Recapitulation of RBITEX EXCHANGE PROJECT AMA event held at AMA LOVERS CLUB.
Date: Thursday, 25th March, 2021
Time: 13:00 UTC
The RBITEX EXCHANGE PROJECT team was represented by @CryptoDare who judiciously shared with us detailed knowledge and information about RBITEX EXCHANGE PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on RBITEX EXCHANGE?
ANS: So I have been into Crypto space for almost 4 years now. I started my journey as a regular trader like anybody. My association with rBitex is quite a fresh one as I recently joined them as Head of Content and Marketing.
Rbitex is a cryptocurrency exchange with its native toke #rbitx. We recently completed our presale and plan to launch it on our own platform and Uniswap. More listings to follow soon.
To brief you guys about the team, we have our 2 offices in India and our 22 security engineers are based out in the US. In a way tou can call our headquarters decentralized :)
Q2: How many team is working on rbitex exchange?
ANS: So in total there are close to 30 members including blockchain engineers, IT security in US, front end developers, Backend devs, Top C level executives and myself.
I believe it will give room for more brainstorming 😄
Yes that's correct. In fact lot of the suggestions that we receive are from new young guns as they have a completely differrnt perspective.
Q3: Can you introduce RBITEX EXCHANGE, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: Good question! So apart from being a CEX rBitex is coming up with a social interactive platform in-built tool in the trading platform. We are designing in such a way that users get to interact with other traders and share common strategies. Our trading tool is absolutely smooth and frictionless and will have a 10x faster trading engine than many other Indian exchanges. So in a click of a button your transaction will be captured.
In the coming months we plan to introduce a lot new feature like copy trading, margin trading, bracket orders, leverage trading etc. Some of the features are common and some would be unique. There is a lot of stuff happening at the backend which we will release on the website rbitex.com as and when the roadmap is all set to be releases.
Q4: The interactive platform, is it something like a troll box?
ANS: Not exactly a troll box but a informative sharing platform between traders. We will create sub categories and a detailed version soon. Depends on devs how they want to create it but yea a troll box is good idea too.
Q5: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: Well the first milestone was to build and develop the tool itself and put it on production/live. This we were able to achieve well before time so our investors were pretty satisfied. The next milestone was successful laumch of #rBitx token with high TPS. We did that recently and community response was pretty amazing. Now our plan is to get more and more users on our platform so here your community can contribute by signing up at www.rbitex.com. We are a new start up and have many more milestones to achieve. This is just the beginning and we.are confident of achieving them all:)
Q6: Can you briefly describe your PARTNERSHIPS so far?
ANS: Some of the partnerships are in the pipleline and due to our NDA I am not in a position to reveal those. We are a new exchange and only 5 months old. We have achieved and built our tool which in itself gives us a sense of accomplishment. But we will definitely release some good news in coming weeks.
Q7: Finally on the introduction segment, Can you give an overview of your Tokenomics, and the UTILITY of the $rBitx token?
ANS: Great one! So we have a max supply of 500mn out of which the % locked for team will remain as locked for almost a year and slowly and gradually it will be released. There will be a periodic burn (something like BNB) which will eventually reduce the supply thus making it a deflationary asset.
From the utility standpoint all rBitx holders will be the shareholders of the company and would be eligible to receive dividends from company's profits. We will publish all this information in the public domain.
Q8: The dividend to be received by holder, how will it be calculated?
ANS: Based on a certain % of profits it will be distributed to rBitx holders. This is one unique feature of rBitex.
In proportion to how much you hold?
This needs to be decided once we have a reasonable audience to cater to.
This works like any other public company the % is never fixed. It is variable depending on the profits.
2nd Segment: LIVE Questions
Q1: Hello✔️✔️✔️ There are a lot of news surrounding cryptocurrency ban in India. Given that Rbitex is basically an Indian based exchange, what are the measure or steps RBITEX has taken to ensure the seamless transactions using the platform?
ANS: This is all FUD spreaded by media houses. The IMC report submitted earlier in 2020 is still in pending stage and the Cabinet note is not ready. Indian Finance Minister recently made a statement that a window for blockchain experimentation would be allowed. So I am 100% confident that trading on exchanges wont be banned. Indian Govt will allow innovations to happen in the Crypto space.
Q2: Can you share with us some of the features that makes rBitex one of the most reliable crypto exchange platforms? What security technologies does rBitex use?
ANS: Our smart contract has been audited multiple times plus all our funds are secured in a multi-sig Cold storage wallet. In future we will tie up with Insurance companies to make all funds secured and #Safu.
Other than security feature we have one special and unique propostion for all the users that there wont be any Maker fee for lifetime. And until 31st March absolutely 0% trading fee. This will also be extended considering the interest of users.
It is a global project but right now to begin with we are focusing only India. But yes we will have global expansion soon. Users from Europe and APAC region would be able to sign up provided their KYC is complete. KYC/AML policies have been made considering the domestic laws. It is of utmost importance and rBitex as a company ensures it to abide by all complaince rules. We try to be as transparent and as ethical as possible as this is the need of the hour in Crypto considering so many rugpulls in the recent past.
Q3: I have two questions. First, what exactly is the 0% Makers fee that you talk about, does it have any impact on the users? Secondly, I know your Staking program hasn't started yet, but can you tell us what we can expect from the staking programs, including rewards?
ANS: Maker fee is the market maker fee when you put the buy/sell limit order. In a nutshell makers are the ones who create the orders in the order book and taker fee is like picking at the market rate or someone who fills the maker's order.
The staking/yield farming will be launched in 2nd part of 2021. Not only this we will have our NFT division working on the tech part in US. NFT will also be integrated in the tool by Q4 2021.
Q4: What is the current fee for rbitex services? Compared to other typical exchange platforms in India such as Wazrix, how will you be able to compete with them when their financial resources and their backed platform are Binance?
ANS: We are redesigning our UI/UX and the tool you will see as version2 will be far closer to Binance and much more beautiful than WazirX or Bitbns. Our trading engine will be 10x faster to process all the transactions in a split second. As I said the overall look and feel of the platform will be awesome to see once released. We will give WazirX, Bitbns or CoinDCX run for their money don't worry :).
Our investor base is huge and we have a decent backing of individual investors with huge networth. Our spending budget for 2021 is $3 million so no crunch w.r.t cash inflows.
Well I must say you have a great community. Keep rocking guys and don't forget to follow us on Twitter and Telegram. There is a lot more stuff coming up in weeks time. Hope you have a great weekend. Enjoy!
Follow Us On Our Various Social Media Communities For More Update;
Telegram channel: https://t.me/Rbitexexchange
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Telegram Group: https://t.me/amaloversclub
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