Table of Contents
3. Product and Technology
4. Operation Process
5. Team Introduction
6. Decentralized Decision MakerPlan
7. Risk Reminder
With the emergence and development of blockchain technology, decentralization is gradually becoming more prominent. Following the success of Uber and sharing economies, the boost to the market from decentralization is phenomenal. After brainstorming the core principles of sharing economies and blockchain technology, the BitRabbit team believes that great success can only be brought about through a business model that efficiently provides resources and facilitates transactions.
The team charter is to turn BitRabbit Exchange into an asset transaction platform that is supported by decentralization technology.
Assets that are currently supported by decentralization technology are mainly Bitcoin and other cryptocurrency. Yet with the continuous appearance of blockchain projects, the team believes that there will be different modes of services and assets migrated to the blockchain technology, for instance, services such as anonymous internet access and distributed storage. As a result, BitRabbit Exchange strives to become the next generation digital asset transaction platform.
In addition, the team believes that future digital asset transaction platforms must have a decentralized decision making team supporting it. The current ICO system is unable to keep up with the transformation and development of projects. Hence, the team has proposed a decentralized decision making system. The decentralized decision making system will ensure that there is a two-way communication between investors and the team. This regulation will encourage the team to keep improving in the early stages.
Supporting the diversity of digital assets and a decentralized decision making system is BitRabbit's primary innovation and advantage.
Centralized digital assets have created enormous value in the past 10 years, for instance:
- Virtual items (In 2017, the gaming market in China alone made 203.6 billion, with 60% of revenues coming from items)
- Domain names (China holds 36 million domain names, out of the 350 million in the world. Annual trade markets are valued at 14 billion)
In recent years, decentralized digital assets have also created a giant market:
- Bitcoin (Current market value of 1 trillion, annual growth rate of 3800%)
- CryptoKitties (Makes up 16% of transactions on the Ethereum network, highest daily usage in the Ethereum Ecosystem)
The scope of decentralized digital assets grows at an annual rate of 1000%. This has revealed to us that due to the advantages of blockchain technology and the sharing economy, centralized digital assets might enter the decentralized market at an annual growth rate of 5%. Only taking into account virtual items, domain names, and accounts the annual market is greater than 140 billion, and this is only the beginning. The team believes that the following digital assets will also enter the decentralized market:
- Financial derivatives anchoring tangible assets
There are bound to be many problems in this grand revolution of the relations of production. BitRabbit Exchange will solve four core problems in diversified asset trading:
- Searching and compatibility
3. Product and Technology
3.1 BitRabbit Exchange
BitRabbit Exchange (BitRabbit.com, Open Beta）
What makes us stand out from the myriad Exchanges:
- The matchmaking speed of the trading system will reach top industry standards. The high performance of fully internalized storage will see matchmaking speeds of 1 million matches per second.
- Provides a virtual trade simulator for practice (scheduled to go online in March)
- Provides users with international deposit methods (service scheduled for March release)
- Provides investors with European options, US stocks, and other commodities (service scheduled for April release)
- Support for multitudes of digital assets (service scheduled for March release)
We can provide:
1) Investment in stocks and other commodities with digital currency, and provide digital currency exchange, options, or other financial derivatives:
- Digital asset exchange (token tradingis in open beta)
- Other derivatives that will be launched soon
2) Market data, public opinion data, and pricing services based on these data:
- Investment banking services
- Cryptocurrency lending markets and fixed interest rates
- Pricing of derivatives
3.2 BitRabbit Digital Assets Exchange
In the future, digital assets will see a great shift to blockchains. The team believes that the core to the next generation exchange center is to provide a platform for these different forms of digital assets. Digital assets of the future include:
- Decentralized virtual goods
- Decentralized equity g. DApp)
- Decentralized works
(As shown in the picture, a digital work of art featuring the moon and an astronaut is sold on BitRabbit, the seller is asking for 1000 BRB)
BitRabbit centralized digital asset exchange is also developing Proof Of Everything (Smart Certification).
In the field of chainblocks, when you mention certification, people often think of how chain nodes are able to acquire accounting rights through certain mechanisms. Yet we want to make clear that consensus mechanisms and certifications aren't the same concept. A consensus mechanism is the collective verification of blockchain accounting rights, it can be done through some type of certification. This certification can be used outside of consensus mechanisms. To be able to meet the certification of a consensus mechanism, two criteria must be met:
- The proof of issue must have paid a price or received some kind of mechanism of approval.
- The proof of verification must be simple and fast to verify.
Take the proof of work (POW) of Bitcoin for example, in order to certify, nodes need to expend large amounts of computing power, but the verification process is very simple. It is notable that in reaching a consensus mechanism no verification is perfect, no matter if it's POW, proof of stake (POS), or other verifications, they all have their own flaws.
