PRESS RELEASE

Bit.Game Project the First Blockchain Game Exchange Project

In Feb. 2018, the official website and white paper of the BIT.GAME project as the first blockchain game exchange project in the world was published. We can perceive the future trend of the centralized exchanges from this project.

Now there are more than 7,000 digital token exchanges in the world, wherein more than 95% exchanges are the centralized exchanges. The centralized exchanges are superior to the decentralized exchanges in the user experiences such as transaction rate and transaction cost, but the security of the centralized exchanges is inferior to it of the decentralized exchanges. Distribution of transaction users and scale makes global digital token exchanges face some problems such as insufficient transaction depth and lack of mobility. Therefore, including some mainstream transaction pairs such as BTC/ETH, BTC/USDT, and ETH/USDT.

To view Kline graphs of mainstream transactions of any exchange, if the long upper shadow or long lower shadow frequently occurs. However, it indicates that this exchange includes some severe problems in transaction depth and mobility.

bitGame project

E.g. for OKEX, the ETH/USDT transaction pair instantly fell to the ratio (1ETH=0.002USDT) on Jan. 14.

Fig. 1 Long lower shadow of OKEX ETH/USDT transaction pair on Jan. 14

When the market price experiences big movements, most of the exchanges are difficult to charge and withdraw the tokens due to internal control mechanism triggered by mobility problem.

The exchange service solution EaaS (Exchange as a Service) provided by the BIT.GAME project aims to solve the pain points of insufficient transaction depth and lack of mobility as well as provide the front-end exchange entrance deployment and back-end technical support service for the traffic entrance, project entrance, and platform entrance in the ecology of the blockchain.

EaaS can help all parties in the ecology chain of the blockchain establish exchanges to share the transaction depth and mobility in an innovative manner as well as explore the new development pattern of the centralized exchanges.

All exchanges sharing the transaction depth as well as mobility will compose an exchange matrix, which is managed via the intelligent contract called as Main Pool. Therefore, each exchange in the matrix will store certain margin in the Main Pool.

Exchange margin= margin coefficient * daily average transaction amount of exchange (average in 7 days)

However, the intelligent contract of the Main Pool is composed of two aspects:

Transaction monitoring

Transaction amount monitoring in the clearing cycle: total turnover from this exchange shall not exceed 120% of the 7-day average transaction amount of this exchange in single clearing cycle. Otherwise, the margin shall be added. If the margin is not added, the transaction depth and mobility sharing will be broken.

Transaction amount monitoring in the time cycle: the total transaction quota from this exchange shall not exceed 100%/25%/10%/2% of the margin amount in the unit time(1Hour/15Min/5Min/1Min). Otherwise, the margin shall be adding if not, the transaction depth and mobility sharing will be broken.

Transaction amount monitoring in a single transaction: single transaction quota from this exchange shall not exceed 1/50 of the margin amount in single clearing cycle. Otherwise, the margin shall be adding there, the transaction depth and mobility sharing will be broken.

Transaction settlement:

The members of the exchange matrix shall deliver the digital tokens by a certain period (6 hours). The exchanges, which delay delivery, will directly deduct the equivalent digital tokens from the margin.

The margin coefficient of this exchange will determine the qualifications as well as daily transaction amount of the exchange.

Qualifications of exchange Daily transaction amount Margin coefficient
AAA 10000BTC 1/100
AA 1000BTC 1/50
A 500BTC 1/20
B 200BTC 1/10
C 100BTC 1/5
D 50BTC 1/3
E <50BTC 1/2

The exchange matrix can be established based on the intelligent contract EaaS-Main Pool advocated in the BIT.GAME project, which can effectively connect global large-size, medium-size, and small-size centralized exchanges as well as construct the new transaction platform with the maximal transaction depth and full mobility.

More information:

Official website: https://bit.game

Telegram:BitGameEN

Twitter:BitGameEN

Facebook: Bit.Game

Note: This press release is for an informational purpose only. Coinpedia is not responsible for the accuracy of the content provided in the article. Thereby, readers are advised to consider company’s policy & T&C before making any investment.

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