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Introduction
Although the crypto revolution started with the claim or objective of decentralization, almost all cryptocurrency trades now happen on centralized cryptocurrency exchanges. The model of centralized crypto exchanges is inefficient and is prone to hacks and market manipulation. So, as the crypto sector is besieged with scams and frauds, it is not surprising that some of the largest crypto exchanges have a history of security breaches and lost funds.
The recent collapse of FTX, the once-dominant crypto exchange, has shaken public confidence in the global crypto market. Investors lost billions of dollars in the past few months, as valuations of most cryptocurrencies and other crypto assets plunged.
FTX, one of the world’s biggest crypto currency exchanges, filed for bankruptcy, following their betrayal of the confidence of their customers and improper use of their customers’ cash. The practice of misuse of people’s funds has become quite common in the cryptocurrency space.
People put their entire financial resources on such exchanges, only to lose everything as a result of centralization of these exchanges. These centralized exchanges use dubious and ineffective business practices.
Perhaps, the solution lies in Biokript, the world’s first hybrid Shariah-compliant crypto exchange platform. With Biokript, users are in full control of their own crypto in a safe and secure decentralized manner, while having the ability to trade with the efficiency of centralized exchanges.
An evaluation of Biokript
Biokript is a new cryptocurrency exchange that combines user security and control provided by a non-custodial Decentralized Exchange (DEX) with the performance benefits of a Centralised Exchange (CEX).
The FTX collapse has reinvigorated investor demand for complete transparency at the institutional level and Biokript addresses that exact demand. Investors stand to benefit from Biokript’s Shariah-compliance and profit-sharing features too. The objective of Biokript is to offer a profitable, efficient and Shariah-compliant hybrid crypto currency exchange in a most decentralized manner.
With the Biokript token, it will offer exchange profits based on Islamic Mudarabah principles to all prospective token holders as well as significant discounts on fees on all trades As per the Islamic Mudarabah profit-sharing principles, all the profits are split proportionally to the amount of tokens held. .
This model could be the perfect solution to many of the inefficiencies that plague the cryptocurrency space at the moment. For instance, many of the centralized crypto currency exchanges resort to manipulation tactics such as wash-trading, where exchanges trade their own currencies internally to drive up the trading volume.
Such malice is not possible with the profit-sharing model of Biokript. Moreover, Biokript also does not deal with interest, as Islamic law forbids any business that is driven by the objective to earn interest.
The other pertinent factor of Biokript is its focus on security of investor funds. FTX and some other cryptocurrency exchanges have been accused of misappropriating and losing funds of the investors. That has caused losses to the tune of billions of dollars and rattled investors’ trust in the sector.
Unlike centralized exchanges, Biokript will lock up all investor funds in highly secured smart contracts. It offers a hybrid system that combines the perks of centralization and decentralization. Its solution offers the advantages of a centralized exchange while offering customers self-custody of their funds like those in decentralized systems.
It is a blockchain-based platform where users are in full control of their own funds in a safe and secure decentralized manner, while being able to execute high-frequency trades with centralized efficiency.
Biokript Solutions
The Shariah-compliant business model of Biokript will tackle all the above issues plaguing the sector. The Biokript token will rule out manipulation of trading volume. Moreover, as all of Biokript’s transactions are done on blockchain, everything is open for review and audit, thereby ensuring complete transparency and eliminating manipulation.
All of the files will be protected using the most recent encryption technology, providing top-notch security. With the exchange being non-custodial, users will have complete control of their funds and will have the option of multiple two-factor authentication.
The system will also notify users about withdrawals, so that users can block the withdrawals if there is anything suspicious. In fact, the system will automatically block withdrawals after changing account data, because a typical hacker behavior is to change the email address or the phone number. Biokript will also offer video-call support to its customers and that will help in faster user authentication in case of withdrawal or deposit issues.
Biokript will also offer many fiat currencies, along with multiple payment options. Owing to its Shariah compliance, Biokript will offer investment opportunities with a minimal risk and rule out risky trades such as futures and leverage trading.
The other user benefits of Biokript include profit sharing executed through a Binance smart chain contract, where all Biokript token holders will receive a 50/50 split of the company’s revenue in proportion to their tokens held.