However, proof applied to smart certification and proof towards a consensus mechanism are different. The former is to prove the authenticity of a certain certification, while the latter contests the blockchain accounting right of a node. Through the Proof Of Everything, you will discover that many blockchain transactions can be realized with BitRabbit Exchange, for example:
The growth for digital asset trading is far greater than token trading, yet interest seems to be lacking.
3.3 Super BitRabbit Decentralized Exchange Core Technology Preview
We will further develop BitRabbit Exchange, here we highlight the technology of decentralized exchange, XPoS (Extreme Proof of Stake). The core of an exchange system is speed, the core principles of BitRabbit decentralized exchange are:
Increase punishment for low bandwidth and nodes with computations slower than average.
Traditional decentralized calculations, like PoS, only punish nodes that are cheating. In order to increase the overall performance of the net, we propose using XPoS:
- XPoS uses Hashgraph to transmit information and transfer functions;
- XPoS uses DPoS as the core consensus mechanism, but takes the average matchmaking calculation speed of 21 nodes, and punishes nodes that are slower than the average speed;
- The XPoS team will use Intel TEE technology to develop high performance matchmaking nodes to increase decentralization exchange technology
As a result, XPoS matchmaking speed will be dependent on the matchmaking speed of TEE technology. We are confident that we can increase TEE matchmaking speeds to 50,000 matches per second, providing the market a high performance distributed exchange.
Brick Bit Index ——Digital Currency ETF, Including UBI and BAI
Web address: brickbitindex.com (The first version is online)
UBI：Universal Blockchain Index
UBI is obtained through quantifying data from big data technology of the activeness of blockchain related communities, mainstream media, public opinion, opinions of public figures, and policies or attitudes of world governments towards the current blockchain environment. When releasing an UBI there are three main sections: benchmark index, rating, and important factors. The benchmark index gives a value with October 1st 2017 as the base value of 100. Ratings are optimistic, neutral, and pessimistic, and represent the current expectations towards the blockchain environment. Important factors include major events that have impacted this periods UBI.
BAI：BlockChain Asset Index
BAI is the first derivative of the UBI system. This product relocates funds and takes positions according to the UBI, it has invested in no less than 7 different types of digital assets (e.g. BTC, ETH, and will change accordingly to industry development). BAI is the first stable income bond based on the UBI. It was released on October 1st 2017 with a price of $1 dollar. To date, January 25th 2018, the price is $2.3 dollars. The daily benefit is greater than 1%, and it has a strong risk aversion ability. When the stock market plunged during Christmas, New Year's, and Chinese New Year's it successfully avoided risk and stock prices declined no more than 1/5 of Bitcoin's.
In order to promote the industry, during opportune times, the BitRabbit team will fully open BAI positioning and funding proportions, allowing individual investors to be able to operate positions and funding according to the BAI and realizing the joy in increasing assets and the reward from investments.
4. Operation Process
1) BitRabbit Exchange open beta on February 1st.
2) BitRabbit Exchange and Bitcoin Robot will begin operations on March 1st.
3) BitRabbit Exchange financial derivatives are gradually released on April 1st.
4) User count goal of 100,000 on June 1st.
5) Distributed Exchange will go online on August 1st.
6) BAI financial derivatives will be released on November 1st.
We will periodically make project reports and company operating conditions to our decentralized decision makers.
5. Team Introduction
5.1 Team Members
Ray Cao （CEO）
Lucy Chan （CMO）
University College London, Telecommunications with Business MSc; GM of a unicorn internet company, in charge of business strategy development and implementation; set up a complete business system in cooperation with the product development team from business marketing operations. Led the company to create hundred millions in revenue through an online business operation, annual revenue growth of over 150%, and annual user count increase of 100%.
Hogan Li （CTO）
Shanghai Jiao Tong University Artificial Intelligence Ph.D; technical partner of multiple network technology companies; multiple years of experience researching and management in Internet, data mining, and deep learning.
Dennis Wu （CFO）
Financial analytic and auditor of one of the four major accounting firms; rich experience in investment and financing, with experience in fields such as ports, medical, real estate, retail, resources, and the Internet; is also experienced in major investments, mergers, and private oversea funding; CFA, CPA credentials.
Coolbi Chen （CPO）
National business manager of a renowned Internet company; once in charge of video games, e-commerce, education, and internet finance areas; proficient at creating offline sales teams, breaking into enterprise level markets, and once saw a 500 million market revenue; created an online customer service of almost 100 people.
Expert in big data, and a system architect. Was once a big data project manager and in charge of large-Scale application system reconstruction at a listed company. Was an expert at infrastructure construction and front-end development at Ant Financial; was in charge of data mining at a cultural community entrepreneurship project, and distributed system architecture development manager; main contributor of an open source community, in charge of multiple Apache incubation projects.
National Chung Hsing University bachelor degree, renowned digital currency investor in Taiwan, columnist of ChainNews, author of best-selling The Guide of Investing Bitcoin and other Cryptocurrency, BitWise blockchain investment fund executive VP. In charge of overall fund project resource pairing, marketing consultant, listing counseling, and final investment decision suggestions.
