Recap of the GIBX Exchange AMA with Blockchain Space
On Friday, September 24th, we had the pleasure to welcome to our Telegram chat:
Jerry Koh, The Exchange Business Development Representative.
We asked him questions about the development of GIBX Exchange.
INTRODUCTION
Q~ Thanks for joining us today Jerry. Please start off by introducing yourself to the Blockchain Space community and your role in the team ?
A~ It’s a pleasure for me to do this AMA for the Blockchain Space as I have been lurking the in the chat and have been seeing great crypto discussions here in the chat.
I am Jerry Koh and I have been in the crypto space for the past 5 years. I have assisted in successfully launching numerous crypto projects in the past. I am currently part of the GIBXChange team and we are very excited to share some of the exciting aspects of this project with everyone.
Q~ GIBXChange is a centralized digital asset exchange platform. Could you introduce GIBXChange and the advantages it brings ?
A~ Sure, what GIBXChange differs from other CEX is that it is the world’s first centralized digital asset exchange covering Forex, and it is also a bridge to the international market.
It is regulated by international authorities such as FCA, ASIC, NFA. GIBXChange also strictly follows all rules and regulations, and provides the most comprehensive digital asset financial services, and safe and reliable digital asset services for millions of users in more than 50 countries.
Q~ What is CEX and its features? What is DEX and its features ?
A~ For this question, let’s give everyone a recap or some perhaps some info for newcomers of the crypto circle.
The difference of CEX and DEX is that, for CEX to trade it requires third-party authentication. It is not necessary at all for DEX.
For example: Firstly, CEX needs KYC before. more functions are opened. on its platform.
When it comes to DEX however, it is safe and secure as the private key is held by ourselves, rather than the platform who does not have the right to obtain our private key after the address is established.
Secondly, regarding the deposit and withdrawal function: The wallet needs to move to a centralized platform for the next operation on CEX.
DEX is relatively straightforward, and orders are submitted directly through authorized smart contracts, with all orders collected into the DEX order pool. As long as the address or object related is chosen, deposit or withdrawal ensues.
Thirdly, trading functions.
CEX must signal instructions to the exchange, which will match the transaction through the server, and notify the user after the transaction is completed
It is relatively straightforward for DEX as well. It can directly find a suitable price and submit the transaction immediately, which will be tested by the DEX server. After that, the transaction information will directly enter the chain. The entire process is completed through smart contracts of course.
Q~ The worlds’ first MT5 LP MAM+5A hedging mode is very appealing. Could you tell us more about it ?
A~ Here comes the interesting part of the entire project, so what is the gist of the MT5 LP MAM+5a hedging model.
GIBX MT5 LP MAM+5A is the world’s best diversified financial trading platform, on which traders trade financial instruments such as forex, cryptocurrency, index, stock CFDs and futures. It arms traders with excellent and comprehensive market price analysis tools, and uses algorithmic trading applications (automatic trading and Expert Advisors) and copy trading systems.
Basically, it is an innovative trading platform which offers a variety of financial products and features.
Other info regarding the MT5 LP MAM+5A is that it is a forex trading. brokerage authorized. also regulated by FCA, AUSTRAC, FINCEN, ASIC, FINTRAC, DC.GOV, MSB, Estonia, Swiss Finma, Bank of Lithuania, etc..GIBX is supported by the world’s top financial institutions ,in cooperation with many top banks, non-bank market makers and electronic communication network (ECN) quotations, and. provides customers with the most competitive trading spreads and liquidity transactions, depending on market conditions.The order success rate is as high as 96%.
The MT5 LP MAM+5A hedging model uses AI to analyze and filter incoming traffic of the sold orders, and accept the orders with a high chance of losing money. GIBX directly liquidates these stable wins with the qualifications of being market maker. On the contrary, trading orders with relatively high risks or high profit chances for customers will be thrown into the bidding liquidity pool or “dark pool” to match the bidding for clearing orders for the larger upstream bank or traffic provider.
With the MT5 LP MAM+5A hedging model, the real floating transaction of every open position can be viewed through the “MT5 Client” on the spot; the name of the broker and traffic provider of the order will be visible. Users can even use a comprehensive account for copy trading trading (document copying) and fund custody trading services. GIBX is the one and only in the industry that can accomplish this.
Q~ What’s the relationship between GIBXChange and GIBXSWAP ?
A~ Now that’s a great question Xiaolin. The GIBXChange digital bank exchange will continue the development and addition of more high-quality products and services in existing exchanges. The platform enters 2.0 and a new ecosystem is fully launched. It will catch up with the global CEX exchange leaders such as BINANCE, HUOBI and COINBASE, etc., to build the whole industry chain ecology of coins, contracts, DeFi, mining machines, etc. The platform 2.0 ecology is newly launched.
