Taiwan’s MaiCoin MAX Exchange Will Reward Users For Token Staking And Mining
MAX Exchange was recently launched by MaiCoin which has been the largest one-stop digital asset platform provider in Taiwan.
The exchange originally started by offering Taiwan Dollar (TWD) to crypto pairs and it currently lists 16 crypto/TWD pairs. As part of its global ambitions, MAX Exchange has recently launched a total of 51 crypto to crypto pairs which include both USDT and TWDT stablecoin pairs.
The MAX Digital Asset Exchange is an extension of the business’ over the counter OTC platform, MaiCoin, which has been in operation since 2014. Combined, MAX and MaiCoin are the largest and longest running digital asset platforms on the Taiwanese market.
MAX Targeting Global Market
While TWD fiat trading is exclusively permitted for citizens of Taiwan, crypto-to-crypto pairs are now possible for the global market, asking MAX users to register with an email address for Level 1 access. This presents them with a $15,000 daily withdrawal limit. For users willing to provide a phone number and a selfie with ID verification, this daily withdrawal limit is increased to $150,000.
“What sets MAX Exchange apart from the competition is that customer fiat assets are stored safely and securely with a third party bank trust custodian. We are also partnering with mobile phone providers on a solution to allow MAX Exchange users to store their private keys at the semiconductor level on their smartphone so that they are always in control of their own assets.” reported a MAX representative.
To develop and support its community ecosystem, MAX Exchange will launch its native token (MAX). 150 million MAX Tokens (30 % of total supply) will be distributed via a Transaction (TX) Fee Mining model. What differentiates its TX mining model from previous iterations is that MAX incorporates a difficulty feature where mining rewards decrease as more coins are mined to slow down issuance and native tokens are purchased in the open market, the company explains.
Transition To A Decentralized Exchange
The transition from a conventional centralized exchange to a more decentralized one will take place over multiple phases for MAX. In the first phase, MAX’s mobile device partner will utilize native hardware capabilities at the semiconductor level to safely store private keys. Next, a protected kernel space will be established within the operating system for safe interaction between the user application and the hardware.
Third, the MAX mobile application will utilize this secure tunnel to securely sign transactions (buy, sell, send) initiated by the user. The user will identify him/herself through a password and biometric authentication. This whole system will be open for audit and penetration testing by the security community.
As the next step toward decentralization, order book aggregation and matching will be distributed across a consortium chain (the AMIS Network), whose “supernodes” consist of exchanges such as MAX. Leveraging highthroughput IBFT consensus (capable of handling thousands of transactions per second), this will deliver performance asymptotically approaching a centralized orderbook for commonly traded crypto pairs.
As the final step in decentralization, fully peer-to-peer topologies, including state channels and Plasma chains, will be introduced. Leveraging the work of the Lightning and Raiden teams, the AMIS Network will offload highfrequency transactions between two counterparties onto its own ledger and net the transactions before writing the final state into the public blockchain.