Bitquence is a cryptocurrency wallet provider based in Silicon Valley. In addition to offering a wallet, the platform comes with portfolio management features and its own liquidity network.
Bitquence’s mission is to make the daunting cryptocurrency market accessible to everybody, accelerating adoption of blockchain technology and democratizing ownership of cryptocurrencies.
Currently it is complicated for the average user to get involved. Specific problems exist in the world of cryptocurrency:
- Choosing between an ever-growing array of crypto currencies.
- Understanding risk and quality across multiple coins and assets.
- One-click diversification into multiple crypto assets.
- A safe and secure mobile wallet that handles multiple keys.
- Being able to easily transfer value across digital assets.
The Bitquence team has mapped out a multi-year approach to building a scale platform that will tackle these problems in a way that builds a powerful new ecosystem. Bitquence will strive to create tools and technologies which makes crypto more user-friendly and accessible to non-technical users, while creating a token which will power the platform and enable a new digital liquidity network.
BITQUENCE FEATURES:
- Bitquence Universal Wallet.
The Bitquence Universal Wallet will enable rapid diversification into multiple digital assets quickly, easily and cheaply. You can store and send almost any liquid cryptocurrency. Furthermore, it gives the user a single place to interact with all of their holdings and change positions in a variety of currencies.
With the universal wallet, users won’t need to download the blockchain for each coin. The wallet will operate much like electrum wallets do where the blockchain is indexed at the Bitquence servers. So this is a centralized approach, although there will be certain aspects of the platform that will be decentralized. This means that users will be able to download and interact instantly, and also won’t have to deal with multiple wallets and keys. It will also mean that they can reset a password, so they won’t lose their funds forever if they forget their private key.
The wallet will be run on all devices via responsive mobile web, email and text message and of course tablets and PCs. Dedicated native mobile apps on iPhone and Android will also be built.
2.Dynamic asset allocations.
Bitquence will offer “baskets” of cryptocurrencies you can buy. These baskets are pre-curated. Some baskets are more stable – they predominantly include Bitcoin and ETH, for example. Other baskets are more volatile and come with a higher risk/reward. When you place funds into a Bitquence Allocation, you will be given an estimated cost and estimated amount of underlying assets securing your investment. All investments are secured 1:1 by underlying assets.
Allocations will be comprised entirely of liquid currencies allowing anyone to transfer value at any time. Buy and sell orders will be pooled and executed once a day to lower transaction costs. Bitquence is not a day-trading site, but rather an easy way to place funds across multiple currencies.
There will be a fee to invest in these baskets using high-water mark rules only on increases in portfolio value. The fee structure is still being developed, in a model similar to hedge funds, but with much lower fees. Hedge funds typically charge 2/20 fee structures (2% of assets under management and 20% of profit).
Bitquence will distribute a portion of the fees through community consensus rewards to incentivize users to stake their tokens on the platform and accurately rate tokens. This builds a community-centric ecosystem. Some fees will also be used to build liquidity in the Bitquence token. Other fees will be used to fund Bitquence’s operations.
3. Managed Allocations and Transparency.
Users can modify Allocations to decide on the percentage of specific assets. When you modify a Bitquence Allocation it becomes a Managed Allocation. Risk ratings for managed allocations are determined by community consensus. Users will be able to vote on an individual coin’s riskiness as well as its technical quality. This will enable users to quickly understand each individual coin’s risk and perceived technology quality so you can quickly get an estimate of how risky your selected or customized coin allocation is. Fee structures will be the same as those in Bitquence Index Allocations and will also be charged based on high-water mark rules.
4. Bitquence Digital Liquidity Network.
The Bitquence Digital Liquidity Network is the supporting architecture that enables the many capabilities that the Bitquence Universal Wallet has. The network operates by rapidly pairing networks of Bitquence users performing different bulk transactions together to transform value on top of underlying assets. Each of Bitquence’s features such as Automatic Gas Conversion or Dynamic Asset Allocations will deepen the liquidity of the Bitquence Token and make the Liquidity Network more robust.
By using this infrastructure, there is no counterparty risk and no leverage. Everything in the liquidity network is backed 1:1 with underlying cryptocurrency assets ensuring that Bitquence will always be solvent mitigating risks to users.
Bitquence Digital Liquidity Network is expected to facilitate global digital payments instantly between any crypto and fiat currency.
5. Cold storage and security.
Coinbase keeps 98% of their funds in cold storage. With the Bitquence Digital Liquidity Network, assets are liquid and transferrable, but can be kept in cold storage until withdrawal, similar to a bank. Bitquence will distribute paper and hardware wallets at geographically distributed safety deposit boxes around the world to secure assets safely and securely. Cold storage will sync at random intervals with hot storage wallets so users can deposit and withdraw freely. Cold Storage will be built into all Bitquence Universal Wallets so that everyone can enjoy security and peace of mind knowing their assets are safe.
