BITHEMOTH An All-In-One Blockchain Asset Solution.
INTRODUCTION
Blockchain is becoming the cornerstone of modern innovation and has the potential to revolutionize the world. Recognizing this potential, we at Bithemoth have assembled a professional team of budding entrepreneurs and seasoned investors to create an all-encompassing blockchain trading platform. Since cryptocurrency is designed for mainstream adoption, our platform will be a stop-shop for clients that intend to earn huge returns on investment. We will create a user-friendly system that incorporates both traditional markets and the blockchain based assets.Bithemoth Ecosystem will offer the following:
- Fast and intuitive exchange.
- A rich trading platform embedded with digital asset investment opportunities.
- A turnkey ICO Incubator
Bithemoth will refine the way crypto-currencies are traded and will be a key leading innovator in this sector. This platform will incorporate multiple novel features to distinguish itself from existing platforms solidifying itself in the crypto-sphere. Utilizing the diversity of the team we are creating a powerful and robust exchange, which will not only satisfy the needs of traditional stock investors but will also simplify the trading process allowing any person to be part of this technological renaissance.
Team Experience
Members of Bithemoth platform are premium level experts in the financial sector and related fields. Our vision is to build a successful business in this space and to create a solid bridge that will connect the digital asset ecosystem to existing institutions. Blockchain technology will no doubt introduce a paradigm shift in the way businesses is conducted, however, we will leave no stone unturned in the blockchain space when applying basic business ethics to develop users’ applications. According to Dr. Garrick Hileman, during a global cryptocurrency benchmark study at the Cambridge University in 2017, “Cryptocurrency will not be useful when it is at a close vacuum, but with the effort of connecting bridges, it can be used to improve the economy”. We align ourselves with the position of Dr. Garrick that is why we parade top-notch professionals to build these connecting bridges. Bithemoth plans to improve on the existing fintech space rather than starting from the scratch with a view to seamlessly integrate traditional brokerage services into the growing digital asset economy and the proven blockchain platforms.CURRENT ISSUES
The following are a list of common issues that militate against the growth of existing exchange platforms. Bithemoth strives to provide solutions using a user friendly, fast and fully licensed platform to ensure that these issues are mitigated.INITIATION
This first issue we would like to focus on is how cumbersome and tedious it is to sign-up and deposit funds into current exchanges. In some instances, it can take days and even weeks to get verified on an exchange. For most investors, this period of time is extremely stressful and can feel like an eternity with the market continually changing. As we all know, time is of the essence when it comes to investing.
At Bithemoth, we would like to address this issue by streamlining the signup process and providing world class support for investors. This will not only make it easier to sign up but will also reduce the verification time significantly. We leverage on our understanding of time management to mitigate this issue. Investors are guaranteed of a seamless and fast platform for trading.
Poorly Designed U.I’s
Another issue that investors normally have to deal with is the issue of poorly designed UI’s and archaic platforms. Most crypto-trading platforms are usually bogged down with excessive numbers and charts with little to no explanations. This can overwhelm even the most seasoned investors. With this challenge, how will amateur investors learn the ropes to become a professional investor? This question has amicably taken care of with the introduction of our platform.
In order to solve this issue, we are consulting with industry experts from various trading backgrounds to create the most efficient and robust UI that is available on the market. In addition, to completely explain our UI, we will be releasing a series of videos to make sure that everyone using Bithemoth will be able to make full use of all of our unique features.
These videos will go a long way to explain how our features operate, so that amateur investors will learn everything they need to know even without going through a mentorship class.
Platform Speeds
Another germane issue we will look into is the speed of current exchanges. Several investors have been complaining about the snail speed the currency exchanges are fraught with, resulting in huge losses.
In view of the above, we are future-proofing our exchange to ensure scalability and speed. We will achieve these through setting up a strong foundation for the platform to grow. This will ensure that the exchange will be able to maintain efficiency if there were a surge in user registration. In addition, we will also assign a support team that would be charged with the responsibility of resolving users’ queries and complaints within the shortest possible time.
Customer Service
The greatest challenge faced by investors in the crypto-market is the issue of customer service and support. The challenge ranges from unresponsive support teams to rude staff members. From our visibility studies, we discovered that there has never existed an exchange with a world class support team.
At Bithemoth, we place value on the trading experience of investors, which is why we are maintaining a pleasant trading environment. We realized that having a world class support team cannot be overemphasized.
