This is a cost-effective, decentralized and user-friendly peer-to-peer digital currency marketplace that is based on the Ethereum blockchain. The primary objective of Bitrust is to provide cheap cryptocurrency retail services for investors with a mean monthly trading volume ranging from $100 to $100,000.
Last year, altcoins came fast and thick into the crypto space. Since then, a majority have plummeted in value. Bitrust promises to hedge the risks that come with such drastic pitfalls. The platform offers a secure and usable management solution to crypto hobbyists, a feature that allows the investors to substantially mitigate the risks associated with the market volatility.
The rapid proliferation of digital wallets is a pointer that more people are delving into the market, resulting in higher liquidity and improving the overall appeal of the crypto sphere. Hover, the existing risk mitigation mechanisms are considerably inadequate. Bitrust aims to ease the transition in to the digital currency sector by granting user access to its platform. This is because more investors translate into higher investment amounts, eventually shooting up the liquidity of altcoins.
How Bitrust Works
Typically, peer-to-peer networks involve two or more parties. Bitrust, being a p2p network, usually engages two or parties in its smart contracts. These parties are the buyers and the sellers.
The Ethereum smart contract requires consent from both parties before a contact is implemented. In this regard, both sides have to lock their funds before a transaction is validated. The funds are temporarily held in the form of either BITRUST Tokens (BTF) or any other permitted digital currency. Once the insurance period expires, the system automatically executes the smart contract. This process eliminates the possibility of fraud.
Token Utility and Value
The Bitrust platform will strive to provide real value to its token holders on the secondary market as well as reward early investors. Therefore, Bitrust will levy an affordable 0.1% fees against the total amount locked as the insurance of a specific BTF smart contract. This discounted charge will significantly boost the usage of BTF tokens within the Bitrust ecosystem.
Bitrust BFT Token ICO
Bitrust opted for an ICO as their preferred means of raising funds due to the following reasons:
- The decentralized nature of blockchains allows for trustless interaction among members
- The project is aimed hedging risk associated with market volatility in the crypto space
- Bitrust wants its ecosystem to be all-inclusive, attracting members form all over the world.
To finance the development of the Bitrust platform, a limited supply of BTF tokens will be issued. The crowdsale will accept major cryptocurrencies such as Bitcoin, Ethereum and Litecoin.
The ICO will be divided into two phases – the presale and the ICO proper. The presale phase ran for 30 days, from 2nd – 31st March, 2018. Afterwards, the ICO, slated f to for 60 days (2nd April – 31st may, 2018) will take place.
During the presale, 20,000 BTF tokens will be exchanged for 1 ETH. The ICO, however, will not have a fixed price for the BTF Tokens. Instead, the price will gradually decrease by 1,000 from the initial 13,000 when a particular milestone is reached.