Bibox Token (BIX) is the official token of Bibox, one of the largest cryptocurrency exchanges in Asia. The first BIX tokens were issued in December 2017 after Bibox completed its ICO phase. BIX runs natively on Ethereum using the ERC20 token standard.
Advantages of Using BIX on Bibox
BIX’s main purpose is to pay for various fees on Bibox, such as withdrawal fees, listing fees, and exchange fees. To incentivize its adoption, Bibox gives BIX holders several perks on the exchange:
Transaction fee discounts – Users who pay transaction fees using BIX will get a 50% discount during the first year after the token is officially launched. The discount rate will be halved every year for the next four years and will be 0% by the fifth year and afterward.
VIP status – BIX holders are upgraded to VIP status and their asset calculation gets a 1.5x upgrade. The project’s white paper wasn’t clear on what that meant.
Early access to new applications – BIX holders gain early access to new applications on the exchange without having to pay any fees.
Portion of Bibox’s profits – Holding BIX and trading on Bibox at least once a week entitles holders to a portion of the platform’s dividends for that week. You can calculate how much your reward will be at BiboxTokens.com.
To protect BIX from volatility and increase demand, Bibox will buy back a portion of the tokens every quarter using 25% of its net profit during the same period. The buy back will continue until the circulating supply reaches 200 million BIX.
About Bibox Exchange
Bibox incorporates proprietary AI technology with the traditional functions of a token exchange to provide users with an exchange that’s stable and easy to trade on. The exchange was established in China in 2017 and has quickly grown to become one of the top 10 crypto exchanges in the world.
The platform uses an advanced distributed cluster system to ensure it can handle more than 10 million trading users with a very small error margin. Bibox can match millions of trades per second, which significantly shortens the execution time for individual trades.
Bibox has the following features:
Standardized listing and delisting – Bibox evaluates every token with assistance from the platform’s AI technology and decides which token to list on the exchange based on the evaluated result. Only high quality digital assets are listed on the exchange, eliminating potential scam coins. Bibox’s mission is to provide investors with an exchange that is transparent, neutral, and fair.
Variety of coins and pricing options – Bibox lists a variety of tokens, including BTC, ETH, ETC, NEO, and XRP, as well as several ERC20 tokens. Tokens will be priced in BTC during the early stages, but the exchange will support CNY, EUR, JPY, HKD, and other fiat currencies in the future.
Leverage and contract trade – In addition to spot trading, Bibox also providers leverage trading, security lending, and contract trading. Investors can make long-term or short-term trading contracts with Bibox that are priced and cleared in BTC.
Embedded professional trading strategies – Bibox’s AI technology provides users with a trading assistant that uses quantitative algorithms to automate trade orders. The trading assistant can trigger orders when the market price for an asset reaches a preset price, split a large order into smaller orders at a preset price to prevent negative market impact, and initiate a profit/loss trigger when a preset order price is hit.
AI risk control system – Bibox’s AI can detect when there is risk associated with a user’s trading behavior to maximize security for investors and the exchange itself.
API for professional investors – Bibox provides investors who trade in large volumes with a stable and efficient API (RESTful, WebSocket, or FIX protocols).
Multi-terminal support – Bibox has trading terminal on the web, iOS/Android, PC, and the WeChat application.
Decentralized trading – Bibox is a decentralized exchange and every investor is treated as a single point in a distributed multi-point system. Investors can make digital transactions with other users without restriction.
Bibox Token vs. Other Exchange Tokens
BIX isn’t the only exchange to issue a native token as a kind of blockchain-based loyalty point system. KuCoin Shares (KCS), Binance Coin (BNB), and Huobi Token (HT) all serve a similar purpose. However, competition in the space likely won’t affect Bibox Token because it is unique to Bibox and only brings value to the platform’s users.
BIX Token Volume, Pricing, and Market Cap
The total supply of BIX was initially capped at 500,000,000 tokens, but all excess tokens that weren’t sold during the ICO were burned and removed from circulation. Just over 100 million tokens are already in circulation. The tokens are distributed as follows:
– 55% (275 million) was to be sold during the ICO, but only 131,520,349 tokens were sold*
– 35% (175 million) is set aside for the Bibox team
– 10% (50 million) is set aside for angel investments
*Unsold tokens from the ICO were burned.
BIX joined the market at ~$0.56 USD in December 2017. Its price rose to reach an all-time high of ~$3.70 USD during the crypto hype of January 2018. It has since fallen, but it hasn’t gone back to pre-2018 prices.
Buying, Storing and Selling BIX
Since BIX tokens are meant to be used for fees on Bibox, it can be acquired directly from Bibox exchange. It is, however, also listed on Huobi.
BIX is an ERC20 token, which means it can be stored on any Ethereum wallet that supports the standard. The most popular storage options include Parity, Mist, MyEtherWallet (MEW), Jaxx, MetaMask, and Exodus. Hardware wallet options like the Ledger Nano S and Trezor should also work as well. BIX’s token contract address can be found here.
Liquidity of BIX
BIX has good market liquidity. It is showing stable growth likely because it is backed by a crypto exchange with a high daily trading volume. Its growth is similar to Huobi Token and Binance Coin, which are now valued at ~$120 million USD and ~$1.1 billion USD respectively. BIX will have a promising future if it manages to follow suit. It’s an asset worth watching.