Biokript Revenue
The overall revenue model of Biokript is primarily fee-based. Even though the fees are being kept low in order to benefit the users, they will still provide enough revenue to ensure healthy profitability for Biokript. Biokript will earn from trading fees, listing fees, voting fees and fees on credit card and debit card purchases.
The Biokript exchange will charge a fee of 0.20 per cent for both Makers and Takers. Biokript token holders will automatically get a discount. Then, there is also a listing fee, although Biokript will be very selective about its choice of coins to be traded on its platform. Besides, there is also a voting fee in order to list a token. The latter is aimed at engaging the community and including them in the listing process on the Biokript platform.
Biokript Target Market
The primary target market of Biokript are individuals and institutions who wish to participate and invest in crypto currency trading that is compliant with Islamic Shariah laws but do not have the relevant education or are deterred by the complexity and risks associated with cryptocurrencies.
As most of the cryptocurrency transactions are currently being done on centralized exchanges, the Biokript exchange will also be attractive to those who do not like centralization and want to have full control over their funds. Moreover, Biokript will offer investors a safe way to explore Decentralized Finance (DeFi) from the secure environment of the Biokript platform.
Biokript Trading Engine
Biokript offers a blockchain-based trading platform that is far more secure and superior than those available on today’s centralized exchanges. It will offer ultra-high-speed trade settlements, low fees and sufficient liquidity at lowest prices. It is a Web 3.0 solution with near-instant off-chain transactions and Biokript has the lowest latency at any point.
Biokript’s trading engine, called Finex, lies at the heart of its trading platform. It is a high-performance trading engine which accepts or rejects orders, processes trades when orders match and prevents users from spending more than they have in their account.
The Finex trading engine of Biokript has several features such as the ability to place bulk orders, post-only order, fill or kill order, stop loss, stop limit, API rate limit, and bi-directional WebSocket API.
Bulk orders, as the name suggests, enables users to place or cancel many orders in a single request. Post-only order is an advanced limit order that guarantees that it will be maker or canceled. Fill or kill order is an advanced limit order, which must be fully matched or fully canceled.
The API rate limit is a rate limiter configurable depending on user roles. It can be configured at the API server level and at the trading engine level. The Bi-directional WebSocket API allows end-users and brokers’ bots to create and cancel orders and be notified about trades in real time.
Biokript Token Burn
In order to create a scarcity of its token in the market, Biokript will create a unique token burn, whereby a tenth of all trading fee revenues will be set aside for token burn and there will also be a 3 per cent burn of the entire token supply when there is a 100 percent appreciation of the Biokript token.
This burn rate will be dynamic and the percentage burned will be reduced to 2 percent, 1 percent or 0.5 percent etc. in case of a rapid price appreciation. In case, Biokript fails to achieve sufficient trading revenues, it will start burning tokens from its own Treasury.
Official Token Sale Timeline
The official pre-sale on Pink Sale will start on January 31, 2023 and the MainNet release of the platform is slated for April 2023. There will be a total issue of 500,000,000 tokens and around 35 per cent of that will be reserved for investors in the token sale. .
Conclusion
The core objective of Biokript is to bring investors back to the foundation of the crypto revolution, where users or investors have control over their crypto holdings. The future lies in decentralization, as it gives people the control over their own wealth.
Biokript aims to be the secure solution to self-custody of crypto assets while giving traders the option to trade with the ease and efficiency of a centralized platform. By blending the self-custody paradigm of a decentralized system with the advantages of centralized exchanges, Biokript is pioneering a crypto revolution where users have complete control over their funds.
Biokript seems like the ideal option for crypto traders who do not wish to cede control over their assets to the exchange, especially against the backdrop of the recent collapse of FTX.
Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.
Earnings Disclaimer: The information you’ll find in this article is for educational purpose only. We make no promise or guarantee of income or earnings. You have to do some work, use your best judgement and perform due diligence before using the information in this article. Your success is still up to you. Nothing in this article is intended to be professional, legal, financial and/or accounting advice. Always seek competent advice from professionals in these matters. If you break the city or other local laws, we will not be held liable for any damages you incur.
