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.
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.
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.
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.