BridgeX: A Bridge Between Cryptocurrency and Fiat Money
Cryptocurrencies are becoming an increasingly profitable investment option, the owners of digital gold need to register on exchanges to withdraw money comfortably.
The creators of the BridgeX ecosystem offer a platform for obtaining and providing loans, converting crypto coins into fiat money and back. Users create an account, store and withdraw crypto coins, pay for goods and services. Personal data of users is stored on the blockchain, a decentralized platform provides high liquidity, you can get a loan
How Does the BridgeX Ecosystem Work?
Developers identify a number of key components of the system: smart contracts for the automatic signing of agreements between borrowers and owners of capital, searching and tracking the structure of loans, automatic updating of exchange rates. Any registered user can provide or receive a loan in digital and fiat money, the system is peer-to-peer and free from the state supervision.
The platform consists of three independent applications.
1. Bridge loan. The system of receiving (providing) cryptocurrency loans secured by digital assets. The user submits (places) an application for a loan, BridgeX selects the conditions that are suitable for him, then a smart contract is signed with fixed terms and a repayment cost. Payments are made automatically, the credit rating is determined by user feedback in the system, any project participant can act as a borrower and lender.
2. Bridge convert. Built-in module for the exchange of cryptocurrency assets for fiat money and vice versa. Users store savings in the BridgeX system, so the ecosystem provides the right pool of liquidity for daily exchange transactions. Counterparties are project participants with a high rating, so the system is protected from Counterparties are project participants with a high rating, so the system is protected from scammers.
3. Bridge send. The system of instant payments and transfers in the cryptocurrency and fiat money. The BridgeX ecosystem cooperates with hundreds of banks around the world, so transactions are fast, and are conducted with minimal fees. The blockchain is integrated with third-party applications, so the user can be sent money to BridgeX using accounts from other systems.
Three applications form the Bridge Pay module, which combines the functions of an online borrower, a cryptocurrency exchange and a system of international electronic payments. BXN tokens combine the functions of a payment instrument to repay a commission, a means of preserving value (currency), and also a tool for accessing an account in the system.
BridgeX is divided into on-chain and off-chain modules. The first group includes the SmarMatch and SmartTrack applications for the selection of optimal credit conditions and tracking the payment procedure for it. The off-chain module provides fast payments and converting cryptocurrencies into fiat money and back.
Crowdsale and Further Project Development
Development of the platform began in the winter of 2018, and the team introduced the function of converting cryptocurrency to fiat money in the second quarter of 2018. Testing of the full version of Bridge pay is scheduled for the end of 2018, the ecosystem will be released to the wide market in spring 2019. The platform integrates with third-party applications, in the future, it is planned to expand the Bridge Loan module for interaction with traditional financial institutions.
The team released a billion BXN tokens according to the ERC-20 standard, it is planned to realize 300 million during the ICO. The rate of the token will be 0.00006 ETH per coin, the founders plan to collect up to 18 thousand ETH (hard cap of the project).
Most of the issued tokens (35%) are planned to be saved as a liquidity reserve, 30% will be realized during the crowdsale, 20% will be transferred to the wallets of developers and creators, 15% will be transferred to the project partners. The collected funds are planned to be saved as a liquidity pool (30%), spent on the development of the platform (20%), legal support and business development (30%), 10% will be invested in marketing and operating expenses.
Website: https://bridgex.network/
Bounty BTT: https://bitcointalk.org/index.php?topic=5024373.0
TG: https://t.me/bridgexnetwork
Author on BTT: Melnikof https://bitcointalk.org/index.php?action=profile;u=1152502