Blockonix is a “trustless” exchange ecosystem developed on the blockchain smart contract architecture to deliver a world-class cryptocurrency exchange and trading experience to its users with security and usually being our main critical design standpoints. Blockonix is a highly decentralized platform completely run through smart contracts.
There are recent advancements made in evolving Blockonix cryptocurrency exchange. Them being:
- The advances of smart contracts in reinforces security in a trustless blockchain platform hence Blockonix system is 100% smart contract based.
- No single entity or group of persons owns the Blockonix Exchange Ecosystem meaning transaction processing is automated in a highly secure decentralized environment.
- This decentralized environment is cryptographically encrypted to run on client nodes thus privacy can never be compromised while using the Blockonix exchange.
Some of the major factors that make Blockonix Exchange standout among the hundreds of cryptocurrency exchange currency sprouting out are:
- Trading fee:
Blockonix will charge 0.1% flat transaction fee for all trades if the fee is paid in Ethers.
- Trading fee discount:
If a user is paying in BDT tokens, Blockonix offers 70% flat discount (regardless of the year). We earlier announced to lower the discount every year, but now it will remain 50% for every year.
- Community + Referral fund:
1513812.5 Tokens remain in the community and referral fund of Blockonix.
- New Token Listing
The trading fee collected in ETH:
Blockonix will charge 0.1% flat transaction fee for all trades if the fee is paid in Ethers. We all know that for a platform to run efficiently and remain reliable to Its users some kind of fees should be charged from every transaction so as the system could pay for its own maintenance while continuing to operate efficiently. However, some exchange platforms have raised these fees to a level that causes a significant reduction in the premium amount being transacted.
At Blockonix this is not the case where a small flat fee of just 0.1% payable in Ethereum. This simply means that a user with a transaction order worth $100 will only be charged $0.1 or 10 cents in transactions fee which is pretty low compared to the average fees the other exchange platform charge. Blockonix has developed the right technology which enables it to significantly cut down our operational cost while keeping our system at the top level in terms of security and functionality. Charging little to offer a very complex service which demands constant monitoring to enforce maximum security. And all the fees paid in Ethers will be collected in an Ethereum Smart Contract address (Blockonix Community Contract Address) which remains public.
Every day at a particular Ethereum Block, the Ethereum smart contract places a buy order (of the entire ETH balance collected as fees) in the BDT/ETH pair, above the best offer order. This is a BDT token automatic buyback. The BDT tokens collected from this buyback trades are then permanently burned by sending them to a burn address. In this regard, the fees charged will be used to increase the value of BDT tokens, which is the native cryptocurrency token of Blockonix by creating a scarcity.
The trading fee collected in BDT:
If a user is paying in BDT tokens, Blockonix offers 70% flat discount (regardless of the year). For users who will be paying the 0.1% of transaction volume charged as fees through our native BDT tokens, an additional 70% discount will be automatically awarded. This means that for a $100 trade which normally attracts $0.1 fee via Ethereum will only attract a $0.03 fee if paid using native BDT tokens.
All fees collected whether through BDT will be destroyed by sending the balances to a burn addresses which will never be retrieved. Earlier Blockonix stated the 50% discount on fees for trades ordered through BDT token would reduce every year, but maintains the 70% discount on fees for BDT transactions indefinitely.
About 1,513,812.5 tokens will remain in the community and referral fund of Blockonix. These community funds are held in an Ethereum Smart Contract Address which can be purchased at a flat price of 300 BDT tokens for every Ether. The purchased can be made by sending Ethereum of the required amount as calculated from the rate of 100 BDT per 1 ETH (changed on the demand of the community) to the community fund address. The ETH collected are then used to buy back BDT from the BDT/ETH pair.
New Token Listing:
For individuals or entities who wish to list their tokens on the Blockonix platform. A background check is conducted on the new token to make sure it meets all standard requirements of a cryptocurrency token. In the background check a legal opinion document from a professional lawyer representing the issuer of the new tokens is required. The document must clearly state that the new token is not a security in the same jurisdiction from which it was issued.
After all, the background check and relevant document are attained, the issuer of the new token requesting for a listing position at Blockonix will be required to pay a fee of 3000 BDT or an equivalent of 10 ETH.
As earlier stated, the fees of 3000 BDT or its equivalent of 10 ETH paid for listing a new coin on the Blockonix platform will be destroyed by converting the ETH to BDT through an automated buyback procedure executed as explained before then sending the entire balance to a burn address. The balances in the burned address are permanently destroyed meaning it can never be retrieved thus enforcing a scarcity which will allow BDT to grow in value.
Highlights of Blockonix Platform:
- Transaction fee earned in ETH(100%) will be used to buy back BDT, the exchange earns 0%.
- Transactions earned in BDT(100%) are burned, increasing token scarcity every day .
- 70% indefinite discount on transaction fee will be paid via BDT token.
- 100% ETH fee will be charged to list new tokens are used to buy back BDT tokens.
- 100% of BDT fee will be charged to list new tokens are burned permanently.