Bitquence in a Nutshell - Full Writeup
Bitquence is a company that aims to create a people-powered new economy services company that makes the cryptocurrency market accessible and trustworthy to the average user, accelerating adoption of blockchain technology and democratizing ownership of cryptocurrencies. In short, it wants to spread the use of cryptocurrencies to the masses.
How will Bitquence do this?
Bitquence hopes to achieve this by solving these problems currently plaguing the cryptocurrency ecosystem:
- Being able to easily transfer value across digital assets
- A safe and secure wallet that handles multiple keys
- one-click diversification into multiple crypto assets
- Understanding risk and quality across multiple coins and assets
- Choosing between an ever-growing array of crypto currencies
- providing all the above on an easy-to-use, mobile friendly platform
Next-Generation Digital Wallet
With so many different wallets needed for the different cryptocurrencies out there, Bitquence wants to create a single point of interaction with the new economy. The Bitquence Universal Wallet will allow them to bulk transactions together in order to increase liquidity and keep costs down for their consumers.
Wallet & Liquidity Layer: The wallet will link to a Bitquence Liquidity Network, based off the Bitquence token. This links programmatically via API into major cryptocurrency exchanges and the Liquidity Network will be decentralized.
Bitquence Platform Layer: This includes a Community Consensus component for rating individual tokens and cryptocurrencies on technical merit and quality. Ratings will be assigned on the basis of ownership of those currencies within the Bitquence platform.
Cold Storage: The system will randomly synchronize with cold storage, which will be in a secure location that is not physically attached to the internet.
Bitquence Token (BQX)
As Bitquence is based off of ERC20, gas is required for it to function.
In short BQX Tokens will :
- Be the payment mechanism for using the Bitquence platform
- Pay for Bitquence cold storage services
- Enable liquidity to help with changes in user asset allocations
Another feature of the token is that users can stake them onto risk profiles. Based on the accuracy of their vote, users may even be rewarded with BQX from the stake pool. This means that experienced users will be rewarded for their knowledge and earn BQX payouts just for using the platform and staking tokens. This also helps newer users gain familiarity to the risks and qualities of different coins, helping drive trust and adoption in the market.
Resources:
Article posted at https://boxmining.com
Great post!
nice coin
Coinbase for alts
What really distinguishes them from competitors is their superb legal and technical expertise. Creating a universal meta currency that is not considered a tokenized security in any legislation is actually quite difficult.
As is constructing a functional unified wallet without holding the user's private keys, but they seem to be pulling it off.
Thank you again for your useful info. Reminds me a bit of ripple?
This is something the industry really needs.
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I bought some BQX but I still feel a little weary about it.. Is it even possible??