6. Accessibility.
You can deposit digital currencies or fiat. No setup fees or hidden costs. Rapid asset allocation and managed wallets let you diversify value quickly.
DEVELOPMENT.
Bitquence aims to go market by the end of 2017 with the Bitquence wallet, Cold storage, Proof of Stake and portfolio diversification. Next year plans are slated to initiate the liquidity network, value transfer and fiat gateway.
BITQUENCE (BQX)TOKEN.
Overview.
Current coın Value: $0.907764.
Market Cap: $64,240,728.
24hr volume: $439,493.
Cırculatıng Supply: 70,768,093 BQX.
Total Supply: 222,295,208 BQX
(As of 26/8/2017)
BQX tokens can be used as the token fee or “gas” on the Bitquence platform which will be paid instead of traditional management and service fees. In order to use Bitquence allocations and cold storage, users pay a token fee, which will represent a nominal portion of funds, similar to “dust”.
BQX tokens are liquid into a variety of alt-coins and hence they can be used to rebalance individual portfolios. In other words, liquidity generated by BQX will be used to enable users to shift allocations between various currencies quickly and easily.
Value.
Tokens will be issued on the Ethereum Network using ERC20 standards so that they can leverage the full security and capability of an established blockchain. By utilizing the Ethereum network it will offer BQX easy exchange integration, enhanced liquidity and the ability to leverage existing technical infrastructure that many users are already familiar with.
Token Sale and Distribution.
Bitquence launched a Token Sale on June 28 to initially distribute up to 30% of BQX in order to fund development of the platform and expand service offerings. To encourage liquidity and demand, service transaction discounts will be given to bulk holders of BQX tokens. In other words, users who hold BQX tokens will enjoy cheaper cold storage and service transaction fees. 40% of tokens will be reserved to establish liquidity for the Bitquence Liquidity Network. There will be 1 billion Bitquence tokens minted, which will represent all the global supply.
Proof of Stake Risk Profiles.
All Bitquence Token Holders will be able to participate in consensus risk profiles. Users with active BQX balances on the Bitquence Platform will be able to “stake” their coins on different risk profiles with weighted voting based on their stake. Bitquence token holders are motivated to vote truthfully as they are rewarded based on the accuracy of the vote. This means that experienced users will be rewarded for their knowledge and earn BQX payouts just for using the platform and staking tokens.
This also helps newer users gain familiarity to the risks and qualities of different coins, helping drive trust and adoption in the market. Users will be able to see the number of tokens staked against outcomes showing the strength of the market’s sentiment against events in the crypto market.
Utilizing Consensus Risk Profiles, every allocation will be able to receive a customized quality and risk profile so even new users will have access to state-of-the art investment analysis.
Bitquence Exchanges.
- Coin exchange.
- HitBTC.
Wallets.
- ERC20 compatible wallet.
BITQUENCE TEAM.
Bitquence has an experienced and enthusiastic team of who are ready to make this vision a reality. The Bitquence team brings together a unique collection of experts across cryptocurrency, distributed computing systems, mobile technology, and broad scale consumer app development that has built multiple award-winning applications and collectively powered over $1 billion in mobile micro payments.
You can read more about other members here bitquence.com/team
IN CLOSING.
There has been an enormous shift in how people are interacting with finance and value. People want more control, and they love the idea of decentralized currencies. However, for most people the cryptocurrency world is bewildering: how do I get in? What should I buy? How risky are the different coins? How do I manage my wallets and keys?
You can point to a similar point in time when the first computers were being developed. A very new, powerful technology had been developed, but it wasn’t really until Apple simplified the interface without sacrificing power that the technology was able to take off. Cryptocurrencies offer great financial freedom and want to bring the future of money to everyone.
The underlying technology behind cryptocurrency and blockchain based systems have evolved to the point that they are sophisticated and useful enough to be very powerful, yet highly inaccessible and foreign to a vast majority of people. Additionally, the technology ecosystem is very unforgiving. If you get one character wrong in a transaction, or forget your wallet address, your transaction or even your entire portfolio can be irreversibly wiped out. There’s no customer service, no central authority and no regulating body.
That’s why Bitquence aims to create a people-powered cryptocurrency services company for the blockchain. By allowing the average participant to easily purchase cryptocurrency in pre-diversified baskets, participate in consensus quality and risk ratings and potentially send value anywhere quickly and easily, Bitquence helps make the new economy easy, safe and secure and accessible to everyone.
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