BitMax.io will release 10% of the private sales proportion (90,000,000 BTMX) at 10:11 p.m. EST on Nov 10, 2018. Released BTMX will be distributed and posted to the users’ accounts.
Moreover, BitMax.io platform token BTMX will be ready for trading under new trading pairs of BTMX/BTC and BTMX/USDT. We have put together six key concepts about Mining and Reverse-Mining. Hope this will be helpful!
1. The limit of 10 billion BTMX utility tokens is strictly imposed without any further increase. 49% (4.9 billion) of total issuance, pre-distribution part, will be unlocked along the transaction mining; while 51% (5.1 billion) will be gradually released and distributed to incentivize users for daily participation in transaction mining.
2.
Mining: Process of the user paying certain transaction fee and receiving equivalent market value of BTMX as reward on hourly basis.
3.
Reverse-Mining: Process of user getting rebates by executing Maker trades and the equivalent market value of BTMX tokens being deducted from user account in real time. Those deducted tokens are subject to permanent lock-up.
Note: Buy and sell order of BTMX are excluded from participation in the Mining and Reverse-Mining modes. For ERC20 token trading pairs user cannot participate in Mining.
4.
Mining rate management: Fee variable is used to adjust the rates of Mining and Reverse-Mining every ten-minute.
5.
Platform Data Usage Fee:Every day, the platform will set aside 80% of net transaction fee revenue for Data Usage Fee Pool (“the Pool”) and distribute back to token holders 1/180 of the Pool balance at UTC 00:00 (EXCLUDING pending released BTMX and BTMX in permanent lock-up)
6.
BTMX Large-Sell Order Lock-up:The limit for Daily Net Sale of BTMX (EXCLUDING the return of BTMX from Reserve Mining trading mode) is set at 300,000 BTMX tokens while the hard cap is 600,000 BTMX. The sell of every single BTMX token above the limit (300,000 BTMX) will result in three BTMX tokens being lock-up for 30 days. During the 30-day lock-up period, 1/30 of the lock-up amount will be released on daily basis. Any account transfer-out of BTMX and any open sell order of BTMX will all be factored in the Daily Net Sale of BTMX.
Key Takeaways: * Reverse-Mining allows users to get rebates while sell BTMX at equivalent market value or higher (taking referral rewards into consideration), hence mitigating the selling pressure on the market. Moreover, it can enhance trading liquidity on the platform. Solid market liquidity is one of the key differentiators for any exchanges.
* Steady distribution of platform data usage fee on daily basis will increase stickiness of the platform and lead to more stable return for users holding BTMX in the longer term. Therefore, BTMX price will neither spike up in the initial launch due to high return of data usage fee nor plunge in the late stage because of decreasing return.
* To protect the interests of retail investors, large-sell order lock-up rule is implemented to reduce the possibility of sudden influx of tokens on the secondary market and help maintaining BTMX price relatively stable.
This is all about the 6 key concepts for BitMax.io Transaction Mining & Reverse Mining. Let me know if you have more questions!
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[email protected]Note: I am not a part of the BitMax team and am not a point of contact for this project. For any questions related to the project, kindly contact the team members via TELEGRAM.
