Demand for cryptocurrencies is surging. The market’s total capitalization is once again nearing $2 trillion, more than double what it was at the start of the year. Bitcoin (BTC), the market’s leader, continues to lead the pack, setting new all-time highs on a monthly basis.
Accordingly, cryptocurrency exchanges are feeling the pressure. The average 24-hour trading volume is substantially higher than it was four years ago, with spikes occurring each time BTC teases a new all-time high. These spikes resulted in several of the top exchanges in the space experiencing downtime, as they struggle to cope with the higher levels of traffic. Given cryptocurrency exchanges are an integral part of the cryptocurrency market’s infrastructure, these issues are unsustainable.
Enter Bitsz – an up-and-coming cryptocurrency exchange experimenting with a new approach to the cryptocurrency exchange space. Bitsz puts innovation at the forefront, using technology and clever development to ensure they remain not just operational, but accessible to new cryptocurrency enthusiasts in times of increased demand.
In order to fully understand how Bitsz’ new approach will impact the cryptocurrency exchange space, let’s first explore the problem and Bitsz’ vision in more detail.
The Problem and Bitsz’ Solutions
Firstly, most cryptocurrency exchanges are centralized exchanges (CEXs), meaning a single organization is responsible for all core operations. This includes operating and maintaining the order book, vetting and approving new cryptocurrencies, as well as holding those cryptocurrencies on behalf of users.
These responsibilities naturally make CEXs immensely critical to the functioning of the cryptocurrency space to the extent that operational issues can have a direct impact on the wider market.
Secondly, the largest cryptocurrency exchanges in the space tend to focus on seasoned crypto-traders, putting ever-more advanced features at the forefront. The result? New entrants are overwhelmed, as they struggle to understand exchange interfaces.
Bitsz’ strategy takes a new approach to both of these issues. The trading engine is specifically designed to handle over 10 million transactions per second, providing enough capacity to deal with any sudden spike in trading volume. For reference, payments giant Visa currently has capacity for 65,000 transactions per second.
Bitsz has also reinvented the traditional cryptocurrency exchange interface, combining both the palette of tools usually targeted at seasoned traders, with a much simpler layout for new entrants to the space.
The Bitsz Universe
Whilst these features adequately provide solutions to the most pressing issues amongst cryptocurrency exchanges, Bitsz is also on a mission to innovate for the future.
Introducing the Bitsz Universe; a portfolio of products offered by the up-and-coming exchange that aims to upgrade the legacy systems that still permeate the space.
One of these products is the exchange’s own cryptocurrency called Bitszcoin (BITSZ) which runs on the exchange’s own quark-based blockchain. BITSZ powers the wider Bitsz ecosystem, rewarding stakers who act as validators for their blockchain, as well as funding development.
At the token generation event, 100 million BITSZ were minted, with 25 million BITSZ going towards a pre-sale with a 2-year lockup period, and 60 million BITSZ going towards a public sale. The remaining 15 million BITSZ will fund the ecosystem’s development.
Part of that development involves Truetrade, the most advanced cryptocurrency trading platform “ever created” according to Bitsz. Truetrade will offer a number of services including instant lending and borrowing, a bespoke Over-The-Counter trading desk, and debit and credit card options for cryptocurrency purchases.
A Bitsz-Filled Future
Moreover, the Bitsz team plan to introduce “smart” artificial intelligence-based bots to help users get the best cryptocurrency rates and execute trades with speed. This is in addition to a “single stop solution” which will allow Truetrade users to connect to all of the major cryptocurrency exchanges using just one application.
As cryptocurrency exchanges ramp up the effort to deal with the surge in demand, it does indeed look like Bitsz is leading the pack.
To learn about the Bitsz universe, visit their main site here.