Bibox (BIX) Review: AI Powered Decentralized Exchange and Token
What is Bibox?
Bibox is a well-known crypto exchange platform based in China and established a year ago. The native token of the exchange is also called Bibox and has the ticker symbol BIX. The BIX token features some unique incentives for its holders that may be attracting to crypto investors.
Bibox Token has similar features like Binance Coin or KuCoin Share – token benefit from a 50% discount in trading commissions on the Bibox exchange in the first year, 25% in the second year, and so forth.
The Bibox Team
There are various online sources that claim the exchange’s team includes the co-founder of OKCoin, a founding member of Huobi and former employees from Binance.
According to a report that analyzed its ICO, Bibox has two significant business operations. The first one is an exchange to swap cryptocurrencies into fiat, which operates in Japan. The second business is an exchange for trading cryptocurrencies based in Estonia.
Unfortunately, there are many of its team members which have no links or very little details about them: CEO- Jason He, Co-founder & Overseas President- Wanlin Wang; Vice President, Marketing- Alicia Pan; Business Development Manager: Estella LIU; Head of North American Region- Jian Qin.
According to the team developers, Bibox is an enhanced encrypted digital asset exchange which employs the most recent and advanced distributed cluster system, making it able of handling a capacity of more than 10 million users.
Bibox (BIX) Token Features
BIX is an ERC-20 based token which is issued by the Ethereum blockchain. BIX has some key benefits that make it appealing for investors to be held.
Token holders will receive 20% of the Bibox exchanges net profit. The exchange’s official website shows just how the profit can be calculated:
“The net profit of this week is 100BTC in Bibox.com, if you hold 130000BIX, you will receive (130000/130000000) *20 %* 100BTC = 0.02BTC per week. If the trading amount and operating costs of the platform stay the same, you will get 1.04 BTC a year.”
However, in order for Bibox token holders to receive the 20% net profit, they must trade at least once per week on the Bibox platform. Like Binance’s BNB token, BIX also features discounts on its trading fee. The BIX token has a structured plan for its trading discounts for the next five years which looks like this:
- 1st year: Traders will benefit from a 50% discount on fees.
- 2nd year: Traders will benefit from a 25% discount on fees.
- 3rd year: Traders will benefit from a 12.5% discount on fees.
- 4th year: Traders will benefit from a 6.25% discount on fees.
- 5th year and onwards: Traders benefit from a 0% discounts on trader fees.
Bibox token owners can use their BIX token to upgrade their current VIP level. The calculation of asset for VIP upgrading will represent 1.5x for Bix Token users.
In addition to the aforementioned features, BIX serves as fuel for decentralized transactions on the platform.
Regarding the token Buyback and Burn plan the whitepaper stipulates:
“Bibox promises to use 25% of seasonal net profit buyback BIX Token. Once the BIX token we bought back (up to 300 million in total), it will be destroyed right away.”
However, Bibox whitepaper’s use of a “seasonal buyback” is a rather ambiguous, and it would have been better if they stipulated precise terms such as annual or quarterly buybacks.
Extra benefits for new applications: From what we interpreted according to the company’s whitepaper, BIX users will pay no fees when using new features of the Bibox platform.
The token cannot be mined. 500 million tokens were initially issued for its ICO in October 2017. The token allocation plan went like so:
- 55% or 275 million tokens went to the ICO.
- 35% or 175 million tokens will go to the founding team.
- 10% or 50 million tokens will be given to Angel investors.
BIX Price Analysis
The BIX token was first listed on Coinmarketcap’s platform in late December 2017. The price of the token was initially around $0.6. Due to the cryptocurrency hype that impacted the market in early January, BIX managed to climb up to a record high of $4.08 on January 7th. Like the rest of the altcoins, this token’s performance at that time was linked to that of Bitcoin. The next days, however, halved in value. On May 19th it managed to reach a high of $1.33 from a low of $0.73 on May 16th.
The rising tendency went on until June 10th when it reached $1.79, then it slowly started dropping. The month of August brought no fluctuations to the token, its price hovering at around $0.4.
At the time of writing, BIX is priced at $0.435406 USD, with a market cap of $44,559,125 USD and a 24h volume of $57,029,647 USD. There are currently 102,339,166 BIX in circulation out of 267,941,449 BIX.
Bibox’s token has performed rather well considering the market’s tendencies and the performance of its peers, but it remains to be seen if it can outgrow its competitors, BNB and KuCoin Shares.