BitMEX Taps Tokeny for Native Exchange Token Launch
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BitMEX, an offshore crypto derivatives platform, announced on Thursday that it has tapped the services of Tokeny for the upcoming launch of its native exchange token.
Tokeny, which is a
tokenization
Tokenization
Tokenization represents the process of substituting a sensitive data element with a non-sensitive equivalent, i.e. token, which bears no extrinsic or exploitable meaning or value. In essence, the rights to the ownership of an asset are converted into a digital token. Tokenization can be used to own an entire unit of an asset. For example, one token that represents the ownership of a piece of real estate or to split ownership of a single unity of an asset such as 200,000 tokens, each one representing 0.05% of a piece of real estate.Tokenization has been described as the future of ownership. Some analysts believe that one day, tokenized systems will completely replace paper certification-based ownership systems. However, blockchain-based ownership records are not currently recognized as legally valid in most places in the world. Tokenization combined with blockchain is quite powerful, while also being useful in terms of PCI data security. When a token is issued on a blockchain, the blockchain records the issuance and maintains a ledger of every single movement of that token.A notable feature of blockchain with regards to tokens is that it controls for the double-spend issue. Prior to the innovation of blockchain, any digital asset such as an image, or document, could be copied an infinite number of times by anyone with access to it. Exploring Possibilities of Asset TokenizationBy overcoming the double-spend problem, blockchain can now facilitate the use of tokens that can be used in a similar way to casino chips or banknotes. This has opened up tokens as a vehicle for investment in multiple projects.Asset tokenization reflects the next evolution in tokenization. Tokenizing an asset involves issuing a digital token on a blockchain. As such, the token represents an underlying tangible or intangible asset. In this way, the economic value of the asset is conferred to the token. The ownership of the asset is represented by ownership of the token on the blockchain.
Tokenization represents the process of substituting a sensitive data element with a non-sensitive equivalent, i.e. token, which bears no extrinsic or exploitable meaning or value. In essence, the rights to the ownership of an asset are converted into a digital token. Tokenization can be used to own an entire unit of an asset. For example, one token that represents the ownership of a piece of real estate or to split ownership of a single unity of an asset such as 200,000 tokens, each one representing 0.05% of a piece of real estate.Tokenization has been described as the future of ownership. Some analysts believe that one day, tokenized systems will completely replace paper certification-based ownership systems. However, blockchain-based ownership records are not currently recognized as legally valid in most places in the world. Tokenization combined with blockchain is quite powerful, while also being useful in terms of PCI data security. When a token is issued on a blockchain, the blockchain records the issuance and maintains a ledger of every single movement of that token.A notable feature of blockchain with regards to tokens is that it controls for the double-spend issue. Prior to the innovation of blockchain, any digital asset such as an image, or document, could be copied an infinite number of times by anyone with access to it. Exploring Possibilities of Asset TokenizationBy overcoming the double-spend problem, blockchain can now facilitate the use of tokens that can be used in a similar way to casino chips or banknotes. This has opened up tokens as a vehicle for investment in multiple projects.Asset tokenization reflects the next evolution in tokenization. Tokenizing an asset involves issuing a digital token on a blockchain. As such, the token represents an underlying tangible or intangible asset. In this way, the economic value of the asset is conferred to the token. The ownership of the asset is represented by ownership of the token on the blockchain.
Read this Term service provider, has already provided technical expertise and advice to BitMEX and is now working with the exchange to ensure a smooth launch of the exchange token.
“We are pleased to work with BitMEX to launch its token, BMEX,” said Luc Falempin, the Chief Executive Officer at Tokeny.
“In a short time period, we tested and successfully deployed the smart contracts thanks to the clear definition of token economics, the efficiency of the BitMEX team and our in-house expertise.”
Another Exchange Token
BitMEX first announced the upcoming launch of its token last month, thus, joining its other competitors to offer a native cryptocurrency. The exchange is expected to start the
airdrop
Airdrop
An airdrop is defined as the distribution of a cryptocurrency token to numerous wallet addresses, in most instances free of charge.Airdrops are primarily utilized as a way of a project garnering higher levels of attention and new followers. Such efforts are important in culturing a larger user-base and a wider disbursement of coins.Airdrops can be seen as a marketing tool. They are usually used as a promotional effort to encourage liquidity in the markets for these coins, since users are more likely to trade them. There are two ways that token creators select the recipients of air-dropped tokens.Recipients can be selected in a randomized way, or rewarded for helping promote tokens. For example, publishing an event in airdrop-related bulletin boards or newsletters. This was commonly used with Ethereum accounts whose value was higher than a defined threshold. In this instance, many accounts were gifted with unsolicited airdropped tokens. Airdrops ExplainedAs a more established marketing technique, several websites now also exist to help promote cryptocurrency airdrops. Social media also is a powerful tool for airdrops, helping spread news and build up enthusiasm.Airdrops are seen as a reward for promotional efforts by users. This symbiotic relationship helps all parties. For example, cryptocurrency proponents can be rewarded with free cryptocurrency by supporting projects who release coins through an airdrop. Airdrops traditionally have basic requirements such as joining a certain Telegram channel, retweeting a tweet, or inviting new users to a project.Airdrops do not involve the contribution of capital towards any project however. Doing so is considered to be an Initial Coin Offering (ICO).
