We are excited to announce the recent advancements made in evolving Blockonix cryptocurrency exchange to highly decentralized platform that is completely run through smart contracts. 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.
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.
Let’s go systematically on some of the major factors that make Blockonix Exchange standout among the hundreds of cryptocurrency exchange currency sprouting out. At Blockonix we acknowledge the advances of smart contracts in reinforcing security in a trustless blockchain platform hence our system is 100% smart contract based.
We will cover these basic points:
A. Trading fee - Blockonix will charge 0.1% flat transaction fee for all trades, if the fee is paid in Ethers.
Where does this fee fund go and get collected and how is it used?
B. 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.
Where do these BDT tokens get collected and how are they used?
C. Community + Referral fund - 1513812.5 Tokens remain in the community and referral fund of Blockonix. How are these funds used?
D. New Token Listing - If the exchange is truly decentralized, how are new tokens listed on the platform? What fee is charged, where is these funds stored and how are they used?
1.1 Trading fee collected in ETH
Blockonix will charge 0.1% flat transaction fee for all trades, if the fee is paid in Ethers. Where does this fee fund go and get collected and how is it used?
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 significant reduction in the premium amount being transacted.
At Blockonix we understand the urgency and need of user transactions reason why we have introduced a small flat fee of just 0.1% payable in Ethereum. This simply mean 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.
Some of you would begin to question yourself why we are charging so little to offer a very complex service which demands constant monitoring to enforce maximum security. We have developed the right technology which enable us to significantly cut down our operational cost while keeping our system at the top level in terms of security and functionality.
On the other hand, all 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, this 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, our native cryptocurrency token of Blockonix by creating a scarcity.
1.2 Trading fee collected in BDT
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. Where do these BDT tokens get collected and how are they used?
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 our native BDT tokens.
All fees collected whether through BDT will be destroyed by sending the balances to a burn addresses which will never by retrieved. Earlier on we stated the 50% discount on fees for trades ordered through BDT token would reduce every year, but we would like to with draw this statement since we are maintaining the 70% discount on fees for BDT transactions indefinitely.
2. Community Fund
1513812.5 Tokens remain in the community and referral fund of Blockonix. How are these funds used?
About 1,513,812.5 tokens will remain in the community and referral fund of Blockonix. These community fund are held in a 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.
How will the ETH collected by community fund used?
The ETH collected are used to buy back BDT from the BDT/ETH pair.
Referring to 1.1:
Every day at a particular Ethereum Block, this ethereum contract places a buy order (of the entire ETH balance) in the BDT/ETH pair, above the best offer order. This is a BDT token automatic buyback. The BDT tokens collected with this trade are permanently burned. These tokens are directly sent to the burn address. This will ensure the value of BDT token steadily increases.
3. New Token Listing
If the exchange is truly decentralized, how are new tokens listed on the platform? What fee is charged, where is these funds stored and how are they used?
For individuals or entities wishing to list their tokens on the Blockonix platform we shall conduct a background check on the new token to make sure it meets all standard requirements of a cryptocurrency token. Among the background check we shall require a legal opinion document from a professional lawyer representing the issuer of the new tokens. 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 is 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 on 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 buy back 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.
Here are the complete highlights:
For more enquiries or any other questions regarding the operation of Blockonix exchange and trading platform be at liberty to contact us directly through the following links.
submit a request here https://support.blockonix.com/hc/en-us/requests/new
Link to telegram: https://t.me/blockonix