Huobi-Backed BHEX Launches Blue Helix Token (BHT)

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James Ju

CCN spoke to James Ju, the CEO of the new Blue Helix Exchange (BHEX) and former CEO of Huobi Global.

Blue Helix is an exchange which is pushing toward a decentralized topology in a regulator-friendly manner. They raised $15 million from institutional investors including Huobi and OKEx by selling equity about six months ago, and last week they launched the beta of their exchange product, along with the BHT token.

Currently in Beta, the Blue Helix exchange offers OTC sales (for CNY) of Bitcoin, as well as a handful of trading pairs including EOS/USDT and ETH/BTC.

Not An ICO Token or ICO-Backed Exchange

The BHT token is not a typical fund-raising option in that people cannot simply make an investment in the network and receive a set number of tokens. Instead, BHT are rewards for buying “points” on the BHEX exchange. These points are then used to secure discounts on trading fees. It’s similar to the Binance BNB token, where for the first few years of the token’s existence, users get trading fee discounts if they choose to pay in BNB.

BHEX sells two types of virtual point cards. One is pegged to USDT and the other is pegged to BTC. The BTC card has each point pegged at .0001 BTC, but since Bitcoin is volatile, the points are first redeemed for that amount of BTC and then used against the trading fees due. This means that at various times points held in the BTC points card could be worth more than they were when they were secured.

When the BTC Point Card is used to offset the trading fee, the trading fee will be converted into BTC according to market price of the assets and then deducted from the corresponding Point Card.

The maximum points that can be purchased during the current period is 27,000 – don’t worry, it’s unlikely you’ll need that many, as that would cost you 2.7 BTC. The reward for buying points is BHT, 800 of the 2.1 billion issued for every 10 points (.01 BTC) you buy. The reward is roughly equal if you use the USDT version.

.0001BTC = 1 Point

Tokens Generate Revenue

Actual BHT that circulate in the free world, free of lock-ups or other delegated purposes, is limited. The company has a full explanation of BHT here. The tokens you would earn buying points cards today come out of the following allocation:

15% of the total issuance, or 315 million BHT, is used to motivate seed users who support the platform. 315 million BHT will be rewarded through platform activities with no lock-up period, while stocks last.

The BHT tokens are issued 80% of fee revenues from the BHEX exchange. Users receive these dividends based on how many tokens they own. Other benefits are associated with holding the BHT token. All of them are predicated on the success of the exchange, which may be why the only way to obtain them directly at present time is through the purchase of point cards, which necessitate a need of such.

James Ju told us that in the future, the platform will be totally decentralized, using technology that BHEX has been developing since its inception.

Everything that centralized exchanges have, we also have it. But we are a decentralized exchange in the sense that – in the future, our assets will be  stored and cleared through a decentralized technology.

The version that’s currently running isn’t fully decentralized, but BHEX is working hard toward this goal. They believe that a decentralized exchange will provide more security for users. In furtherance of this belief they also have BHOP – the Blue Helix Open Platform, which is a Software-as-a-Service product that other exchanges can use. This element speaks to why they’ve received investment interest from major exchanges like Huobi and OkEx.

BHEX Working Toward Fully Decentralized Exchange and Custodial Services

The advantage of decentralized exchanges for users is that they eliminate counterparty risk. Rather than the EtherDelta model, where the user simply connected his wallet to the exchange, the BHEX model will work as a staff member explained to this reporter:

We still adopt a username/password system, considering that if a user loses his private key, it is not retrievable. Decentralization comes into play in our “asset custody:” users store their assets not in their own wallets nor in BHEX wallets. Instead, users deposit their assets on the Blue Helix decentralized asset custody and clearing platform, which is the bottom layer beneath the BHEX exchange. This bottom layer is decentralized and not owned by BHEX exchange.

The other interesting aspect of BHEX is their social trading feature, called Super Guilds. Investors will be able to join a guild if they are invited to do so, and then they can optionally allow the guild to invest their funds for them. This is another way of building interest in the exchange, as it is a relatively unique feature. It formalizes trading groups. To motivate participation in super guilds, BHEX has set aside 3 million BHT which will be used to reward groups that are created.

Volumes have not yet developed in considerable fashion at BHEX, mainly due to its very young age and beta status.

BHEX is very new and thus its overall volume is negligible. However, the crypto exchange world is fast-changing. Binance was just an idea not so very long ago, and now it’s the dominant exchange in the world. There is a growing demand for decentralized exchanges for multiple reasons, and when BHEX launches their fully decentralized product, it would seem that users who have grievances with the existing system of exchanges will want to take advantage of it.

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https://www.ccn.com/huobi-backed-bhex-launches-blue-helix-token-bht/

Coinbase President: Despite Bitcoin Price Crashes, 2018 was an Innovative Year

bitcoin price

Crypto players from around the globe are chiming in on the direction of the Bitcoin price in 2019. Will it continue to see price crashes? Or will the current recovery continue? Better yet, has the industry had a good year and will it continue to have significance in the new year?

Earlier in the week, we heard from bears, like Erik Finman who called Bitcoin “dead;” and we heard from Spencer Bogart, a Bitcoin bull, who not only said BTC will continue to rise, but that 2018, contrary to popular belief, has been one of the best years for the cryptocurrency.

Today, word surfaced that the President of Coinbase, Asiff Hirji, believes something similar to Bogart.

2018: A Good Year for BTC, Despite Bitcoin Price Crashes

Despite the crashes experienced in 2018 (such as the bearish run that sent the Bitcoin price to a low of $3,200), Asiff Hirji believes BTC is recovering.

