BitRabbit is a decentralized asset exchange currently in its beta testing phase.
Upon its full release, users will be able to trade a wide variety of assets, ranging from cryptocurrencies and derivatives to more traditional investments like stocks; the service even suggests that users will be able to purchase stocks with cryptocurrencies.
BitRabbit features a unique decentralized decision making model, where its users will be able to vote on the direction of its development, and the group is releasing some interesting investment opportunities, such as a mutual fund of leading cryptocurrencies. The service is also releasing its own cryptocurrency, the BRB token, but its existing publications offer few details about the token’s ICO and its role in the platform.
BitRabbit is the work of a Chinese team. The group is composed of highly experienced software developers; several have Ph.D degrees, and only two of the seven come from strictly management or finance backgrounds. The team's CEO, Ray Cao, is the former senior technical expert for the popular shopping website Alibaba.
The project has not yet gained much attention on social media or from online publications, though its platform remains early in development and its beta release is not yet available in English.
BitRabbit states that its exchange platform will itself be decentralized and will use an algorithm called extreme proof of stake in order to verify transactions. This algorithm builds upon the familiar proof of stake method which ensures that block creators are chosen at random, but it introduces the concept of preferring users with greater bandwidth in order to improve the speed with which the network can approve transactions. This is an interesting innovation which the company claims will be able to handle over one million transactions each second.
One of the company's most interesting innovations is its decentralized decision making model; its whitepaper states that a group of at most 200 users will be able to vote on a variety of management decisions. These users will be directly recruited by the development team, and will have the opportunity to vote on the management of the currency, nominate currencies to be exchanged on the platform, and even opt to pay dividends to themselves or token owners. Voting power will be proportional to the amount of BRB tokens that they own. It's not clear how these votes will be counted, or when these users will be selected.
BitRabbit has released an interesting investment opportunity called the Blockchain Asset Index. It is essentially a mutual fund composed of seven cryptocurrencies which was released on October 1st, 2017 for $1, and has already more than doubled in value. This sort of asset could appeal to conservative investors interested in a longer-term cryptocurrency holding, and it will be interesting to see if the company offers any similar opportunities.
The company mentions in passing that it hopes to host a wide variety of assets on its exchange, including stocks and options, but this seems far from implementation. Its most ambitious idea is that users will be able to trade cryptocurrencies for assets like stocks. Currently, only a Chinese-language beta of the exchange has been released, which appears to host only a limited number of cryptocurrencies. The company states that they hope to release the full version of the exchange on August 1st, 2018.
BitRabbit ICO Details
BitRabbit's English-language publications provide very few details about the BRB token; while the group's whitepaper states that “this token will be deeply integrated and cooperative with our product system,” no dates or information are available about its ICO. The company states that the exact amount of tokens distributed will be retroactively determined by the amount of Ethereum raised during its ICO period, but they don’t describe how users can participate in this or when it is taking place; it's not clear if the lack of information in English is a translation oversight, or a sign that the opportunity is closed to foreign citizens.
BitRabbit The Verdict
BitRabbit describes a remarkably powerful platform, and the team behind it is very talented. However, there are frustratingly few details available about its technology and token, at least in English; not even the dates of its ICO are mentioned. The company has great promise, but it needs to communicate more clearly if it hopes to attract international attention.