BridgeX Network - Connecting The Worlds of Cryptocurrency and Fiat
Project Introduction
The growth of cryptocurrencies and blockchain technology over the past 10 years has been rapid and revolutionary. Created initially as a fast, secure and trustless means of transferring monetary value between different people without government intervention or a physical intermediary, cryptocurrencies have evolved. Smart contracts and decentralized applications are now written and launched on the blockchain, solving different real-life problems and also with the potential to do a lot more.
The blockchain technology and its innovations may have been making enormous progress but the usage of cryptocurrencies as a mainstream means of transacting between different parties is still posed with its biggest challenge.
The challenge of using cryptocurrencies interchangeably with fiat in daily real-life use cases. A lot of products and services cannot be paid for with cryptocurrencies, limiting the actual real-life use of this innovative financial technology. This simply means that cryptocurrencies cannot perform some functions that the fiat currency can.
In this article, I will be introducing the "BridgeX Network" project. This is a decentralized project which has been created to solve the problem between the seamless use of crypto-fiat both for on-chain and off-chain purposes.
BridgeX Network
BridgeX Network is a decentralized platform that aims to connect the traditional financial markets seamlessly with the cryptocurrency markets. BridgeX offers groundbreaking solutions to different problems faced by cryptocurrency users and investors. These problems include
- Credit - Crypto investors do not have access to loans through the blockchain which can be used as fiat
- Payment - Cryptocurrency/fiat payments for different services are still far from wide acceptance
- Conversion - The process of converting cryptocurrencies to fiat and vice versa is stressful and also results in high conversion costs
BridgeX is the answer to all these problems
How It Works
The BridgeX ecosystem will function as an interrelated ecosystem of network participants interacting with its major components and all playing a part in the active running the platform. The ecosystem players can be broadly divided into components and participants.
Components
This is the key features of the ecosystem put in place to enable its users to access the major functions of the project which are crypto-to-crypto collateralized lending and borrowing, cross border payments and crypto-fiat conversion. These components include
- BridgeX Core
- BridgeX platform: BRIDGELoan, BRIDGEConvert, BRIDGESend
- Third-party integrators: Decentralized applications, applications and service provider
Source: BridgeX Official Whitepaper
Network Participants
The BridgeX Network participants are the actors either human or technology that offers different services across both the blockchain and financial industries to create a decentralized functional financial economy in the BridgeX ecosystem. The network participants include but is not limited to:
- Individual Lenders
- Individual Borrowed
- Miners
- Cryptocurrency Exchanges
- Cryptocurrency Wallets
- Cryptocurrency Funds
You can find the full lists of these actors in the BridgeX Official Whitepaper.
Services Offered On The BridgeX Platform
- BRIDGELoan
- BRIDGEConvert
- BRIDGESend
BRIDGELoan: BridgeLoan is a crypto-to-crypto lending marketplace, this fully decentralized marketplace will allow borrowers to accept loan offers from lenders and also place loan requests which will be met by the lenders.
Through BridgeLoan, anyone with crypto collateral will have access to crypto loans and it presents a chance for some passive income for the lenders.
BRIDGEConvert and BRIDGESend: These two services work hand in hand seamlessly. BridgeConvert service providing easy, highly liquid and cheap conversion between crypto and fiat while BridgeSend facilitating the easy transfer for payments for people all over the world with over 30 fiat currencies accepted in over 180 countries worldwide. This feature also makes it possible for crypto-fiat payments or loan to be localized in any fiat by the beneficiary wherever they may be in the world.
BridgePay is the module that has made this feature possible by leveraging both FX and cryptocurrency aggregators to provide accurate conversion and liquidity in a safe and secure way through the blockchain.
The components of BridgePay includes; Matching Engine, Dealing desk, Aggregators and Smart Order Routing.
More information about these and many more are available in the BridgeX Official Whitepaper.
ICO Details
The BXN token will serve as the main cryptocurrency in the BridgeX ecosystem. This native cryptocurrency of the platform has a lot of advantages one of which include the reduced commission on different operations in the ecosystem. The ICO of the project's BXN token is coming up very soon and here are the details.
Ticker - BXN
Token type - ERC20
Hardcap - 18,000 ETH
Total Token Supply - 1,000,000,000
ICO Token Supply - 300,000,000
ICO Token Price - 1 BXN = 0.00006 ETH
Conclusion
BridgeX Network is a platform that has what it takes in concept and vision to create a world where cryptocurrencies and fiat can be used interchangeably by opening up the cryptocurrency market to the enormous opportunities that the financial market is important and also opening the financial market to the innovative technologies of the blockchain and crypto space.
As with every project, either on the blockchain or off-chain, implementation is of the highest importance. By delivering on the goals of this project, the BridgeX Network will become a pioneer of the next level of innovative blockchain development.
Official Contacts
WEBSITE: https://bridgex.network
TELEGRAM: https://t.me/bridgexnetwork
WHITEPAPER: https://bridgex.network/wp-content/uploads/2018/08/180827-BridgeX-Network-Whitepaper.pdf
BITCOINTALK: https://bitcointalk.org/index.php?topic=5024373.0
FACEBOOK: https://www.facebook.com/bridgexnetwork/
TWITTER: https://twitter.com/bridgexnetwork
MEDIUM: https://medium.com/bridgexnetwork
LINKEDIN: https://www.linkedin.com/company/bridgexnetwork/
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Would love to know more about BridgeLoan and how it works... thanks
With BridgeLoan, you can have access to crypto loans on the blockchain with crypto collateral, these loans however can be converted to fiat on acceptance.
BridgeX is really revolutionary
This project offers a lot and to think that the hardcap is only 18,000ETH this seems like a real gem
Yes it is really a gem of a project and the ecosystem will undoubtedly be a leading force in opening up the crypto market to both financial and traditional investors
It will ve interesting to see how this actually works in real life, I will be looking forward to it
It definitely is going to be a revolutionary innovation in the real life and its applications to real use cases.
There are already some projects that focuses on payment gateways for people, the crypto-fiat easy conversion will be very crucial to the success of this platform
The absence of Direct crypto to fiat conversions is the reason why most people have not adopted cryptos for their businesses. BridgeX will change that.
A good and explanatory review. I joined the telegram channel, hopefully i get more impressed and participate in the token sale.
Very good that you have joined, make your research and your decision according to your research results.