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WHAT IS THE BIBOX EXCHANGE?
As the name somewhat suggests, Bibox is a cryptocurrency exchange which uses a few different tools to succeed. More specifically, the company positions itself as an AI-enhanced encrypted digital asset exchange. That is quite a bold statement, even though artificial intelligence can make a big impact in this industry over the coming years. There’s also a convenient app for use with both iOS and Android for easier access to the exchange itself.
HOW DOES IT ALL WORK?
Many people may not realize Bibox is a trading platform designed by Chinese blockchain giants including early Bitcoin investors, blockchain adopters, professional traders, and VCs. Even so, that doesn’t mean an AI-enhanced digital asset exchange will succeed automatically. With its focus on security, stability, professionalism, and efficiency, it is evident Bibox has high expectations to live up to.
For now, it is a bit unclear exactly how the company incorporates artificial intelligence. They have not made the inner workings of their platform public, and the core functionality seems very similar to that of existing centralized exchanges. They also allow for peer-to-peer trading in the same fashion as EtherDelta, by the look of things. The ultimate goal is to provide quantitative computation and analysis on trading, risk management, and so forth. Moreover, the trading markets offered by this exchange will further expand to include fiat currencies as well.
Moreover, the user interface of Bibox looks rather similar to that of Kucoin. While there’s nothing wrong with taking this approach, it does show there is still a lot of work to be done as far as this platform is concerned. After all, there isn’t much that indicates the use of artificial intelligence or other innovative technologies applied to cryptocurrency trading as of right now. Hopefully, that situation will change in the future.
THE BIBOX TOKEN EXPLAINED
Bibox mainly came to be because the company’s ICO successfully raised a lot of money. Companies must pay with BIX to have their tokens listed on Bibox, and there are 270 million tokens in circulation. Tokens will regularly be burned until the circulating supply is reduced to 200 million. Additionally, the BIX token will be used for fees on the decentralized platform which will be launched in the future. Last but not least, some “VIP applications” will only be accessible to BIX token holders.
WHAT COMES NEXT FOR BIBOX?
It seems there are no planned milestones for Bibox right now, other than developing the decentralized exchange and incorporating AI technology in a convenient manner. It also appears a lot of the exchange’s current trading volume is artificial, although that may be a wrong impression. For now, it seems there is no real roadmap or timeline to adhere to, which raises a lot of questions. Whether or not Bibox and BIX will be successful remains to be seen.
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