An airdrop is defined as the distribution of a cryptocurrency token to numerous wallet addresses, in most instances free of charge.Airdrops are primarily utilized as a way of a project garnering higher levels of attention and new followers. Such efforts are important in culturing a larger user-base and a wider disbursement of coins.Airdrops can be seen as a marketing tool. They are usually used as a promotional effort to encourage liquidity in the markets for these coins, since users are more likely to trade them. There are two ways that token creators select the recipients of air-dropped tokens.Recipients can be selected in a randomized way, or rewarded for helping promote tokens. For example, publishing an event in airdrop-related bulletin boards or newsletters. This was commonly used with Ethereum accounts whose value was higher than a defined threshold. In this instance, many accounts were gifted with unsolicited airdropped tokens. Airdrops ExplainedAs a more established marketing technique, several websites now also exist to help promote cryptocurrency airdrops. Social media also is a powerful tool for airdrops, helping spread news and build up enthusiasm.Airdrops are seen as a reward for promotional efforts by users. This symbiotic relationship helps all parties. For example, cryptocurrency proponents can be rewarded with free cryptocurrency by supporting projects who release coins through an airdrop. Airdrops traditionally have basic requirements such as joining a certain Telegram channel, retweeting a tweet, or inviting new users to a project.Airdrops do not involve the contribution of capital towards any project however. Doing so is considered to be an Initial Coin Offering (ICO).
Read this Term of the token from February 2022 and will distribute it among both existing and new customers.
Based on the ERC-20 standard, BMEX will be launched on the Ethereum blockchain. The exchange will mint a maximum supply of 450 million tokens and has come up with a token burning mechanism for the future. The token will complement the services of BitMEX’s upcoming crypto spot exchange.
Alexander Höptner, the CEO at BitMEX, said: “BitMEX is fast becoming a full crypto exchange ecosystem to serve our growing user base. Our users always come first, and we launched BMEX to reward them for their loyalty. We chose to partner with Tokeny, one of the global leaders in the tokenisation technology space, to guide us in developing and issuing BMEX in the most secure way possible. Tokeny has a strong track record of working with major crypto players to streamline the token issuance process, and we’re glad to have brought them onboard to support the launch of BMEX.”
BitMEX, an offshore crypto derivatives platform, announced on Thursday that it has tapped the services of Tokeny for the upcoming launch of its native exchange token.
Tokeny, which is a
tokenization
Tokenization
Tokenization represents the process of substituting a sensitive data element with a non-sensitive equivalent, i.e. token, which bears no extrinsic or exploitable meaning or value. In essence, the rights to the ownership of an asset are converted into a digital token. Tokenization can be used to own an entire unit of an asset. For example, one token that represents the ownership of a piece of real estate or to split ownership of a single unity of an asset such as 200,000 tokens, each one representing 0.05% of a piece of real estate.Tokenization has been described as the future of ownership. Some analysts believe that one day, tokenized systems will completely replace paper certification-based ownership systems. However, blockchain-based ownership records are not currently recognized as legally valid in most places in the world. Tokenization combined with blockchain is quite powerful, while also being useful in terms of PCI data security. When a token is issued on a blockchain, the blockchain records the issuance and maintains a ledger of every single movement of that token.A notable feature of blockchain with regards to tokens is that it controls for the double-spend issue. Prior to the innovation of blockchain, any digital asset such as an image, or document, could be copied an infinite number of times by anyone with access to it. Exploring Possibilities of Asset TokenizationBy overcoming the double-spend problem, blockchain can now facilitate the use of tokens that can be used in a similar way to casino chips or banknotes. This has opened up tokens as a vehicle for investment in multiple projects.Asset tokenization reflects the next evolution in tokenization. Tokenizing an asset involves issuing a digital token on a blockchain. As such, the token represents an underlying tangible or intangible asset. In this way, the economic value of the asset is conferred to the token. The ownership of the asset is represented by ownership of the token on the blockchain.
