Decentralized Ethereum Exchange Promises Lower Fees Than Rivals
Blockonix has a strategy to dominate the market: really low transaction fees. According to the company, its exchange the most and user-friendly of them all and it offers really low fees for users who use the native token of the exchange. According to information from the company, the fees are one percent if the person does not use native tokens and 0.03 percent if it decides to use them.
The idea is that the company will offer a marketplace that can be more cost-effective than the one from many other popular companies of the market like EtherDelta, Idex and ForkDelta.
This platform is focused on trading Ethereum and Ethereum-based digital tokens and it has a worldwide reach. According to the team, the company is promoting a new wave of payment and futuristic apps that will help the clients. The exchange is fully decentralized and it does not store any of the assets of its clients.
Unlike other decentralized exchanges, Blockconix does not earn money from the platform directly. All the fees collected on the platform are used to buy back BDT tokens and burn them. This includes the 5 ETH fee that you have to pay to list your token on the platform, too. Instead of being motivated by profit or money, this platform is moved by the community, it affirms.
According to the company, the fees are so low because the company has developed the right technology to cut down operational costs greatly. However, the security is still a priority for the company.
A Change of Plans Because Of The Indian Government
Blockonix did not always have this name. Initially, the company was called BitIndia and it was focused on the Indian market of cryptocurrencies. It would be exclusive for Indians, but the company had to change its stance when the government decided to go against cryptos.
The decision was tough, but the company rebranded and it focused on the international market instead of the Indian one. In case you do not know, the Indian government has severely limited banking access to Indian cryptocurrency exchanges and has a general negative stance on the issue.
Most of the people holding BitIndia tokens exchanged them for the new BDT tokens. 170 million tokens have been burned and only 10 million remain now. The new goal of the company is to create a trustless environment in which the users are able to make deals via smart contracts or atomic swaps without having to go to a middleman.
This stance of decentralization is important because the company no longer can provide fiat currency because of the Indian government. The exchange does not hold the money of the clients and this helps to reduce the costs and enhance the privacy levels as the funds are not stored in any centralized place at any time.