Bitsmo aims to become the all-you-need in the cryptocurrency world platform. The main focus is put on connecting various popular exchanges together to provide the best trading pairs and prices, which allows traders to maximize their profits and benefit from trading strategies like margin or arbitrage trading. Moreover, they want to enable almost instant transactions so that the trader can take advantage of even the littlest price changes.
The Current Problem
Bitsmo has noticed a multiple issues when it comes to current crypto exchanging scene. First of all, many of the exchanges lack proper regulation and are not able to provide fiat trading pairs. Many new users who get into the cryptocurrency world don’t know how to buy their first coins, which slows downs the potential acceleration of the market. Also the fact that the exchanges don’t offer customer help puts of many beginners who often come across problems connected with the lack of knowledge about cryptocurrencies or they may have experienced complication due to the malfunction of the platform.
Another thing is that many major cryptocurrencies find it difficult to ensure good market liquidity, which is caused by lack of dynamic order book trading. However, one of the most important aspects is the security of the platform. Once in a while we can hear a news that an exchange has been hacked and coins worth millions of dollars were stolen.
One of the interesting features of the platform, making it stand out from other decentralized competition in that field, is the fact that it connects more than 30 popular cryptocurrency exchanges, allowing users to access trading pairs and prices from all of them. Such variety of choice is of course beneficial for the trader as he can easily choose the best prices and use price changes between exchanges to his favour.
The problem of liquidity is solved thanks to the connection with multiple popular exchanges offering active order books from launch, leading to increased volume.
It’s also worth noting that Bitsmo exchange is going to be fully regulated and include KYC and AML. Moreover, Bitsmo claims to have crypto-friendly banking institutions, which can take care of fiat transfers, meaning the exchange can fully operate on regular dollars instead of tether for example.
When it comes to transaction speed, Bitsmo claims to be able to process about 10,000,000 transactions per second, which can lead to incredible fast order matching, opening up possibilities for usage of trading bots and special systems.
They use Modulus’ latests technological advancements, which allegedly make it almost impossible for the user to lose his funds due to fraudulent activities. It prevents any harmful attacks from SQL injections. Moreover, Bitsmo has a a partnership with BITGO, which provides highest security solutions for keeping the data safe both internally and externally. The whitepapers state that there is even integration of protection solutions used by NSA, CIA or NASA, however this aspect isn’t described with details.
There are also standard measures taken like cold-wallets or two factor authentication for example.
BTSM is an ERC-20 token with the total supply of 200 million. It will be used within the platform to pay for transactions fees with a significant discounts. Moreover, users will be able to earn as a rewards in form of bonuses.
The Initial Coin Offering apart from being a convenient way to raising funds to properly develop the project, is also used as an advertisement and opportunity to bring new users to the platform and also allow them to get the tokens at a significantly cheaper rate than they are going to be worth later in the project. The token sale runs from 25th of July to October, 14th. It is divided into rounds which offer different token prices. The earlier one decided to buy, the cheaper the tokens are, starting at $0.15 per BTSM.
The team behind Bitsmo is relatively small, however it has an extension in the form of advisory board. The CEO of the project has previously worked with companies such as Gap, Inc, Cost Plus World Market or Warner Bros. Studios. They have an IT Architect and Blockchain Developer to take care of the technical side of the platform. There is also a marketing team to assure the success of token sale and to gather a community of users for the launch of the platform. Modulus is of course a strategic technical partner.
The overall preparation of the project seems to be at a quite high level with the site and promotional material being designed very well. It is easy to research any information and the whitepapers easily explain the main features of the project. When it comes to the offered features, the competition in the cryptocurrency exchange market is very tough, there are lots of decentralized exchanges being create every now and then, and there are few leading ones, which are quite well established on the market. However, if Bitsmo manages to deliver the promised solutions and will connect all of the exchanges in this one big project, they may become the preferred choice of traders.
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