Mining is what has allowed blockchain systems like BitMax to remain as decentralized as they are. Mining makes sure every transaction and every process is as fair and transparent as the next while also keeping the network not only stable in terms of liquidity but secure too.
With BitMax, miners are basically supposed to validate any new transactions and add them to the global ledger, through 'Proof-of-work' - they try and solve a complex math puzzle based on a cryptographic hash algorithm. If they succeed they are rewarded in terms of transaction fees with BTMX tokens worth 100% of the allowed transaction fees set aside for that user. So, for instance if i generated a transaction fee of 1 million and the market price of on BTMX is 1 euro, I’d be eligible to incentives worth 1 million BTMX which is super generous.
It's 1st November 2018, meaning BitMax just released the first version of the platform that will oversee all its transaction mining activities. Any user that has passed the KYC procedure - with an account on BitMax is encouraged to participate for an opportunity to earn not only BTMX but also tether (USDT) for themselves.
A total of 10,000,000,000 will be set aside for transaction mining activities. With 4,900,000,000 already pre-distributed. The remaining 5,100,000,000 will be distributed gradually to boost daily participation.
The program will be spilt into two types of trading modes: Mining and Reverse-mining and Two types of Miners: The Taker and the Maker. The maker is the user that will be adding liquidity and depth back to the market, this is because he or she will place an order that doesn't fill immediately and sit on their order book waiting to be matched whereas the Taker will place a market or stop order for example before getting on the order book thus taking away the market's liquidity.
With regards to Mining which is self-explanatory, users will take part in mining on the platform in exchange for BTMX as a reward - in that the transaction fee collected from users will be equal to the BTMX's mining output as opposed to Reverse-Mining where BitMax.io will pay out a transaction fee to a user in exchange for an equal value of BTMX that the user holds in his or her account, in this scenario the reverse-mining quantity is equal to the transaction fee paid to the user. Takers can only participate in Mining and Regular Trading modes while whereas makers can participate in mining, reverse-mining and regular trading.
As part of the participation reward program, users will have a chance at the total 10,000 USDT set aside for the reward pool. Users will be rewarded with anything from 5 to 50 USDTs for bug identification or removal and for making any rule-based suggestions that are ultimately accepted by the platform. To earn 20 to 200 USDTs users would need to submit a conclusive testing report. This report should include observations on registration on the site, the setup and selection of trading modes like mining and reverse mining, how easy it is to buy, sell and cancel functions and how reliable, stable or accurate the API connection is.
Other than this there will also be a referral reward program to encourage users to invite users to participate in trading activities, with referrers getting up to 20% of the BTMX tokens the invitee mines out and 20% of their transaction fee if the invitee participates in regular trading mode. The best part is all the referral rewards will be posted to user's accounts on an hourly basis.
You can check out the test environment here - Transaction Mining. Please note that because this is just a test environment, none of your previous user data has been transferred to it, so to participate you would need to sign up and register afresh. Withdrawal and Deposit functionalities have also been disabled by default because no real tokens are used.
In addition to ETH, XRP, ZRX, BCH, BAT, LTC, EOS, ELF, ETC, ZIL LBA and IOST, BitMax just added Project Lambda (LAMB) to the primary listing. Lambda is one of the leading blockchain based infinitely scalable data storage solution and BitMax users will have a front seat opportunity of trading with its ticker.
BitMax.io has also partnered with Bitcloud.pro, Giotus and Beshare to expand its strategic interests. For extra information, give these links a shot:
For English Speakers
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For Chinese speakers
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BitMax on WeChat
Customer Support on Telegram
If you have more inquiries, feel free to contact the BitMax directly on this line - [email protected]
You can also read the company's whitepaper here
Thank you for reading.
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Rhinoboy11
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