To confront this challenge, we will hire top-class customer service experts to work in our customer service unit. These experts will be adequately trained and certified to handle customers’ queries and complaints. We will make a point of duty to train and retain our customer service team, and the fees will be borne by Bithemoth. This training will align the superior standards of our exchange with the interpersonal skills of our staff members. That’s not all, we will only select the best candidates for the job to reduce the waiting time that users will get a response from us. Once users have reported an issue, our customer care will respond to the complaint as fast as is humanly possible. The trading experience is a priority of the Bithemoth team and we are motivated to assemble the best support team possible.
International & Multilingual Support:
Another major pitfall of current trading platforms is that they lack adequate international support. This centralized some exchanges to certain regions and inhibits them from developing into a global platform. In order to truly make our exchange available world-wide, we are going to utilize the diversity of our team and ensure that the exchange will have support for all major languages. This will earn Bithemoth as one of the most globally accessible exchanges on the market and reduce some of the market variation experienced between different regions.
Security
As an investor, one of the most heightened concerns is the security of an exchange. This is because even though every investor would like to store their funds remotely, it is inevitable that a portion of one’s investments will be located at the exchange due to active trading. While some of the other exchanges seem to overlook the security of their platforms, at Bithemoth, we believe that transparency is the key to the success of any business. In light of this, our platform will run transparently. To ensure the security of our platform, we have deployed high level state-of-the-art security architectures to protect investors’ funds, guaranteeing its safety.
Registration, Licensing, and Regulations (Multiple Jurisdictions)
According to Hileman and Rauchs, the greatest challenges facing current cryptocurrency exchanges is to maintain cordial relationship with traditional financial institutions, payment gateways, and banks. Furthermore, analysis conducted in over 150 companies reveal that small exchanges have difficulties maintaining relationship with financial institutions.
In view of the above, Bithemoth intends to operate as an electronic money institution. For us to run a multi-faceted fintech platform, we will obtain multiple licenses from different jurisdictions with a view to remaining compliant with laws and regulations. Whenever we plan to expand our services to other jurisdictions, we will apply for licenses as required by law to cover our planned services.
Ecosystem
In a bid to operate as a link between traditional finance and the digital asset economy, Bithemoth platform has come up with a simple and conventionally adoptive system. Three major aspects of the digital economy will be simplified by Bithemoth’s diverse ecosystem thus presenting (i) an exchange, (ii) a trading platform, and (iii) a complete ICO Incubator.
A wide range of services that were absent in a single system will be made available as Bithemoth works alongside her partners. New traders can invest in cryptocurrencies with a few clicks on the exchange using our adjustable and user-free environment while, professional investors will conveniently use our trading platform that has been designed with a vigorous tool-set. Bithemoth ecosystem envisions her ability to provide companies with an ICO Incubator that is ready to use and that which supports project development thus, enhancing growth and collaboration.
Bithemoth hopes to offer payment processes for both cryptocurrencies and fiat that are fast and secure by establishing banking relationships that are stable. Bithemoth also plans on implementing and adding to the already existing features, a unique system of rewards for BHM purchasers, and carefully designed custom trading solutions to meet the needs of the digital asset economy.
Direct Payment Process – Cryptocurrency and Fiat Support
Through the securement of specific licenses, eMoney status, and stable banking relationships, we are setting up the infrastructure for direct payment processes that will allow the conversion of fiat to cryptocurrency. Both direct Bithemoth exchange clients and third-party clients such as external companies will have access to this feature and can utilize it as a means of entering the cryptocurrency market.
Trading GUI
Clients can use the matching engine to send for both standard and non-standard order types like Limits, Stops, Markets, Limit-Stop Orders and OCO (One Cancels Others). Using this system, one can also have access to different TIF (Time in Force) options like IOC (Immediate or Cancel), GTC (Good till Cancelled) and FOK (Fill or Kill). A professional grade HTML5 library will enable charting, such that users can customize their layout with a few clients, also they can with ease add multiple periods of time and indicators or price studies. Based on pre-calculated risk to reward settings, clients can use a simple drag and drop interface to place stop and limit orders. From the chart, one click trading will be available to simplify the order enter process and to reduce latency for higher frequency traders. Also, a client will be able to see a graphical representation of their account activity as historical trades. Both filled and pending orders can be plotted on the chart. The design of this platform is such that both a web browser and our own Bithemoth-branded iOS and Android Apps can have access.
Exchange Fee Structure
We plan that any client or taker on the exchange who places orders will pay a commission on all executed orders beginning with a MAXIMUM of 0.10%.
We are also offering free trades for a limited time to users that hold over 100 units of BHM. After this period expires holders of BHM can use it to pay for trading fees at a discount of 50%.
There will be no fee for deposits into our exchange. Minimal to zero fees will be charged for withdrawals depending on the factors involved, such as network fees and other cost inducing processes.
