any time on the internet.

Like an outdated approach to editing documents in a group, our original understanding of the internet and documentation is limiting. Think of Google docs as an example. As people begin to gravitate toward shared platforms, we become more efficient with both our time and storage space.

Likewise, our understanding of how best to use and store data on the internet is evolving as well.

Blockchain allows for more sophisticated maintenance of information and records. There will be no mistaking whether or not you have the latest version or if some information has been misplaced.

 

What Are the Benefits of Blockchain?

While there are many benefits of using a blockchain style system, there are two highly important ones worth mentioning.

The first benefit is that there is no one single place where information is stored. This also means it has no single point of failure.

Something would have to happen to the millions of computers that have access to the information for it to be lost. It’s highly unlikely that would ever happen.

The second is that no single entity or person has control over inputting or maintaining the information. The information held within blockchain parameters cannot be altered or corrupted easily.

This is, in essence, a public platform, where information can be shared and accessed.

 

What Does All of This Mean for Our Current Credit Scoring System?

We don’t need to get too caught up in the ins and outs of the blockchain system. For now, let’s look at how this technology can change the way we approach credit scores.

Consider that the current (outdated) centralized system in this instance is the bank. The bank has all of your information. If you want to access any of it, you have to go through your bank to retrieve it.

This is the case whether you need the information for a mortgage, a new car, or educational loans.

Once that information is obtained, you then go ahead and pass it on to the party in question. This kind of system means sensitive data passes through many different hands. In this situation, there are multiple moments of vulnerability for the information that keeps your identity—and credit score—protected.

Another problem with this current method is that changes to your credit history are often slow to appear. Quite a bit of trickling down has to happen, to reflect any positive changes you’re making.

Positive changes might have taken place that should be reflected in your credit score. But this isn’t always captured quickly in the information that can be pulled by the bank.

These systems are maintained and passed along by humans. You need to worry about the security of the individual computer networks your information is traveling through. You also need to be concerned about the possibility of human error.

A blockchain system entirely changes how this information is communicated. Data breaches (such as the Equifax hack) can be a thing of the past if we move to Blockchain.

Good credit is one of our most valuable assets. We frequently need to prove our credit history by providing sensitive information. Social security numbers, driver license numbers, passport numbers, and other identifiers are passed back and forth during credit inquiries.

It’s worth repeating that, during the process, we are vulnerable to having information stolen. A traditional system need only have that central computer hacked to gain access or control of information.

Alternatively, a blockchain system requires a hacker gain control of over 50 percent of the network to be successful. It is doubtful to happen—and certainly not without someone noticing.

Using blockchain means credit checks no longer expose or endanger sensitive data. You will have faster, more current results to an inquiry. And at the same time, you won’t be putting your identity at risk of theft.

With blockchain, we can also seamlessly pass information back and forth outside of the existing structures in the United States. In the past, credit histories haven’t been easy to take abroad with you. Moving to a new country could result in needing to start over entirely, regarding establishing your credit.

Blockchain technology allows for a global credit platform. You’ll no longer be confined to a single country, and can take your credit history with you wherever you go. In today’s “global village” of a world, this kind of flexibility is extremely useful.

 

Who Does Blockchain Benefit?

The changes blockchain brings with it can impact everyone. However, some pockets of the population will reap more significant benefits from the transition. Those groups of people are minorities, youth, and those who are underbanked.

In a rapidly changing economic environment, these groups need more help than they ever have before. In recent decades, the entire backdrop for our financial system has experienced upheaval.

The cost of real estate and education are growing much faster than pay rates. Young adults are finding themselves saddled with more financial debt and worry. They have also noticed they aren’t in control of their credit history.

Large credit bureaus, like Equifax, aren’t viewing the average person as their client. Instead, the company sees that person’s information as something to share with other banks and lenders. Far from a client, the person in question becomes a commodity to be used as the firm sees fit.

Moving toward a blockchain system for credit scores will allow people to take back some of the control. Not only can they see and maintain their credit information, but they can also disseminate it as they see fit.

In the post-Equifax environment, two things have become increasingly apparent. The first is that the bulk of our credit information shouldn’t be stored on credit bureau systems. The second is that social security numbers shouldn’t be used as a primary identification tool.

Before the Equifax hack, there was limited interest in moving toward a blockchain credit storing system. There was a strong inclination not to change something that had been working for so long.

The Equifax breach brought home the fact that this system isn’t working quite as well as it was thought to have been. There are, however, still some things that need to be addressed in the blockchain system—speed and expense are both issues. Even so, a future involving blockchain looks mighty bright.

 

The Future of the Credit Scoring System

It’s not likely that the traditional credit scoring system is going to fade out into nothing overnight. The big names in the industry are most likely going to be around for a while to come.

There’s still a lot of work to do with the blockchain platform before we can access all the advantages that come along with it.

It’s promising that this push toward a blockchain credit scoring system can allow for less identity theft. Individuals will have more control over their information and who has access to it.

With some adjustments and improvements, a blockchain system might revitalize our understanding of credit scoring and share entirely.

Keep your eye on the blockchain system and how it continues to evolve. You may be pleasantly surprised by the overhaul our credit scoring system could experience shortly.

 

Guest Post by John Blakely

John Blakely has had a passion for all things personal finance for over a decade. He is a firm believer in having big financial dreams and executing on a plan to realize them. He is an Education Ambassador for ScoreSense, where you can find more of his writings.

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