The other most anticipated about the GIBXChange CEX is the “Launchpad Staking”, which offers a variety of tokens to be listed. The Launchpad adopts the investment issuance distribution model. Users need to use GUSDT™ to participate in the token investment, and new tokens will be distributed in proportion to their holdings. That is, the allocation is based on the ratio of the number of GUSDT™ subscribed by users to the total number of GUSDT™ subscribed by all users. Through GUSDT™, users who participate in the staking of platform token GUSDT™ and “X” will obtain the “Launchpad New Token Right”, and the new release will take place for a limited period and directly designated for a time limit. GIBXChange will lower the listing requirements, add more new projects to the exchange. Soon we will open the BSC and HECO transfer channels, and issue GUSDT™ on the BSC and HECO chains. We can also achieve market balance by adding GUSDT™ on other chains and simultaneously destroying GUSDT™ on ERC20 in the same amount. Regarding repurchase and destruction, the repurchase will be set at 20% of the monthly net profit.
As for the newly launched GIBXSwap Decentralized Exchange;
GIBXSWAP is a decentralized cross-chain transaction protocol that supports BSC, HECO, and ETH. It currently supports the “dual mining mechanism” of liquid and trading mining, and forms a self-driven value ecosystem circle through the fee repurchase and destruction mechanism. A circulating system of platform token X comes into being with fee repurchase and DAO governance. MDEX will be listed into the Huobi Ecological Chain Heco and Binance Smart Chain BSC in 2021. Cross-chain interoperability between Huobi Ecological Chain Heco, Ethereum and Binance Smart Chain BSC comes into existence using GIBXSWAP.
GIBXSWAP supplies non-regulatory and censorship-free solutions for transactions and liquidity pools, and rewards liquidity providers with capital gains. It strives to be the world’s largest DeFi ecosystem and become one of the most influential decentralized exchange.
Next, I will share some of the advantages of our DEX;
- GIBXSWAP liquidity knows no boundaries and shares the liquidity of the entire network
- GIBXSWAP provides the best price, fast trading, and the lowest cost
- GIBXSWAP has high liquidity aggregation
Once launched, GIBXSWAP will feature a multi-chain DEX model, which incorporates the advantages of the low transaction fees of the Huobi Ecological Chain HECO and Binance Smart Chain BSC, and the prosperity of the Ethereum ecosystem, and supports the “dual mining mechanism of liquidity and trading mining. It will help achieve the maximum traffic and a high-quality user experience. Platform services include actionable staking pools, liquid mining pools, DEX, cross-chain asset bridges and other ecosystems. GIBXSWAP has neither private equity nor pre-mining, and is committed to a new community-oriented DEX and ecosystem. Meanwhile, it holds the advantages of low slippage, fast speed, fund security, and best price.
Q~ Does GIBXChange has its own tokens? Can they be used for transaction fees ?
A~ Yes we do, its one of the cornerstone of this project! GIBXChange CEX uses GUSDT™ as its platform token. At the same time, the GIBXChange CEX platform has new features, including, users using GUSDT™ to pay will enjoy 20% discount; if a user’s GUSDT™ holdings reach the standard, his/her VIP level will be upgraded; in terms of invitation rebates, in addition to. double rebates for those whose GUSDT™ holdings reach the standard, there is also a referral reward mechanism; as for interest-bearing wealth management plans, deposit GUSDT™ and receive GUSDT™ at an annualized interest rate; You can also deposit GUSDT™ or “X” coins to get other tokens; holding remaining tokens to earn interest (GUSDT™, “X”).
These are some of the features of our platform token GUSDT for GIBXChange.
Q~ What does GIBXChange intend to do in the near future ?
A~ Ok for this question there are quite some info for everyone to digest as well.
The upcoming product we are working on is the brand-new POB (Proof Of Burn) dual-token coinburn mining policy! 1:1 destroying and burning GUSDT!
So what is Proof of Burn? Here’s a quick recap. Firstly, Coin Burning is to remove the token from the circulation permanently. The destroyed tokens are removed permanently, and can no longer be in the liquidity of the market. So, how can we accomplish Coinburn? The most common way is to send a portion of the coins to an ‘eater address’, which refers to the address that loses the private key, or cannot determine its private key. These addresses are like black holes. Things can enter but never exit. It is impossible for the tokens that enter Eater Address to circulate in the market again.
This will greatly impact our supply and demand positively. Major exchanges like Binance, Huobi, and OKEX also implements regular coinburn for part of the platform tokens. The value of the token after the destruction will rise sharply due to the deflation and increased market scarcity!
Besides GUSDT becoming more scarce, let me digress a little to also share on why GUSDT price is expected to rise.
The huge diversity of application scenarios in the ecology and the global coinburn mechanism make it increasingly scarce, and the price will. rise inevitably. We will implement the following strategies:
1. Lock-up and protection: The total circulation is 1 billion. At present, only 35% is in circulation. The platform protection funds are more than the circulating funds, and the token price is as stable as a rock.
2. Scattered staking: After the destruction mechanism is launched, the circulation will be limited to 40% per person.
3. Insurance staking: After the OC digital option contract is launched, it is predicted that 2 million people will order in the community, and 1000 GUSDT™ pledge insurance for each person mean. 200 million requirement. The circulation is little, the demand is large, the value is inherent, and the demand is strong.
