SWOT ANALYSIS FOR BZX LENDING PROTOCOL
If you are holding any cryptocurrency take your time to read about the SWOT of BzX marketplace for lending and liquidation built on the ethereum blockchain.
Out of the many synonyms of cryptic the one that is outstanding for cryptocurrency is the anonymous nature of owners of a currency. This resounding meaning has made cryptocurrency to boom, but not without fears of who exactly is behind a cryptocurrency, many fears has led to suggestions that it could be used to sponsor terrorism and illegal drug trade. However, the main essence that it is produced using cryptic algorithm has made millions of persons never to understand how it is generated, but hold this coins in their various wallets. In view of the fact that in most cases owners of cryptocurrency still send their coins to centralized exchanges in other to get liquidity has bridge the gap of ‘anonymous” idea because most of the centralized exchanges require a pass of Know your customer (KYC) before carrying out your transactions. The blockchain wallet slogan reads “be your own bank” how can you be your own bank and still send to centralized exchange for clearing.
Problems of centralized exchange has always been there from the earlier days of cryptocurrency a typical example is the MGotx exchange that was hacked and people lost millions of dollars. Let me create a scenario to understand more of these underlining problems. You own a couple of crypto currency and sent out one to a centralized exchange hoping to get liquidity for your other use, only to get a notice that the exchange has gone under, that’s devastating. BZX marketplace has been built to help in keeping the anonymity of cryptocurrency holders and also the opportunity to earn some fund while your coin lay in your wallets. I might not be discussing some technicality of the BZX markplace but I will quickly run you through why I think the project will succeed. SWOT means Strength, Weakness, Opportunity and Threat. It a good tool to test the sustainability of a project.
Strength
BZX marketplace has being built on the ethereum blockchain well know to people. Transactions are transparent and trustless, allowing a smart contract that is immutable to be written on it. The BZX protocol bridges the gap of low liquidity and massive difference in bids and ask experienced by decentralised exchange. BZX protocol can be deployed in different platform and will efficiently deliver.
Weakness
The only weakness I see is the issue of compatibility when deployed into a platform. With the saying “If you don’t go you won’t know” I am only worried how it will behave. However, having looked at the team and the capable hands running it I know they will overcome any challenges poised in that phase.
Opportunity
BZX has created an opportunity that is not common in the crypto sphere, allowing holders to be paid while holding coins in their wallet is awesome. Making it easy for clearing you cryptocurrency is another good concept this will the market of BZRX token to boom considering it’s the token majorly used in transactions.
Threat
The only threat I see could come from within, first or other developers that are thinking fast to harness this concept and build their own platform to be in competition with BZX marketplace. This can also be taking care of when the team work ceaseless to take care of any shortcomings
Conclusion
The utility of the BZX protocol is enormous acting as a standalone and can be built into exchange to help users. As the awareness of cryptocurrency keep increasing so are ideas of how to improve it is developed everyday BZX protocol is one good idea.
please know more about BZX here
Website: https://b0x.network
Telegram : https://t.me/b0xNet
Whitepaper : https://b0x.network/pdfs/bZx_white_paper.pdf
Bounty0x username : Barth5