A deeper look into the best-decentralized cryptocurrency exchange, Blockonix.
Decentralization of exchanges
Decentralization is the key to the functioning of the cryptocurrency ecosystem. The decentralized exchanges are absolutely global unlike the Centralised one, which is restricted to some countries only. Although the decentralized exchanges do not support the Fiat currencies, it is the best suited for all kinds of cryptocurrencies.
Blockonix is based on the Ethereum platform and completely run by a collection of smart contracts. The users of Blockonix have the facility to trade cryptocurrencies of their choice without the intervention or control of any of the developers or the team members of the exchange. In simple words, the user is the only person who is in the complete control of his funds. Privacy is one of the major concern and is not at all compromised in case of Blockonix. The whole system runs on the Distributed Smart contract environment.
The users of Blockonix exchange avail a world-class facility through the user experience provided by the Exchange. Blockonix never poses any forms of restrictions on its customers and it is evident from the fact that there absolutely no minimum limit for withdrawal of cryptocurrencies. Each transaction is powered by Gas, which the users attached to the transactions as a transaction fee. The users have the control to set the gas price for each transaction. On the contrary, the users can also attach higher gas amount to prioritize their transactions for faster confirmations in the network.
0.03% Transaction Fee
You read it right. Trading fee on Blockonix is only 0.03%. This fee is collected in Ether or BDT, apart from the gas price. This collected Ether or BDT is not the exchange’s profit. Rather 100% of the fee collected is used to buy back and burn BDT, decreasing the total supply of the native token, whose use is to avail 70% discount on the trading fee on Blockonix.
How does it happen?
The trading fee which is collected in the form of Ether is converted to BDT at the end of each day through buying order placed by the automatic execution of a smart contract. The converted BDT tokens are then sent to a burn address which completely destroys the tokens. This helps Blockonix by increasing the native value of their tokens. These tokens, once burnt can never be retrieved.
It is worth mentioning that Blockonix is offering a flat 70% discount on all the transactions done with BDT tokens. With higher transaction fees, in case of various Centralised exchanges such as Coinbase, Binance, Huobi, etc., Blockonix is here to democratize the usage of Cryptocurrencies, by cutting the transaction fees as much as possible. It is known that no other decentralized or Centralised platforms are currently offering such discounts on trading fee, thereby rendering Blockonix to become the world’s cheapest Decentralized exchange.
The original vision of Satoshi Nakamoto was to develop a decentralized and globalized financial economy, but due to the centralized nature of the cryptocurrency exchanges, this vision was left incomplete. Hence, Blockonix is taking forward the legacy to decentralize the cryptocurrency industry as a whole.