Ecosystem Growth
At Bithemoth, we believe that client enthusiasm, participation and retention can be increased by engaging them on the platform through added opportunities to earn. This will allow for more liquidity within the engine thereby keeping spread low and generating higher overall volumes. We plan on rewarding users for participation in BHM and as the platform develops, the scope of reward activities should change and grow. Upon the release of the Bithemoth platform, users will be rewarded for simply signing up on the platform and creating a wallet, referring friends to the platform, using the exchange for the first time, and completing user feeder forms which will help the team to continuously improve on the platform.
Decentralization and Atomic Pair
Since assets are often held by the exchange on behalf of its client base, cryptocurrency exchanges are generally “semi-centralized.” The move to completely decentralize the exchange mechanism has begun and Bithemoth is directing a proactive approach towards this technology. The team behind Bithemoth sees technology as Cosmos, Polkadot and Aion approaching and understands that going forward, cross chain communication and atomic swaps will be extremely significant. Bithemoth hopes to use time locked smart contracts without third party involvement to complete the transaction to offer atomic swaps like “peer-2-peer secure exchanges.” The smart contract will serve as a timed escrow so that in the event that one party defaults in the transaction, both parties would be protected. This exchange mechanism is designed such that it will carry nearly zero fees from our side as this will be for clients who are trading smaller volumes and those that do not require immediate execution.
BITHEMOTH FUNDAMENTALS OVERVIEW
ICO IncubatorGiving vetted ICOs access to transparent and secure funding rounds is Bithemoth’s aim in creating a powerful turnkey ICO incubator. The team of senior engineers at Bithemoth will formally examine all aspects of token sale proposals including idea novelty, project feasibility, legal compliance and financial justification. The approved projects will have access to Bithemoth’s complete ICO incubator system and a dedicated support team. This will provide a base for blockchain and tech start-ups to grow off of and launch their business. This will also provide our users with special opportunities to have early access to invest in promising new projects.
Companies in our incubator will be able to issue tokens and ICO contracts using input parameters through our proposed system. Any token issued through Bithemoth will be liquid and tradable on the Bithemoth exchange using the token sale. Automatic smart contract mechanisms that are capable of creating smart contracts and deploying them on the NEO, NEM and Ethereum blockchains will also be offered on the ICO incubator.
Easy DAO Registration
Bithemoth’s ecosystem aims to allow projects to register and use their business as a specialized smart contract or Mosaic on the NEO, NEM or Ethereum blockchain. This will allow users to without the explicit need of a “paper corporation” formalize their business transactions.
Fiat and Cryptocurrency Deposits
We are expectant that Bithemoth’s planned infrastructure and banking relationships will enable cryptocurrency and fiat deposit on one platform. We intend that users will be able to make deposits using a wide range of channels like local bank deposit, E-wallet, credit card, SWIFT transfer, SEPA transfer and multiple cryptocurrencies.
Bithemoth Exchange clients will be able to deposit and withdraw both fiat currencies and cryptocurrencies. Bithemoth will create a reliable, scalable and secure deposit and withdrawal system. The option to convert fiat currencies into cryptocurrencies, and vice-versa, in large quantities will be a game changer for the community and a gateway to reaching new highs.
Smart Contracts
On the NEO, NEM and ETH blockchains, smart contracts and digital tokens are easily issuable through Bithemoth’s planned system interface. Upon the evolution of new blockchain innovations, there is potential to integrate new platforms and features into Bithemoth’s ecosystem. Users of smart contracts are provided with automated, low-fee transactions which provide a higher level of security than relying on standard localized databases. All smart contracts related to live trading will be created or written post-trade to reduce latency. Subsequently, we will explore writing all trade data in real time inside a distributed ledger as blockchain technology becomes faster. With smart contracts, the management of approved workflows between counter-parties, and the calculation of trading settlement accounts with higher accuracy as opposed to standard database technology becomes achievable.
Quick to Market
The Bithemoth ecosystem hopes to foster innovations through its vetting process and token interface by providing the needed infrastructure and tools for projects to get support, gather funds and launch a stable platform. Following the token sale, tokens issued through Bithemoth will be liquid and tradable immediately on the exchange.
White Labeling Opportunities
Through our token sale platform, Bithemoth looks forward to creating unique white labeling opportunities for enterprise clients. Clients will be able to offer crypto and fiat payments to their own user-base and token sale participants by white labeling our digital wallet and portal set-up. Token users on Bithemoth will be able to create and customize their own backend while taking advantage of tools such as easy token issuance made available by our larger ecosystem architecture. Tokens will be tradable immediately on the main exchange when initial token sales ends with the provision of adding the token to one or more of our curated ETCF baskets for more liquidity.
