The native digital cryptographically-secured utility token of BitMax.io (BTMX) is a major component of the ecosystem on BitMax.io, and is designed to be used solely as the primary token on the platform. BTMX will initially be issued by the Distributor as ERC-20 standard compliant digital tokens on the Ethereum blockchain.
BTMX is a non-refundable functional utility token which will be used as the unit of exchange between participants on BitMax.io. The goal of introducing BTMX is to provide a convenient and secure mode of payment and settlement between participants who interact within the ecosystem on BitMax.io.
BTMX does not in any way represent any shareholding, participation, right, title, or interest in the Foundation, the Distributor its affiliates, or any other company, enterprise or undertaking, nor will BTMX entitle token holders to any promise of fees, dividends, revenue, profits or investment returns, and are not intended to constitute securities in Singapore or any relevant jurisdiction. BTMX may only be utilised on BitMax.io, and ownership of BTMX carries no rights, express or implied, other than the right to use BTMX as a means to enable usage of and interaction within BitMax.io.
BTMX would also function as the economic incentive to incentivise users to participate in the BitMax.io ecosystem. Users of BitMax.io and/or holders of BTMX. which did not actively participate will not receive any BTMX incentives.
The Distributor which issues and sells BTMX shall be an affiliate of the Foundation. The limit of 10 billion BTMX is strictly imposed without any further increase.
Initially the users can obtain BTMX through the Mining mode of "Transaction Mining" launched in Novembe 2019 where eligible users can receive BTMX based off trading volume. However the mining mode has been decided to be discontinued as of September 12, 2019. BTMX can also be purchased on the BitMax.io trading platform under the trading pairs of BTMX/USDT and BTMX/BTC. Other trading pairs will be assessed and potentially considered in the future.
Original BTMX Allocation Plan (see Key Update after Discontinuation of Mining)
- 49% of total issuance is set aside for pre-distribution subject to the unlocking mechanism as below (5% - early supporters, 4% - strategic partner, 12% - team and platform, 18% - Foundation, 9% - private sales, 1% - marketing and operating)
- 51% would be released and distributed to incentivise users daily to participate in transaction mining, total BTMX in circulation = daily mining production of BTMX / 51%.
- 10% of the private sale portion (which is 9% of total issuance) would be released prior to the rest of 49%, hence it is designated as a pre-release amount (0.9% of total issuance).
- Unlocking Mechanism: The number of tokens distributed as part of pre-distribution (49% of total issuance) would be unlocked daily according to the ratio of 49:51.
- Unlocking Priority: The 10% in the private sales portion (Pre-release) would be first prioritised for preferential unlocking. The rest of the pre-distribution tokens will afterwards be subject to the Unlocking Mechanism as described above on the pro-rata base.
- All pending mining portion subject to permanent lock-up. Further details will be published on the website.
- Release Mechanism for Private Sale Participants
Private sale participants will be first prioritized for initial release. Private sale release function for team, foundation, and institutional investors will be temporarily suspended. Further details will be published on the website.
Please note that the mechanism above will be subject to future change based on market conditions. In addition, the platform will determine whether to release private sale portion for team, foundation and institutional investors every 3 months.
In particular, you understand and accept that BTMX:
- is non-refundable and cannot be exchanged for cash (or its equivalent value in any other virtual currency) or any payment obligation by the Foundation, the Distributor or any affiliate;
- does NOT represent or confer on the token holder any right of any form with respect to the Foundation, the Distributor (or any of its affiliates), or its revenues or assets, including without limitation any right to receive future dividends, revenue, shares, ownership right or stake, share or security, any voting, distribution, redemption, liquidation, proprietary (including all forms of intellectual property or licence rights), or other financial or legal rights or equivalent rights, or intellectual property rights or any other form of participation in or relating to BitMax.io, the Foundation, the Distributor and/or their service providers;
- is NOT intended to represent any rights under a contract for differences or under any other contract the purpose or pretended purpose of which is to secure a profit or avoid a loss;
- is NOT intended to be a representation of money (including electronic money), security, commodity, bond, debt instrument or any other kind of financial instrument or investment;
- is NOT a loan to the Foundation, the Distributor or any of its affiliates, is not intended to represent a debt owed by the Foundation, the Distributor or any of its affiliates, and there is no expectation of profit; and
- does NOT provide the token holder with any ownership or other interest in the Foundation, the Distributor or any of its affiliates.
The contributions in the token sale will be held by the Distributor (or its affiliate) after the token sale, and contributors will have no economic or legal right over or beneficial interest in these contributions or the assets of that entity after the token sale.