The idea for BmyBit is based on the concept of providing a wealth management service, which requires no deposit. The global platform will offer fast and efficient on-demand services and will include latest consumer web and device technology, as well as optimized algo-trading editor.
BmyBit will strive to become the “Uber of trading services”, where services are offered by users and BmyBit is charging a fee from their payments. However, in order to use the services customers will need to become members on the platform, which will ensure a trustworthy and professional environment for the traders. Therefore, licenses will not be required from the clients since BmyBit membership will be required to join the platform.
Having respectable clientele will be one of the key points of difference for BmyBit, along with 1-click hailing (reply in 5 minutes), ensuring fast response time (easier than calling), using high level technologies (AWS servers, Google Big Table DB, device recognition with Fing), attracting great and skillful traders (rate your trader feature), and using high-tech solutions (customer needs-aware auto dispatch).
The operating principles of BmyBit will rely on the platform being AML & KYC compliant and having professional on-demand service, which will be customer focused and will deliver the best possible end-user experience, with record tracking of traders being part of the rating system. BmyBit will also ensure statistically optimised response time, prepaid and cashless billing system via private double speed blockchain, which will make the platform profitable by design.
BmyBit will be a cheaper on more reliable option than external traders who do not guarantee the technology and service which BmyBit provides. Next to being more efficient and even safer than a bank, BmyBit will not ask for a deposit and will be tailored towards its customer needs, keeping millennials as one if its target audiences.
BmyBit approached the cryptocurrency market with an aim to provide innovative and unique solutions to the problems which traders must face every day. The platform offers Personal Automated Trading System (PATS), Automated Arbitrage System (AAS), Manual Trading, Digital Exchange, and Private Blockchain. BmyBit also allows to monitor tax expenditure and offers proprietary algo-trading technology which was built to scale globally and is available world-wide.
Registering on BmyBit allows traders to connect with twelve different liquidity providers through API keys, solving the issue of having to monitor each of the exchanges at the same time. BmyBit also provides both inexperienced and experienced traders with all the necessary tools to make trading with cryptocurrencies more profitable and less time consuming. PATS can be customized for the needs of beginner, intermediate, or advanced traders, allowing them to choose different parameters according to their needs, for example the risk level, or the minimum profit. BmyBit also makes it possible to trade manually and recently introduced arbitrage for trading across multiple exchanges.
Business Model and Technology
BmyCoin (BMYC) is a crypto asset issued on the BmyBit private blockchain and is used as a form of payment for services on the platform. BMYC is exchangeable against Bitcoins on bmybit.com and via the exchanges that will list the token. It is a multichain based token with a total supply of 10,000,000.
BmyBit offers free access to its Forum and BmyFolio. Other services are charged based on initial investment, including PATS (0.5-2.5%), Arbitrage (0.125%), Exchange (0.25%) and BTC wallet (0.25%). Manual trading and REST APIs can be accessed after purchasing a license for a selected period of time (one, six, or twelve months). BmyBit users will be charged in BmyCoin only.
BmyBit uses two Blockchains which are private and built over the same Multichain protocol. One blockchain issues the BmyCoin token and will be spent for streaming the multi-signatures agreements between the parties; another blockchain issues no tokens and will be spent for the AML and KYC data from clients and to elect the syndicates members.
The two blockchains will be connected via APIs and will share information about the users in order to ensure crystal clear payment system, be AML & KYC compliant, store the agreements over a distributed model, avoid third parties from escrow agreements, simplify the audit mechanisms and guarantee the thrutness of the informations shared by the users.
Bmybit Blockchain is Bitcoin compatible; it extends Bitcoin protocol, formats and APIs, including full multisignature support. Fine-grained permissions allow to optionally control who can connect, send and receive transactions, as well as create assets, streams and blocks. Each blockchain is as open or as closed as you need. Thanks to rapid deployment, only two simple steps are required to create a new blockchain, and three steps to connect to an existing one. Unlimited blockchains can be deployed per server for cross-chain application.
Millions of assets can be issued on BmyBit blockchain, all tracked and verified at the network level, along with safe multi-asset and multi-part atomic exchange transactions. Additionally, multiple key-value, time-series or identity databases can be created on the blockchain, ideal for data sharing, timestamping and encrypted archiving.
Three different trading options are available on BmyBit:
AWS servers and Google Bigtable
BmyBit is using Amazon Web Services as a server provider for the platform. Using AWS will allow BmyBit to set itself for scalable growth while the traffic on the website increases. BmyBit chose to use Google Bigtable as its storage system for managing structured data. Bigtable helps BmyBit with running the platform more smoothly and in a more efficient way, while having the capacity to scale to a very large size.
Beachtung. Es besteht das Risiko, dass nicht verifizierte Mitglieder nicht Mitglieder des Teams sind
This a next-generation trading platform that makes automated trading with digital assets very reliable. It allows anyone to trade in any part of the world and does not require an initial deposit. BmyBit database is based on Google Cloud while the servers operate on Amazon Web services. Using the latest technology the platform provides the best user-experience and features more than ten exchanges.
While the idea is good, a lot of work still needs to be done to shade more light on the platform. After reading the file, users and investors should clearly understand it. For these reasons, I cannot invest in it.
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