With the increasing number of cryptocurrency scams taking place across the globe and centralized exchanges being hacked, Blockonix plans to transition to a decentralized stage that is being run entirely via smart contracts. The biological trading system of Blockonix is created on the blockchain smart contract architecture. It is created on the said architecture so that it can offer an exchanging background and a world-class cryptographic money trade to its customers with security.
Blockonix is not owned by a single entity. The entire ecosystem of Blockonix is being run by the community. Its decentralized systems run entirely on blockchain and not centrally on any server or system. Blockonix has been rebranded from Bitindia. This decision was taken as they plan to launch their exchange at a global level. The company believes that by rebranding the exchange name, they will be able to penetrate new markets and take the exchange to the next level. They are committed to providing the best services to their already existing clientele.
This decision of transitioning to a decentralized peer to peer (P2P) exchange was taken owing to the Reserve Bank of India’s ban on cryptographic money. While a lot of Indian cryptocurrency exchanges such as Unocoin, Zebpay, and Wazirx decided to stop the INR (Rupee) withdrawals and deposits based on the Supreme Court ruling yesterday, Blockonix was one of the first to acknowledge this ruling and look for new and better trading alternatives. Thus it took the landmark decision to launch a decentralized P2P exchange earlier this year.
As reported by Coinounce, Blockonix plans to charge a transaction fee of flat 0.1% for all cryptocurrency exchange trades, in case the payment is made in Ethers. On the other hand, it is offering a flat 70% discount if a user makes the payment in BDT tokens.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]