Tokenization represents the process of substituting a sensitive data element with a non-sensitive equivalent, i.e. token, which bears no extrinsic or exploitable meaning or value. In essence, the rights to the ownership of an asset are converted into a digital token. Tokenization can be used to own an entire unit of an asset. For example, one token that represents the ownership of a piece of real estate or to split ownership of a single unity of an asset such as 200,000 tokens, each one representing 0.05% of a piece of real estate.Tokenization has been described as the future of ownership. Some analysts believe that one day, tokenized systems will completely replace paper certification-based ownership systems. However, blockchain-based ownership records are not currently recognized as legally valid in most places in the world. Tokenization combined with blockchain is quite powerful, while also being useful in terms of PCI data security. When a token is issued on a blockchain, the blockchain records the issuance and maintains a ledger of every single movement of that token.A notable feature of blockchain with regards to tokens is that it controls for the double-spend issue. Prior to the innovation of blockchain, any digital asset such as an image, or document, could be copied an infinite number of times by anyone with access to it. Exploring Possibilities of Asset TokenizationBy overcoming the double-spend problem, blockchain can now facilitate the use of tokens that can be used in a similar way to casino chips or banknotes. This has opened up tokens as a vehicle for investment in multiple projects.Asset tokenization reflects the next evolution in tokenization. Tokenizing an asset involves issuing a digital token on a blockchain. As such, the token represents an underlying tangible or intangible asset. In this way, the economic value of the asset is conferred to the token. The ownership of the asset is represented by ownership of the token on the blockchain.
Read this Term service provider, has already provided technical expertise and advice to BitMEX and is now working with the exchange to ensure a smooth launch of the exchange token.
“We are pleased to work with BitMEX to launch its token, BMEX,” said Luc Falempin, the Chief Executive Officer at Tokeny.
“In a short time period, we tested and successfully deployed the smart contracts thanks to the clear definition of token economics, the efficiency of the BitMEX team and our in-house expertise.”
Another Exchange Token
BitMEX first announced the upcoming launch of its token last month, thus, joining its other competitors to offer a native cryptocurrency. The exchange is expected to start the
airdrop
Airdrop
An airdrop is defined as the distribution of a cryptocurrency token to numerous wallet addresses, in most instances free of charge.Airdrops are primarily utilized as a way of a project garnering higher levels of attention and new followers. Such efforts are important in culturing a larger user-base and a wider disbursement of coins.Airdrops can be seen as a marketing tool. They are usually used as a promotional effort to encourage liquidity in the markets for these coins, since users are more likely to trade them. There are two ways that token creators select the recipients of air-dropped tokens.Recipients can be selected in a randomized way, or rewarded for helping promote tokens. For example, publishing an event in airdrop-related bulletin boards or newsletters. This was commonly used with Ethereum accounts whose value was higher than a defined threshold. In this instance, many accounts were gifted with unsolicited airdropped tokens. Airdrops ExplainedAs a more established marketing technique, several websites now also exist to help promote cryptocurrency airdrops. Social media also is a powerful tool for airdrops, helping spread news and build up enthusiasm.Airdrops are seen as a reward for promotional efforts by users. This symbiotic relationship helps all parties. For example, cryptocurrency proponents can be rewarded with free cryptocurrency by supporting projects who release coins through an airdrop. Airdrops traditionally have basic requirements such as joining a certain Telegram channel, retweeting a tweet, or inviting new users to a project.Airdrops do not involve the contribution of capital towards any project however. Doing so is considered to be an Initial Coin Offering (ICO).
An airdrop is defined as the distribution of a cryptocurrency token to numerous wallet addresses, in most instances free of charge.Airdrops are primarily utilized as a way of a project garnering higher levels of attention and new followers. Such efforts are important in culturing a larger user-base and a wider disbursement of coins.Airdrops can be seen as a marketing tool. They are usually used as a promotional effort to encourage liquidity in the markets for these coins, since users are more likely to trade them. There are two ways that token creators select the recipients of air-dropped tokens.Recipients can be selected in a randomized way, or rewarded for helping promote tokens. For example, publishing an event in airdrop-related bulletin boards or newsletters. This was commonly used with Ethereum accounts whose value was higher than a defined threshold. In this instance, many accounts were gifted with unsolicited airdropped tokens. Airdrops ExplainedAs a more established marketing technique, several websites now also exist to help promote cryptocurrency airdrops. Social media also is a powerful tool for airdrops, helping spread news and build up enthusiasm.Airdrops are seen as a reward for promotional efforts by users. This symbiotic relationship helps all parties. For example, cryptocurrency proponents can be rewarded with free cryptocurrency by supporting projects who release coins through an airdrop. Airdrops traditionally have basic requirements such as joining a certain Telegram channel, retweeting a tweet, or inviting new users to a project.Airdrops do not involve the contribution of capital towards any project however. Doing so is considered to be an Initial Coin Offering (ICO).
Read this Term of the token from February 2022 and will distribute it among both existing and new customers.
Based on the ERC-20 standard, BMEX will be launched on the Ethereum blockchain. The exchange will mint a maximum supply of 450 million tokens and has come up with a token burning mechanism for the future. The token will complement the services of BitMEX’s upcoming crypto spot exchange.
Alexander Höptner, the CEO at BitMEX, said: “BitMEX is fast becoming a full crypto exchange ecosystem to serve our growing user base. Our users always come first, and we launched BMEX to reward them for their loyalty. We chose to partner with Tokeny, one of the global leaders in the tokenisation technology space, to guide us in developing and issuing BMEX in the most secure way possible. Tokeny has a strong track record of working with major crypto players to streamline the token issuance process, and we’re glad to have brought them onboard to support the launch of BMEX.”
Cryptocurrency
