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FTX Token - the story of one cryptocurrency

2020-01-09

Today, the cryptocurrency market continues to gain popularity among users. New exchanges and online wallets appear that make it possible to conduct financial transactions, pay for services, or exchange data. A special place in this international system is occupied by the young cryptocurrency FTX Token.

About Token project
This digital currency is an exchange that supports leveraged tokens and futures. Its technical solutions are planned to be transferred to the regular stock market in the near future. Now, not all exchanges have a significant amount of cryptocurrency index futures. The platform is also designed to solve this problem. Investors and users show a certain interest in this crypto by buying tokens on different trading platforms.

FTX Token Features
Today, cryptocurrency cannot be hacked or counterfeited, and it is very easy to verify the reliability of financial transactions. In this case, tools are used that control the process of data exchange. What else does the system guarantee during the FTX Token transaction:

Complete confidentiality. There is no way to access the personal information of the owner of the crypto wallet. It is protected with special keys.
FTH is a decentralized coin that is not controlled by governments. Consequently, it circulates only in the network, which allows you to quickly and free of charge transfers between different countries.
The tokens involved in transactions are not subject to inflation. They get the status of a deflationary currency.
These are not all the benefits of transactions. Leading experts continue to work on improving the functioning of the site. On their website, the developers reported that their collateral wallet allows you to make trading on the platform simple and efficient, as the futures on coins are listed. By using FTX tokens, users have the ability to automatically manage transactions. At the same time, the target influence and liquidity of the cryptocurrency remains. This micromanagement reduces the number of risks.

The system portal operates 24 hours a day, which allows participants to quickly receive, for example, the encoding of 20 coins. They can be traded, exchanged or paid for, while receiving a high level of liquidity without commissions.

The ecosystem that conducts transactions provides its users with the following benefits:

Special fees are purchased and burned every week.
The platform features low trade and over-the-counter discounts.
Commercial transactions are provided with futures.
Some of the proceeds go to an insurance fund that guarantees the continuity of the entire system.
Also, the creators of the project have established close contacts with partners involved in transactions. Among them are:

TrustUSD is a stablecoin backed by stable assets in the form of fiat money, gold or petroleum products. This site is built on the basis of Ethereum, and tokens work according to the ERC-20 algorithm.
USD Coin is a new cryptocurrency. It is analogous to the American dollar. Consequently, its rate is completely dependent on the hard currency.
Paxos Standard is distinguished by regulated cryptoassets. This phenomenon is considered the first in the world. The system coins are also backed by the US dollar and approved by the New York State Department of Financial Services.
To a certain extent, the FTX Token cryptocurrency rate depends not only on the market situation, but also on cooperation with Alameda Research. The specialists of this company constantly provide developers with fresh data on changes in the crypto community. They also actively help develop the site.
Thus, the system has several partners who help to carry out safe and fast transactions with FTT tokens. At the same time, a stable demand for coins with their collateral is maintained on the FTX exchange itself. More recent transactional news can be found on the official website.

How FTX Token is Created
The project team, even before the advent of the exchange, was engaged in commercial operations in the derivatives market as traders. In their White Paper, the developers reported that they constantly suggested to trading platforms to improve the exchange of futures. But their projects remained unclaimed on other exchanges. Therefore, the creators of FTX Token cryptocurrency decided to establish their own platform. This happened on April 21, 2019, when the N / A algorithm was launched with the eponymous coin proof.

The platform is owned by FTX Trading LTD, which was registered in Antigua and Barbuda. The developers immediately began to cooperate with the largest trader Alameda Research. It is also a well-known provider of liquidity in the virtual market. Some specialists are involved in working with FTH.

The team includes the leading developers of the crypto market. Among them are:

Sam Bankman-Fried is CEO at Alameda Research and Director of Development at the Center for Effective Altruism. He gained his experience while working as a trader at Jane Street.
Darren Wong is Head of Marketing Policy at CMO. He also coordinates business development at Alameda Research.
Constance Wang Zhe is the executive director of FTX, specializing in financial and analytical.
Agnes Zheng is responsible for reaching out to potential investors and users.
Iris Xia is considered a highly qualified analyst who has previously worked as a business assistant and marketing director for various companies.
Kevin Nguyen is implementing mechanisms to increase the customer base. In the past, he was a business analyst in several IT companies.
Thus, these specialists are engaged in the creation of a unique cryptocurrency. At the same time, they pay special attention not only to the development of algorithms, but also to the effectiveness of promoting their product to large customers.

