Towards a Consumer-Centric Future of Digital Asset Exchange — Bictory!
The infancy of the Cryptospace is no excuse for its failing, and the comparison of crypto to the early stages of the Internet is mostly inaccurate. The reason is that we’ve got a lot more digital tools for both problem-solving and collaboration now than the times of the baby internet; therefore, it is only expected that the space should develop considerably faster than its internet predecessor.
Yet, the realities of the space today are multiple multi-million dollar DeFi exploits, out-of-sight throat-cutting fees, downtimes at trading volume peaks, regulatory crackdowns on even the biggest exchanges for the lack of compliance, sluggish trading with DEX’s and even with some CEX’s, in addition to the most cumbersome and unfriendly UIs. All of the unpalatable realities mentioned strengthens why regulators besiege the industry in the name of “consumer protection” with sharp sickles prepared to harvest the weeds and select out bad eggs. Even when their definition is ambiguous and vague, with no standards to measure against nor alternatives to recommend. WNGMI (heavy sigh).
Chin up! All hope is not lost. There is a rising star in the north with a value proposition to solve most, if not all, of the present menacing problems and take a vantage point high enough to scale over future hurdles, especially the one of poaching regulators.
Interestingly, this rising hope for the Cryptosphere is multi-faceted, just like a regular five-pointed star. With a slew of products to aid traders, developers, and liquidity providers on different blockchains to trade digital assets, create next-gen applications, and fuel the assets exchange in its economy, respectively. Given its blockchain-agnostic hydra-headed range of products, it is now popularly described as a Cross-chain Exchange Hybrid and Launchpad.
Although aimed at being agnostic, its sandbox blockchain — Concordium — chosen for launch empowers it to unlock a host of features that gives it an edge over existing solutions of its kind in the different problem areas aforementioned.
Fees are usually a deterring factor when exchanging digital assets in both Centralized and Decentralized Exchanges. While fees on CEX’s are a bit manageable but typically hidden, this north star not only exposes fees in its light but also lowers them beyond being manageable to being convenient by leveraging on the advantages of the fourth-generation parent blockchain. On the other hand, fees on DEX’s, which can be a value-sucking vampire, especially DEX’s on papa Ethereum due to its unreliability from network load and price, can finally be circumvented with the predictable and fixed-fee DEX alternative provided by our superstar.
Regulation and innovation are not mutually exclusive. In fact, regulations are a vital rail to steer innovation in an empathetic direction. However, the lines of intrusion sometimes get blurry. For example, no one can deny the appropriateness of giving users full control over their data, keeping it as well as their transactions private or anonymous. No one but regulators who say they want knowledge of it. In their defense, having that knowledge could help them mitigate money laundering, enforce taxation, etcetera, which also seems appropriate. Careful consideration of these opposing notions exposes the need to have a balanced framework that meets these conditions when necessary. This is exactly the framework on which the north star is built — The Concordium blockchain.
Concordium provides core-level KYC protocols that keep user data private and anonymous at all times, but when necessary, regulators can request for the de-anonymization of a user via the appropriate legal channels. This compliant approach is inherited by Dapps across all of its ecosystem, and our proverbial north star is not an exception.
If you haven’t guessed it yet, Bictory is our proverbial north star; Lighting the way into a more compliant, more convenient, and cheaper future of exchanges.
What about speed and security, you may ask? Bictory doesn’t downplay the importance of those power S’s, neither does it compromise on them. Its CEX is designed with a bullet-speed order-matching engine and a smooth UI that provides a seamless experience coupled with state-of-the-art security technology. As for its DEX, it inherits the almost instant block-baking speed and attack-resistance of Concordium’s double-layer consensus in addition to its intuitive few-clicks-to-transaction-completion design. Besides, Bictory’s built-in KYC measures, inherited from its Dad, deters those multi-million exploits on its DEX contracts as no account on Concordium will be without mapping to a real-world identity, thereby lessening the difficulty for investigators to nab hackers. Truly, a safe haven for investors, in many regards.
Moreover, the highlight of the DEX is its Proactive Market-Making algorithm, which protects users from mid-transaction value loss as a result of low liquidity by injecting into the DEX excess liquidity from the CEX.
Finally, Bictory aims to nurture projects taking the compliant path too. Established on a virgin blockchain with tremendous possibilities, it’s delivering, as a part of its product suite, a crowdfunding platform or launchpad to enable developers to kickstart their projects on its parent blockchain with little capital and partnership hassle. An exemplary first son indeed! With its network of partners and envisage profits from its exchange profits, it aims to be the wings on top of which its sibling projects will fly.
To conclude, this is by no means an exhaustive description of this north star, but it is one good enough to uncover how it will light the way into the future of a more reliable and compliant asset exchanging, not for the love of regulators, no, but for the love of its users, as it is certain that these regulations hold an important place in protecting them.
Team Bictory Finance.