4. Token listing fee: The platform must use 50% of the token listing fee to improve the revenue ecology of GUSDT™.
5. Traffic: millions of community active fans, nearly 500,000 daily active users, and more than 2 million registered users.
6. Influencers: The major media coverage, more traffic inside and outside.
Q~ Are there airdrop rewards on GIBXChange ?
A~ Alright for the last question regarding our airdrop event.
Recently, on September 20th, GIBXChange organized a special offer: the first deposit in the account promotion will be eligible for rewards :
When registering for GIBXChange.i and succeeding in depositing after completing KYC and activating UID, you can enjoy the benefits of 50 USDT + irregular airdrops and exclusive rewards (approximately 50.26 USD)
In addition, GIBXChange will set up a special 24-hour Telegram Group service. In the future, there will be exclusive airdrops, customized products and offline private meetings in the group!
In addition, follow GIBXChange for a chance to get 0.1 USDT. The max random reward can go up 10 USDT.
Follow @GIBX_info on Twitter：
Join GIBXChange Telegram Group：
3) Fill in form for USDT：
4) 5000 winners
5) Winners are drawn randomly every Saturday as of Oct. 25th. Pls follow the community to check and receive more info.
More exciting event will be coming for everyone as well!
QUESTIONS FROM TELEGRAM
Q~ It is very good that GIBX Swap, supports the BSC and HECO chains, it should attract more users who will not be able to with the high gas rates in Ethereum, “X” will be the native tokens of Binance Smart Chain (BSC) are in BEP20 will there be “ X ”wrapped in BSC and HECO, like Ethereum? So I ask is this to make mining on these chains more convenient while keeping them in a unified ecosystem?
A~ Great question from Dary, as currently the platform token “X” of GIBXSwap is only issued in the Binance Smart Chain (BSC), the largest DeFi userbase also exists here. However, moving forward the aim of GIBXSwap is cross-chain compatibility. Therefore, “X” token will also include cross-chain usability which will enable users for swap it with non-native ones. Soon we will work on establishing within HECO and ETH for a well-rounded diversified ecosystem.
Q~ To be the best DEX out there among the competition,an easy user interface & hassle free transactions should be prioritised.
Will @GIBX_Swap be concentrating on these aspects? Will the platform be easy enough for a novice to feel secured & sturdy enough for an experienced trader?
A~ Here’s another good question by champvortex2. There are definitely strong competitions within the DEX market. One of our main priority is the easy-to-use user interface for all DEX users, newcomers and experienced trader included. We have worked hard to create a DEX where novice traders can navigate easily, while experienced traders will feel secure when they trade on our platform. We are also working on future features that will help bolster this aspect of our DEX.
Q~ Do you have any plan to attract non-crypto investors to your projects because it is the success of project to get more investors who are still not in crypto world. What are the plans to increase the awareness around your in non-crypto space?
A~ Answering to CRYPTO Looser, of course. A large part of our userbase are non-crypto investors, perhaps in comparison to other exchanges we may have a larger portion. So how did we accomplish in attracting them? Remember I shared that we have an MT5 feature in our exchange therefore, non-crypto traders are also utilizing our exchange for many of their operations. More plans are being implemented to bring more non-crypto users into our exchange!
Q~ As an investor i have an some doubts! How safe is Yours platform? Tell us a little bit about Security? Have you done an AUDIT of the Platform? Are the Smart Contracts Error free? What’re the test result? And please share your social media links?
A~ Also another question from CRYPTO Looser that I would like to address. I have also seen questions concerning the safety of our DEX which I understand is an important concern when getting to know a project. Our team has worked hard to ensure that our Smart Contracts are running in its best capabilites. Also, we are consistently and actively pursuing continual auditing to make sure GIBX Swap remains a safe and reliable platform for all of our users. Therefore, we have also received official audit from CertiK. Here’s the link for everyone to have a look:
Q~ According to GIBX Exchange, it is the first CEX, DEX and FX Exchange in crypto. Knowing fully well that these exchanges are all broad in terms of utility, I would like to know why GIBX decided to combine all of them in one platform?
A~ The last question I would answer is from IYKE. GIBX aims to not only create a product or feature but in fact create an entire ecosystem where all assets and liquidity can be intertwined. This also means that liqudity and userbase in all the CEX, DEX and FX will be able to be combined. This is something that is not found anywhere in the market and it’s what we are creating in this forward minded project!
CONCLUSION
Thanks again Xiaolin again for the great questions. GIBXSWAP will also have regular airdrop events in the groups for all Blockchain Spacers!
Well there were more questions to be answered but I’m afraid that is all I can do for today. Thanks again to all Blockchain Spacers for your precious time for getting to know GIBX, get to know more by joining the groups! Also special thanks to Xiaolin for hosting the AMA 😄 To the moon, cheers! Do follow us to get more exciting updates for more info regarding GIBXChange.
It’s really nice having the GIBX Exchange project in here!!!
You can check out their Website for more details. You can also follow them on Telegram and Twitter to keep up to date with all things relating to GIBX Exchange.
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