BitScreener: a cryptocurrency trading information platform
There are more than two thousand cryptocurrencies in existence, with new ones appearing or disappearing every day. Keeping track of all of them and their respective value vis-a-vis each other and fiat would be an impossible task even for a veteran cryptocurrency trader, let alone new arrivals to the market. And yet, constantly monitoring new developments is essential for anyone who wants to earn money by trading – whether on the ordinary stock market or on cryptocurrency exchanges.
Filling this gap is the main function of financial data platforms. But their performance of this function tends to leave much to be desired. Market information can be manipulated and distorted in any number of ways, both maliciously and unintentionally. Bias and conflicts of interest abound, a situation that is worsened by lack of transparency. Also, data is often presented in an untimely manner or in a hard to read fashion, undermining its usefulness.
BitScreener is an already established financial data service in the cryptocurrency world, but its team does not want to stop there. It wishes to take its services to a new level by adapting blockchain technology and crowdsourcing methods to provide a higher-quality information and content platform for traders.
How will the upgraded BitScreener platform work?
The BitScreener app and website already provide detailed up-to-date information on all currently traded cryptocurrencies and their value, as well as information about ICOs and a cryptocurrency newsfeed. The trading data is harvested by a data collector from over a hundred cryptocurrency exchanges. It can be filtered by many different criteria with a sophisticated screening tool and presented in a variety of charts, allowing users to customise the output according to their needs and preferences. The BitScreener team plans to expand this subsystem further, primarily by adding equivalent trading information for stocks to aid in the integration of cryptocurrency and fiat trading.
However, the main focus of the upgrade will be on a new content subsystem. It amounts to a crypto industry social media platform, where anyone will be able to post, read or vote on new content. Every post will be vetted, first by a Content Verifier module that will ensure the content is original and then by reviewers selected out of a pool of willing users on the basis of their credentials in connection to the topic at hand. Published articles will be added to the personalised feeds of users according to their interests.
A somewhat complicated system of token awards will be used to incentivise the creation of high quality content. BitScreener Points (BSP) will be paid out to all content authors, including those whose articles are rejected, though in the event of acceptance the author will receive a larger reward, as will the reviewers. In the event of plagiarism, the original author will be rewarded instead (if possible). Upvotes on the article after it is published will be rewarded as well. Once the user accumulates a sufficient amount of BSP (and holds on to it for a sufficient period), it will be automatically converted to BitScreener Tokens (BITX) using a smart contract. BITX could then be used to acquire premium services, including both those currently available for fiat money on the app (such as special notifications) and others that could be added on the platform later, like expert advice.
What are BitScreener's competitive advantages?
BitScreener's main advantage is that much of its product already exists and has found a great deal of success. After launching in 2017, it has gathered an active audience of over a million users, who will form the starting userbase for the expanded platform. A key selling point of the BitScreener app is its accessibility for new users and its degree of customisation, ensuring that it will be of interest to novice and veteran traders alike. By integrating stock trading information, BitScreener attempts to cash in on the trend of growing interest of fiat traders in cryptocurrencies – a trend that is likely to remain relevant for some time. This would also attract still more members to its new content community.
There is a considerable synergy between the data and content subsystems. Enthusiasm is a defining feature of the crypto industry, and harnessing that enthusiasm to generate content is a fundamentally sound concept. Cryptocurrency traders are likely to be both well-informed and opinionated about the present and the future of the industry. A system of incentives would encourage the production of superior content. Tying incentives to a deferred cryptocurrency reward could also be called a shrewd solution, because it should encourage a long-term interest in the success of the community.
ICO details
A valuable utility for cryptocurrency traders
The countless predictions of the end of the cryptocurrency boom have yet to come true. On the contrary, despite all the false starts and hurdles, new cryptocurrencies keep showing up and more people, including stock traders and complete newcomers, become interested in a volatile and risky but unquestionably exciting new market. There is a growing demand for a better class of content and data around this market to help its participants make sense of it all.
BitScreener Pte. Ltd already has a successful and popular product that meets one part of that demand. The other, content, may turn out to be more tricky, and some parts of its system, such as the method of establishing reviewer credentials, could definitely use some elaboration. Unfortunately, converting cryptocurrency enthusiasm into a base of high-quality content may prove easier said than done. But BitScreener is in the ideal position to experiment, and if it succeeds, it will be of great service to the maturation of the crypto industry.
Links:
Website: https://bitscreener.com/
WhitePaper: https://bit.ly/2IrYdyY
Telegram: https://t.me/bitscreener
Facebook: https://www.facebook.com/bitscreenercom/
Twitter: https://twitter.com/BitScreener
Medium: https://medium.com/@BitScreener
ANN: https://bitcointalk.org/index.php?topic=3353693.0
Author: https://bitcointalk.org/index.php?action=profile;u=980049
Disclaimer
This review by Bonanza Kreep is all opinion and analysis, not investment advice.