On July 12, account registration began on the BitWinEx Exchange. BitWinEx’s key feature is that asset price growth is programmed into the system by an Ethereum smart contract
BitWinEx is a decentralized exchange for virtual coins with trading income programmed into the system by an Ethereum smart contract.
On the BitWinEx Exchange, the cost of each coin is determined by a smart contract. It doubles for successive buyers. Another important feature is that BitWinEx has no internal wallet. This exchange does not require a deposit and does not store users’ funds. All transactions go directly through an external MetaMask cryptocurrency wallet.
After a BitWinEx coin is issued, price increases take place at five levels. At the initial levels, a coin seller receives a profit of 50% of the price that he or she paid. After completing the five-level, trading stops and BitWinEx buys back the coin. Coin buybacks happen on a daily basis and are managed by a smart contract. Each transaction in the system replenishes the coin buyback fund.
Just like users’ funds, which are stored in their own wallets, the buyback money does not belong to the exchange. Instead, it is stored in an external smart contract. This prevents abuse and ensures that the exchange operates transparently.
Arranging the work this way helps attract new users to the project and motivates them to hold assets until they reach the final price, at which the platform buys the assets.
The project has a permanent referral program that is not time-limited: anyone who refers a friend receives 3% from each transaction concluded by the friend.
Selling coins isn’t the only way to make money. Once a day, a separate bonus fund is distributed among the top 100 users holding BitWinEx coins that have not yet been bought back. The fund receives 10% of each transaction.
Trading will begin on the BitWinEx Exchange after the first 25,000 users have registered.
Later, in the second stage of the project’s road map, BitWinEx plans to release its own BWC token. Its price will be fixed at 1 ETH. The token’s value will be supported by demand on the exchange and a P2P exchange. All users who trade in the first stage will have BWC tokens deposited in their wallets for free.
During the third stage, the BWC exchange rate will be determined by market mechanisms: the balance of supply and demand, and the exchange will support the ability to use fiat money to pay for assets. The developers believe that by this time the platform will already have a significant audience, high capitalization, and well-established mechanisms for attracting fiat money.
Follow BitWinEx updates on bitwinex.org, Bitcointalk, and in Telegram