Is FTX Token Infinite?
This platform is a common coin that exchanges create to grow their customer base. This uses a typical ERC-20 token on the Ethereum blockchain and there is no trade mining. Cryptocurrency can be purchased only after passing the authorization and verification procedure.

Participants have the opportunity to receive a discount on commissions, the amount of which is related to the trading volume. For example, with a volume of up to $ 1 million and for 30 calendar days, makers pay only 0.02%. Whereas traders will have to deposit 0.07%. The situation changes when the threshold is raised to 35 million. In this case, the commission is 0.01% and 0.04% for makers and traders, respectively.

Also, coin owners become members of the discount system, which is tied to the size of the holding funds. The first level of such bonuses is received by the holder with a minimum amount of $ 100. But additional discounts for takers do not fall below 0.015%.

The system runs a "royal battle" in the form of special contests. It can be attended by traders on whom FTT holders place bets. The winner is determined by the ratio of profit to loss. The prize fund is 10 thousand coins.

Lets talk a little about the characteristics of the token of this trading platform. It has the following features:

ERC-20 coin with 350 million emission.
The listing passed not only on this platform, but also on other exchanges.
FTX Token cryptocurrency is regularly burned to increase its value. When 33% of the commission on the market is destroyed, 10% is sent to a special insurance fund. While 5% of other profits go to the FTX platform.
Now the crypto is very actively bought by new users and large investors, raising its value. Today, the launch of the exchange has already been completed, so it is impossible to find a detailed roadmap of the project on the network.

Developers continue to actively popularize their project on social networks , Twitter, Telegram. They believe these resources will attract new investors. More information about the platform can be found on the official website of the system, which is fairly well structured. Each user will be able to quickly understand the specifics of the exchange.

Strengths of FTX Token
The cryptocurrency exchange is designed to increase the number of customers through regular trading transactions. Some experts argue that this system will face the fate of the BNB token. He, too, at an early stage of development, did not immediately take off in the international market. But investors have already made great money on FTT. Moreover, the modern exchange rate demonstrates the constant growth of the currency.

Today, there is no guarantee that the coins will follow the path of Binance. Then the cost increased tenfold. Although the developers have several unique proposals that can be learned about in the near future.

What other prospects for the development of the project:

The authors will continue to expand the affiliate program. The plans are to conclude contracts with other major exchanges.
The marketing policy will improve, which will more effectively promote the cryptocurrency on social networks. While the developers are not going to give up this tool.
There is not much information on the net about further plans of the project. Therefore, it is very difficult to talk about the profitability of investments. We will follow the latest news from the cryptocurrency market, which is constantly updated.

Lets take a closer look at the strengths of this currency. The following advantages are highlighted:

Using the unique leverage tokens toolkit. It makes it possible to duplicate the movement of ETHUSD with a scale of 1 to 10 or 1 to 3. Therefore, if the price goes up by 1%, the synthetic chart increases by 10%.
Special integration of the OTC market into the system, which is facilitated by close cooperation with Alameda Research.
A special clawback protection is used, which is significantly different from the social clawback. A prime example is the case that happened at OKEx. Here the confidential trader lost about $ 416 million. As a result, some of the "traders" had to give up 18% of the profits.
But the site has one very significant drawback - the presence of strong competitors. FTX Token is trying to "compete" with BitMEX, OKEx, Bitflyer, Huobi DM, Deribit. Since each exchange is distinguished by the quality of project development or weak marketing, all these disadvantages can be used by the developers of FTX to take leading positions.

FTX Token in TOP currencies
Today this crypto can be bought for $ 1.94 with a market cap of 168 million. Not a bad figure for this young currency. On the coinmarketcap.com website it is indicated that its value has increased by about 19%, at the moment the cryptocurrency is only 37th in the overall world rating. Most likely, this is due to the youth of the platform, which the developers will further improve.

FTX is constantly being updated with new tools that enable it to function more efficiently. In the future, the authors of the project want to introduce traditional margin trading.

Futures are traded on the exchange. At the same time, there are contracts for coin indexes with low, medium or large capitalization. On OTC there is an opportunity to purchase currency from other participants in trading operations. This market is fully integrated into FTX Token.

If we talk about the role of system tokens, they are similar to BNB in Binance. Users who own these coins can receive special discounts on commissions. Excellent liquidity makes it possible to successfully invest in FTT, making a good profit due to the constant changes in the exchange rate.