In his interview with CNBC’s Fast Money, Hirji said this recovery isn’t surprising and that it’s likely to continue into 2019. That’s a statement in complete opposition of the thoughts of Erik Finman. “Some things are never as good as they seem,” said the Coinbase President, “and never as bad as they seem.”

During the interview, Hirji spoke on the performance of the crypto market in the last year. According to Hirji, there’s been more innovation this year in the market. “We’ve never had as much innovation as we have today,” Hirji explained, citing, for instance, how cryptocurrencies are getting more visible.

>> Facebook Cryptocurrency: Is the Tech Giant Developing a Stablecoin?

Spencer Bogart, also during a Fast Money interview, spoke on something similar, calling 2018 a “fantastic year” for BTC, despite the Bitcoin price crashes. Speaking also on innovation, Bogart said this year is the first time we have scaled the digital currency “with a lightening network,” making transactions quick and cheap.

Bitcoin Price

At the time of writing, the BTC price is $3,905.13.

Bitcoin price
Source: CoinMarketCap

The Takeaway

It’s vital to take comments such as Asiff Hirji’s into consideration. While it’s easy to oust BTC from your mind due to the recent Bitcoin price crashes, we must also recognize the good that occurred during the year, such as an increase in innovation.

What do you think? Let us know in the comments below.

Featured Image: Depositphotos/Piter2121

Autonio Welcomes Stan Larimer to Our Advisory Board

Bitcoin Price Tumbles Further: New Low for the Coin

Bitcoin Price

Bitcoin price is tumbling further today, dashing any hopes of a rally that some felt was certain thanks to current extreme oversold conditions.

The world’s largest coin by market cap is currently selling for $3,301.60 USD according to coinmarketcap.com. But earlier today, it fell to $3,200, representing a 15-month low for Bitcoin and not helping bulls’ hopes for a revival.

This is the lowest level since September 2017.

Bitcoin Price Drop

In the last four weeks alone, Bitcoin has dropped 49% in price. Surely, sellers are exhausted, and Bitcoin is set to turn around. Earlier this week, BTC began moving upwards towards $3,633, but it did not last. The coin’s failure to produce a worthy bounce back despite being extremely oversold indicates that the bears are winning this war and negative sentiment is strong. A 200-week moving average support of $3,170 has been established and now heading below it may be a real possibility for Bitcoin.

Others Follow

Across the market, the sentiment is once again bearish. Bitcoin Cash’s recent forks Bitcoin SV and Bitcoin Cash are both two of the biggest losers, with declines of approximately 11% and 14% respectively.

It seems the hashrate war between these two coins is doing neither of them any favors. The hard fork happened on November 15th, and the contentious split has caused both coins to lose more than they have gained.

Elsewhere, Stellar is down 7.5%, and EOS is down 5%. Ethereum is down 4.5%.

>> You Can Earn Bitcoin (BTC) While Shopping with the Lolli App

Sell-Off

What’s causing the market-wide sell-off?

Notably, investors are worried over the fate of a Bitcoin ETF gaining US approval in February. Also the uncertainty of whether or not (or when) this bear sentiment will end, leaves investors’ prospects for short-term Bitcoin price gains at a paltry level.

However, some are calling this period one of the “best buying opportunities.” At its current prices, rating agency Weiss is a firm believer that Bitcoin will turn around and now is the time to buy.

Featured Image: Depositphotos/© vectorfusionart

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You Can Earn Bitcoin (BTC) While Shopping with the Lolli App

Lolli app

Do you shop frequently at Sephora? Lululemon? Walmart? If you do, a new in-browser app has emerged and wants to give you Bitcoin (BTC). CoinDesk just reported that the app called Lolli just added Sephora to their list of retailers.

Earn Bitcoin (BTC) While Shopping

Lolli gives shoppers cash back after they make purchases at their list of partnered retailers. The Bitcoin rewards startup told CoinDesk that it recently won over Sephora by data. Around 30 percent of Lolli’s active users are women.

“We’ve gone back to a lot of these retailers that previously were not interested but now are coming on-board,” Lolli CEO Alex Adelman told CoinDesk. “One of the biggest ones that just joined us is Sephora, which adds an entire suite of retailers in the beauty category.”

Lolli is also partnered with Sephora’s biggest competitor, Ulta. These retailers pay Lolli for customer referrals in fiat currency, which in turn is converted into Bitcoin for rewards in the app. Many crypto-based startup companies have faced vast layoffs this year, due to the bear market. However, Lolli has only six employees and is gaining some traction.

>> Crypto Users Increased to 35 Million in 2018: What Will 2019 Bring?

Adelman told CoinDesk that Ulta is a huge retailer for the startup company. The tech CEO also claims that men and women alike were consistently requesting Sephora. To earn rewards on Sephora or Ulta, users just have to install the app in their Chrome browser and shop normally. So far, Adelman claims 60 percent of Lolli users become repeat shoppers.

Lolli is currently partnered with 500+ popular retailers. You can earn Bitcoin (BTC) through Lolli by shopping online with these major retailers: Barnes & Noble, Overstock, FinishLine, Michaels, Toms, Macy’s, Walmart, CVS Pharmacy, Lululemon, Groupon, and VRBO.

The Bitcoin startup was launched back in September of 2018, and it has raised $2.35 million so far. On average, Lolli pays out $10 per purchase in BTC.

Featured Image: Depositphotos/© [email protected]

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