Bithemoth Coin (BHM)
Bithemoth Coin (BHM) will be the token coin that we will issue. There will be a maximum amount of 200 000 000(two hundred million) coins that will be created. We do not intend to increase it further. BHM is modeled and will run using the Ethereum blockchain with ERC 20. This will ensure the safety and security of the token in the long-term.
Allocation
Presale Schedule
ICO Schedule
Once our ICO commences, investors shall be invited to purchase BHM tokens until the 90,000,000 tokens that we have set aside have been sold. The purchasing schedule will work on an incremental basis that will reward buyers that purchase BHM token during the early stages of our ICO.
Investors that purchase BHM via our ICO will receive their tokens within and no later than 7 working days.
BHM Value
You will be able to utilize your BHM coins to pay for any fees on our exchange platform. This will include exchange fees, withdrawal fees, listing fees etc.
There will be specific discount incentives that we will be introduced for the initial promotion of BHM usage on our exchange; this will be effective immediately but limited to a period of 5-years.
Repurchasing Plan
Quarterly, our BHM team will use a portion of ours profits to exercise a buy back on BHM tokens that will be destroyed. This will continue until 50% of the entire BHM coin amount has been destroyed, leaving (100 000 000) coins in circulation.
Long Term Stability of BHM
Several ERC20 tokens spend a lot of time emphasizing on speculation instead of dwelling on utility. Bithemoth will not encourage this practice. For many ERC20 token, the prices depend on demand and supply. In order for users to obtain coin, Bithemoth will help reduce volatility by creating a three step approach as detailed below;
►The creation of a token buyback reserve which will be funded by 20% of Bithemoth’s profit. We intend to use this reserve to stabilize the our coin as needed. Depending on the underlying demand, coin bought back by Bithemoth will be sold with a view to facilitating liquidity on both sides of buying and selling. It is pertinent to mention here that the net profit is not the sum collected through the pre-token or token sale, rather it is the net operating profit when we fully launch our platform. The use of the net profit is at our discretion. Users do not have the right to decide how the token buyback will be reserve. It is also subject to financial regulations and legal requirements. It is pretty difficult for us to determine the size of this reserve before launching the initial token sale. Our projections are based on capitalization, market size, and speculation as a result of data from competitors as well as general market research. In view of the above, we will focus the first year to establish the brand as well as fostering growth. Then, proceed from there to develop the company and all of its tech associated branches and platforms.
►We plan that all fees accruable to Bithemoth through our investment vehicle, ICO related services, on our exchange, and through the ICO Incubator gateway shall be paid in BHM.
◈Due to Bithemoth’s services, the demand of BHM will definitely rise. The rise in demand will cause the value of BHM to increase. Whenever a service is paid for on our platform, whether it is BTC, USD, ETH, or other currencies, an equivalent amount of BHM shall be paid via our exchange to take care of the fees. Hence, our exchange platform will always be active. Whenever there are no sell orders to support conversions, our liquidity reserve’s resting BHM will be deployed at a price equivalent to the market value.
◈For us to create a value proposition that will stand the taste of time, our plan is to burn 1%, 5%, 10%, and 33% of each fee payment. As the platform grows, the BHM availability will decrease, resulting into a reduction in supply and thereby helping the BHM to be competitive.
►We plan that token holders will be offered discounts subject to their total BHM holdings. What this means is that, the more BHM they hold, they more discount they will enjoy. This incentive will spur users to buy and hold more BHM.
◈Note: The discount mentioned above is part and partial to the discount offered during BHM pre-sale and main sale.
Bonus Structure for Pre-Token Sale and Token Sale Participants
Pre-sale token participants will receive tiered discounts on the price of BHM depending on entry time. The discount will reduce as more tokens are sold. The practice with other exchanges is that they offer larger discounts to private investors even before the ICO pre-sale and main sale goes live. Bithemoth is applying a paradigm shift in this regard by offering the discount to everybody on its platform rather than to some select private investors.
► We strive to create a token buyback reserve that would be funded with 20% of the net revenues accruable to us with a view to adding liquidity to bolster the market.
►It is our intention that investors will have the opportunity to receive invitations and enjoy exclusive opportunity during our future token sales.
Risk Disclaimer
For us to move our platform into its operational stage, 5 million EUR, which is our minimum sale target, must be achieved.
Cryptocurrency investors should be aware that there are inherent risks associated with any developing industry. At Bithemoth, we strive to minimize these risks through proactive measures and utilizing key channels of support.
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Author: Hoangbinmcc
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