Midex is a licensed cryptocurrency exchange that uses its own MDX tokens. Find out what makes the exchange unique today in our review.
What is Midex?
Midex, found online at Midex.com, is a licensed cryptocurrency exchange that claims to be “the first innovative cryptocurrency financial platform.”
Midex provides unique blockchain-based solutions that involve neural networks and smart contracts. Together, neural networks and smart contracts control the majority of processes within the Midex ecosystem, thus eliminating the possibility of mistakes and compromises.
Midex will offer a number of different bank-like services, including money transfers, debit cards, payment gateways for merchants, and more.
A token sale for Midex’s MDX tokens is underway until April 15, 2018.
What Problems Does Midex Seek to Solve?
The Midex whitepaper mentions a number of problems with both the traditional banking system and existing cryptocurrency markets. Some of the issues nclude:
- Cryptocurrency is too complicated for the average layperson to understand
- The markets are volatile and unstable
- There are few legal and technical regulations
- There are few ways to access cryptocurrency in the real world
Midex claims these problems are inhibiting the mass adoption of cryptocurrencies. They want to solve that problem.
How Does Midex Work?
Midex will solve the problems above by creating a blockchain-based financial platform. That platform will offer traditional banking services – like a payment gateway for retailers and debit cards for consumers – over a blockchain platform. Users will be able to use Midex to store, transfer, and exchange various cryptocurrency assets.
Some of the core services offered by Midex include:
The exchange aims to offer the “fastest transactions and frontend ever” in the crypto space. It also aims to be fully legal, blockchain-based, and have private keys always accessible for clients. There will also be an exchange aggregator for simple arbitrage, allowing you to trade between multiple exchanges simultaneously.
Midex will offer traditional banking services like debit cards, an ATM network, and escrow service.
Midex will have an asset management fund, a marketplace, and an investment banking service rolled into their Midex Trust platform.
This will be a P2P credit marketplace where users can post cryptocurrency and other assets as collateral, then receive a loan.
Midex Business will offer blockchain development and consulting services for private clients.
Users will be able to access all of these services through a single web interface: Midex.com. There will also be a protected API that enables external systems to interact with Midex services directly.
Overall, Midex’s solutions are designed for private clients, businesses, traders, and investors.
The Midex exchange will be built on the blockchain. It will also use decentralized file storage (DFS) as a transaction-related file storage and exchange environment. Plus, Certified CIPFS will be used as a means of providing additional ciphering of legally important electronic signatures and protected timestamps. The exchange will also have automatic document analyzers for fast customer onboarding.
The payment system, meanwhile, offered by Midex Banking, will allow businesses to accept cryptocurrencies for goods or services. Merchants can instantly convert cryptocurrencies into their national currency. Or, they can hold onto the cryptocurrency to ride the volatility out. Customers can pay through the Midex payment gateway using a bank card, electronic money, or any type of cryptocurrency.
You control all aspects of your account through the Midex User Account screen. Think of it like your online banking dashboard. From this screen, you can transfer money between Midex accounts (say, your business and personal accounts), repay credit, send or receive invoices, transfer money out of Midex, and perform other banking activities.
Midex will offer five different types of accounts, including Basic, Credit, Investments, Midex Exchange, and External Exchange. You’ll be able to deposit and withdraw funds from your account using cryptocurrency transfers, card transfers, bank transfers, electronic money, and crediting codes.
The Midex MDX Token Sale
Midex aims to raise funds to develop its exchange and increase liquidity of the exchange. Midex is issuing 75 million MDX tokens to a smart contract for the Midex token sale. 65% of those tokens are available for investors to purchase during the crowdsale. The remaining tokens are allocated to the team (20%), advisors (7%), and bounties (8%).
The Midex token sale began on January 15 and ends on April 15, 2018.
As of late March 2018, the project has raised over $5 million, selling over 7.1 million tokens to date. Tokens are priced at 1 MDX = 0.00189 ETH.
How Do Midex ICO (MDX Token) Work?
The main benefit of buying Midex tokens is that you receive a proportional share of revenue generated by the platform. 20% of revenue from Midex’s daily commissions in cryptocurrency will be accrued to your account.
In addition, MDX tokens are the internal currency used within the Midex platform. Some of the core functions of MDX include:
- Increase the limit for cash withdrawals from the card or through transfers
- Get discounts on commissions for depositing and withdrawing funds
- Earn interest by staking programs within the platform (for use in the P2P credit system)
- Get access to unique locations in the Midex virtual reality office
- Customize your personal Midex dashboard
- Pay for goods in the Midex shop
- Pay for access to confidential information in the Midex analytical center
- Get individual consultations for topics related to business and investing from leading professionals worldwide
Who’s Behind Midex (MDX Token)?
Midex is led by The Midex Foundation, described as a “team of finance, security, technical and legislative specialists united by the ideas of development and integration of blockchain architecture in socially-important spheres of the life of society.”
Key members of that team include Andrey Dubinin, MBA (President), Dmitry Machikhin (CEO), Alex Shkirin (Head of Tax and Legal), Eugene Kaznacheev (CTO), and Mike Blackwood, EMBA (CMO).
Midex ICO (MDX Token) Conclusion
Midex aims to disrupt the modern cryptocurrency exchange and financial systems by introducing a blockchain-based cryptocurrency exchange. That exchange revolves around the use of MDX tokens, which are used for some transactions within the Midex network. In addition, Midex token holders receive a proportional share of revenue collected by the platform.
The token sale for Midex tokens is underway until April 15, 2018. To learn more about Midex and how it works, visit online today at Midex.com.