Bit-Z token (BZ) is a cryptocurrency token released by the Bit-Z Group. The cryptocurrency exchange decided to follow the example of the competitors and launched its own BZ token. The company has created a whole ecosystem, which is fueled by BZ. The cryptocurrency was first developed on the Ethereum blockchain, hence this is an ERC-20 token, however, the team plans to develop its own design of a coin.
Bit-Z was established in the British Virgin Islands in 2016. This is a well-known digital trading platform where most popular trading assets are presented. The company has branches in 10 countries including South Korea, Singapore, and Japan. The company is supported by several big companies, for instance, Cyanhill Capital Limited, Beijing-based company that specializes in angel and early-stage investments, and Plum Angel Investment Co, Ltd., a Chinese venture capital company that aims to encourage young people to become entrepreneurs. Both companies invested in the project in December 2017.
The founders of Bit-Z is concerned about numerous scam projects in the world of cryptocurrencies, sot hey have decided to return to the basics when each step is carefully planned. The company developed a detailed road map with well-thought philosophy based on the adoption of cryptocurrencies in the real world, simplicity of cryptocurrency use and seamless platform integration.
The founders of Bit-Z don’t think that anonymity is the key to success. They believe that different priorities should be chosen for the wide adoption of cryptocurrencies. Though staying anonymous is important, the main bet is made on security, good functionality, and ease of use. These factors determine the choice of the platform. Seamless integration to diverse platforms would be a great feature making the coin very popular among users. Therefore, the project pursues this goal as well to meet the demands of users.
The developers didn’t arrange an ICO to issue tokens. The company used its own funds and attracted private investors, but Bit-Z didn’t raise funds via a public sale. It’s impossible to acquire BZ outside the platform. One can store BZ on secure hardware wallets Trezor and Ledger Nano S or the desktop app Exodus.
The tokens are used for rebates serving as a compensation for a certain part of commission costs. For instance, a holder of 5,000+ BZ pays only 50% of commission thanks to these rebates. It’s also possible to earn BZ gaining profit from the growth of the exchange rate.
The exchange distributes 20% of commission gathered during the day among the holders of BZ. One should have at least 500 coins to participate in this mode. This offer helps the project to attract new users and contributes to the loyalty of the existing ones. At the time of writing, the global community has exceeded 1.7 million registered users.
The distribution of BZ tokens
50% of tokens are allocated to the partners. The number of partners includes up a million users. 10% is provided to early investors; 10% is reserved for force majeure cases; 20% is given for the development of the platform; 10% of tokens are used for large market operations.
As it has been mentioned above, Bit-Z pays special attention to security. The project’s infrastructure presents multi-layer and multi-cluster system architecture along with SSL security. The platform uses a hybrid PoW/PoS consensus and high-speed engine enabling up to 50,000 transactions per second. The resource uses a cold wallet to protect users’ assets. In the effort to protect its customers, the company cooperates with KnownSec, a Chinese network security company offering the services of a risk control team.
After the company started its global expansion in 2018, it has opened offices in 10 countries, and its global community has considerably increased. 70% of consumers are scattered overseas in such regions as Japan, the US, France, Australia, etc. At the time of writing, 140 cryptocurrencies are listed on the trading exchange.
The tokens are used for AirDrops called here ‘dividend mode’. In July 2018, the platform stopped trading mining and “B+Z Dividend Mechanism” was employed for the release of the remaining BZ. That means the dividend mode B + dividend mode Z. In accordance with it, users get dividends which are equal to the total transaction fee generated today minus transaction fee deducted today. The dividend mode implies the return of 10% of the transaction fee generated every day, which are paid to users as dividends.
The platform repurchases BZ with 20% of its income for the destruction of tokens quarterly. BZ holders can also lock their tokens to take advantage of different return ratios depending upon the amount of locked BZ. The duration of the locked period is 6 months. When it’s over, users can lock the amount again and benefit from it further. It’s possible to get up to a 30% discount in case the individual is ready to lock 1 million BZ.
All members of the team are highly experienced professionals in the R&D area. Since the company is based in Hong Kong and the cryptocurrency-related activities are considered illegal in China, there is no publicly available information about the founders of the project.
The enterprise develops an innovative approach and delivers secure service taking over 300 security measures in its work. The Bit-Z team includes employees with expertise in different fields such as finance, international digital currency industry, social networking, and electronic commerce to deliver the most efficient and secure service.