Enticed by the Utopia voice, they desperately flocked to heaven gates.
From trade mining to Fomo3D, the first piece domino piece is the cooperation between bibox and fire coins. So what are the second and third? The internet scene is torn, but the blockchain scene is torn even darker.
News on platform currency is a hot topic now, either the early trade mining or the later Fomo3D. In the past 2 days, two platform currencies deserve attention: HT of huobi and BIX of bibox. This is the first crossover exchange in major exchange platforms. The exchange of TOKEN on the two platforms is different, and from this perspective, it is a handshake that can forever change the operations of the industry.
What is platform currency?
(Picture remark: The rise of platform currency is here)
For newcomers it provides an easy transaction method and can be used for many platform events.
Platform currency issued by Exchanges was first developed for financing. The most classic example is the Bi-an, that raised funds this way. Big.one also tried this kind of financing, but gave up due to legal issues, and gave out big coin for free. There are many similar financing cases, and various new exchanges want to make some money in this way.
Those that were successful, like BNB and OTB, have been rising very well and did not disappoint. Recently OK, Fire coin, and Viabtc’s new exchange, Coinex; have started to issue platform currency without financing needs. They even gave out their platform currency for free in the early Bitcoin era. Why are they doing this?
That brings us to the second function of platform currency: user adhesive. The concept is similar to membership points or membership cards, to increase user loyalty. Users tend to log on from time to time to check on prices and hope for a raise in price, even if they get it for free.
Big.one used this strategy effectively, I once received some free big coin from them, and I visited their site to check on the prices often. This strategy is much more effective than register and point accumulation events.
The third major feature of platform currency is the advertising effect. This is mainly thanks to the rise of BNB. That is how we are, attracted to anywhere prices rise. When an Exchange takes a portion of earnings to pull its platform currency, all its users will know of the price rise. Just like advertising, it is for exposure.
Platform currency has accumulated a lot of trading users and accumulated a lot of traffic in the market. However, this is just the beginning of the market. When huobi joined the platform coin market, it brought a lot of new tricks. The most popular and eye-catching is HADAX’s voting currency event, which gave many project parties a simple and convenient entry. Its popularity is no less than the current mainstream Fomo3D.
Go get entry, many project parties and voting users purchase HT in a craze. You can see a lot from the HADAX transaction pair opening, it dragged on the bear market but gave houbi its place in the market. Many exchanges followed suit, including new exchanges that don’t even yet have mainstream currencies, their success is unknown. They desperately follow the pioneers’ footsteps in vain, because the market position is already occupied. We can see it as the coin circle saying: A day in the coin circle is like a year in life.
The expansion of various functions is nothing more than a gimmick, but what is the true meaning of platform coins? Like previously said, it is to buy a future expectation for the platform. Many people forget this intention because of their functions. This is the cooperation of the two mainstream exchanges is interesting.
So what is to come?
The two major exchanges have become the unicorns of this industry, working together to fight in the market. Is it setting a trend for a special exchange in the future to conduct platform currency trading on various platforms and move towards platform equity? Everything is possible, no matter how it develops; the trend that is beneficial to the currency friends is what every practitioner in this market should follow. Only time will tell.
Postscript
Uruk is the earliest urban country in the history of mankind with over 5000 years of history. It was the center of the ancient civilization and the second city that Nimrod established in Shire.
They had walls, palaces, temples, heroes Gilgamesh, as well as astronomical astronomy and the earliest primitive cuneiforms of Ptolemy and Pliny in all its glory.
It was the first real metropolis in human history, bit only ruins in the desert are left today.
Modern blockchain technology aims to establish a utopian “blockchain kingdom” just like Uruk did before.
