Buzzex Update February 18

6 min read

Today we have another update for the Buzzex community as we are moving forward with the pre-launch of the Buzzex Exchange.

It has been a bit quiet because we are all working so hard in the backend to ensure we deliver a high quality product and excellent service to our customers the moment we launch.

So withour further ado, let’s get started.

General Stats

  • We are happy to announce that we have crossed the 40,000 signups during our pre-launch so far.
  • 1,624,000 BZX have been sold so far during pre-launch, meaning only 376,000 are available at the lowest tier at $0.05!
  • 3,244,614 BZX have been distributed as bonus for pre-launch buyers. Please note that this is a lifelong bonus and pre-launch buyers will receive daily coins forever for helping support the project in this early stage. More info can be found here.
  • At the moment 1053 Masternodes are powering the Buzzex Coin blockchain.

Integration Of Trans-Fee Mining Setup

Our developers are finalizing the feature to automatically distribute Buzzex Coins earnings for trading during the first 6 months of our launch.

Here’s how this will work:

  • For every $65 traded you will earn 1 BZX
  • Once every hour our script will add earnings directly to your wallet
  • Buzzex Coins are distributed in full, meaning we will only distribute 1 BZX, 2 BZX etc. depending on how much you traded the previous hour

Owning Buzezx coins not only allows you to earn in various ways (Dividends, Masternodes, Staking etc.) but will also allow you to trade without having to pay any trading fees after the trans-fee mining period. For this you need 20,000 BZX and during the first 6 months after launch, trading will be an additional option to acquire BZX coins.

Important note: Everybody that holds 20,000 BZX will start earning daily dividends and from weekly airdrops the moment we launch!

Liquidity Aggregator Feature

The most important aspect of any new exchange, in combination with, security, a fully working platform and excellent support, is liquidity.

Liquidity refers to the available coins in the market and how many coins can be bought or sold without affecting the price.

The current state of the cryptocurrency space isn’t good in terms of liquidity. In fact, most big crypto exchanges have poor liquidity.

That’s why we have created a featured which we’ll call the “Global Order Book.”

Here’s how it works:

  • Order is placed on the Buzzex Exchange
  • Our matching engine will look for matching orders as they are being added to Buzzex
  • Our global order book system will also look for matching orders on other exchanges and from liquidity providers

With this setup, there is guaranteed to be high liquidity and deep order books on the Buzzex Exchange in all markets from day 1, solving one of the main problems any new cryptocurrency exchange faces.

Addition Of 90+ Tokens

A huge step forward in terms of token additions is the finalization of our ERC20 tokens setup on the Buzzex Exchange.

That’s why we will soon (later this week) announce over 90 tokens that will be added to the exchange the moment Buzzex launches.

These tokens are a combination of our own research (mostly based on demand for the token) and the voting being done by Buzzex members.

Obviously, if a token you voted for gets added and your are KYC verified, you will receive your 500 BZX voting bonus.

Traders Stats Dashboard

A very interesting feature that will be added before we launch the Buzzex platform, is a portfolio and trade tracker.

Instead of just having a wallet page and basic info about your trades, we will add a clean looking dashboard allowing you to monitor all your actions inside the Buzzex platform.

Everybody that trades on Buzzex will be able to keep track of their trades in their own personal dashboard. You’ll be able to see the potential profit you can make from open orders and the total profit/loss you made from all executed orders.

On top of that you’ll also be able to monitor your overall stats of your entire trading history on Buzzex, showing exactly how much you earned or lost so far.

Important: There will also be an export feature allowing you to easily keep track of your trading and store your data offline. This comes in handy if you are required to file your tax returns for instance.

As soon as we have more info we’ll show a preview of how the personal dashboard will look like.

Buzzex Integration Into Gekko Bot

As mentioned in a previous update, we have added the Buzzex exchange into a trading bot called Gekko and are about to test it in our beta environment. Our developer Cris has added the bot to Github in case you want to check it out: https://github.com/mrcrislainez/gekko

Gekko is a bot that analysis trading patterns and executes trades based on strategies created by traders.

We have also been in contact with the Gekko bot developer (Mike who is based in the Netherlands) as he is setting up a paid service called “Gekkoplus” which will allow newbie traders to use existing trading strategies created by top traders.

He is willing to add Buzzex to his paid platform so just about anybody who wants to use strategies from his marketplace will be able to do so and trade automatically on Buzzex!

In return, we will create a page with all strategies that can be used on Buzzex on our platform so you can easily pick a strategy that returns profits and activate it with a few clicks.

We definitely believe that machine trading will greatly evolve and improve as the cryptocurrency markets grow. A service like Gekkoplus is a great place to allow new traders to take their first steps into trading, hence we wanted to ensure this will be possible using the Buzzex exchange.

Hiring Extra Staff

As we’re in the final phase of development, we are starting to look into hiring more staff which will revolve around 2 areas:

  • Expert traders which will assist us with final bug testing.
  • Security expert to assist us with final security checks.
  • Hiring extra support staff and training them so we are ready to provide excellent support the moment we launch.

We have also set up our entire system with the ability to quickly hire more staff in terms of development as well. It’s true that we have a rather small team at the moment, but the moment we launch we will start to expand Buzzex in all areas quickly, and one of our main priorities is to hire more developers.

Buzzex Masternode Service

We experienced some unexpected server outages which affected our VPS servers hosting the Masternodes of customers. That’s why they went offline.

We want to make up for this by sending the missing earnings from the days the servers were offline.

We will contact all customers personally asking for their Buzzex wallet address. So please stay tuned this week for a mail from our staff to sort this out.

Expected Launch Date

A cryptocurrency exchange is a very complicated business as it deals with handling funds of customers. That’s why we take a lot of measures to ensure the platform, which we have built from scratch, will be secure, fast and give all traders a pleasant experience when using it.

With the majority of bugs fixed and soon welcoming a few new team members who will work hand in hand with our developers, we are happy to announce that we have an estimated launch date which is between March 18 and March 28.

We still won’t announce the exact day as there might be an unexpected (yet slight) delay, which is why we take a margin of 10 days in case this happens.

Our main focus in the final phase is to simply test every little aspect of our platform to ensure we can deliver a great product.

Marketing

The next weeks we’ll start a marketing campaign together with our global ambassadors to introduce Buzzex to the coins that already have a guarantee to be listed.

As of now, we have mainly focused on coins that could potentially be listed (and the majority of signups have come from these efforts so far), so we expect to see another surge in signups the weeks before we actually launch.

Secondly, the final week before we launch we will start some paid marketing campaigns and continue this with part of the extra budget we’ll have when our product launches. These will incude:

  • Press Releases
  • Sponsored posts on crypto blogs
  • Reviews by crypto influencers

Marketing is something every business needs to do and the majority of the remaining sales we make of Buzzex Coins during our pre-launch will be used to start paid marketing campaigns. After that we intend to use 10-20% of our overall budget to continiously attract more traders to Buzzex in order to gradually grow the volume on our exchange.

Conclusion

We have come a long way already and are on the verge of launching a world-class exchange. Our team has done a great job so far and will continue to remain focused on what we need to do to succeed.

We have solved the biggest problem for new exchanges which is initial liquidity, meaning all new traders will be able to buy all coins listed instantly and there won’t be any empty order books.

In the long run, we firmly believe that our business model is what will set us apart. Traders will not only be able to trade for free, but also earn daily dividends on top of that.

Initially, it’s a race to acquire at least 20,000 Buzzex Coins (or more) to activate all the lifelong benefits our business will provide.

It will also be very interesting to see if a major business like Buzzex can be run by a DAO as well. By having a budget on the blockchain that will allow anybody to submit proposals to help the project, and have Masternode owners vote for these proposals on the blockchain, we will create a community of crypto enthusiasts who share the vision for which blockchain projects were built for.

Rigt now however, our main focus is to successfully launch our platform and ensure we make it a platform that has the same level of functionality, features, security and support service as the big exchanges of today.

If that works out, then there is no way that a superior business model won’t be able to compete with those big exchanges as well.

That’s it for now, have a great day!

The Buzzex Team

Update August 27

Jens
4 min read

Update August 10, 2019

Jens
2 min read

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