Chief investment officer and product director of multiple financial platforms and Internet companies (Paypal, Tencent); once in charge of the establishment of travel, online spending, chemical engineering, and other large-scale industry platforms, good grasp of industry processes and operations, proficient at program design and product landing.
Microsoft senior business strategist; graduated from the Wharton School of the University of Pennsylvania;
Was once operations director of many large e-commerce companies, the brands he was in charge of had annual sales over 100 million yuan, served in industries such as online travel platforms and e-commerce consumer platforms; entrepreneur, once in charge of the operation of multiple entrepreneur platforms; proficient at the standardization of processes.
Amazon Senior Software Engineer; Chinese Canadian.
6. Decentralized Decision Maker Plan
Decentralized Decision-making Committee （DDC）
Decentralized Decision Maker（DDM）
DDM Target Audience:
In principle DDMs will be chosen through direct recruitment. We will extend an invitation to certain groups of people, there will be a filtering process, and some modifications may be made to the quota of some investors. Voting power is proportional to how many coins the DDM holds. The official website will only accept no more than 200 individuals (persons or institutes) to send tokens.
Subject Matter of This DDM:
Future distributed decentralized exchange
Note: this token will be deeply integrated and cooperative with our product system
The token: BRB (BitRabbit Exchange token)
This DDM's final BRB amount will be based on the ETH quota raised and calculated using a reverse deduction method. If the funding surpasses the hard limit, we will partially refund tokens (according to purchasing time, investment amount, and resources) or choose a plan that everyone agrees to.
No matter the final actual funding amount, the team's tokens will remain 30% of the total token amount. The team's tokens will be locked for 4 years, and 25% of the total tokens will be released annually. The wallet will be made public for everyone to see.
The BitRabbit team will pass on the following powers to the Distributed Decision-making Committee:
1）Monthly amount of funds released
DDMs have the right to vote on how much funding should be allocated per month to the team. DDMs with over 5% shares in tokens have the right to propose a change to the funding quota. When more than 51% of the total votes are in favor, the monthly amount of funds released can be changed.
2）Right to stop and withdraw investment
DDMs have the right to withdraw unreleased ETH, and refund corresponding BRB tokens. DDMs with over 20% shares in tokens have the right to propose a stop to investment and withdraw remaining assets. When more than 51% of the total votes are in favor, funds can be withdrawn.
3）Right to nominate one token per month for listing
DDMs with over 1% shares in tokens have the right to nominate tokens. DDMs holding BRB will vote on the nominated tokens, the token with the most votes will be listed on BitRabbit Exchange.
4) Deciding whether to increase seats and increase financing
If the team has a further need for financing, it must be voted on by the DDMs. Only when more than 50% of the voting rights participate in the vote, and more than 51% of the participating voters, can there be an increase in seats and financing.
5) Use of BRB in BitRabbit Exchange
The BitRabbit team will use the following system to disclose information:
- The BitRabbitteam will commit to using 20% of quarterly revenue to repurchase tokens, in order to preserve the token rights of DDMs.
- The BitRabbitteam will announce project progress bimonthly and have a 20 minute Q&A.
- The BitRabbitteam will release a quarterly report on the first week of each quarter, announcing the financial status of BitRabbit and other related information.
- The BitRabbitteam will set June 1st of every year as BitRabbit Open House, we welcome our DDMs to take a tour of the work space of the BitRabbit development and operations team.
- Twitter: https://twitter.com/BitRabbit_Team
- Reddit: https://www.reddit.com/user/BitRabbit_Team/
- Zendesk :https://support.BitRabbit.com/hc/zh-cn
- Weibo: http://weibo.com/BitRabbit123
- WeChat Customer Service：BitRabbit_official
In addition: in order to see the team through the growth period, the initial agreement is to release 30% of the total funds. The remaining funds will be released over the course of the next 7 months. The following right can be voted on during the 15th of every month. Voting will be open for one day, and determined by absolute majority. The BitRabbit team recommends making transactions in our exchange center or other decentralized exchange centers, to prevent exchange centers from controlling seats.
We also provide the service to transfer power, to separate voting rights from exchange rights of the token. Exchange rights will be used in two occasions:
1）Project termination, investors withdraw the remaining unreleased ETH.
2）We repurchase, in this case, tokens with voting rights have different effects from those that don't.
We propose that DDMs should actively cooperate and discuss with us, in order to increase personal token value. This is the reasoning and purpose behind this system, allowing both parties to negotiate towards a better solution. We will also supplement a more detailed rules of procedure and communication mechanism for DDMs in the appendix.
Usage of Funds:
- Salary of team members
- Funds needed for daily operations of the company
- Exchange tokenreserve
- Global market development and commercial cooperation
- Periodic R&D of financial products
Liquidity of The Token:
- Team's own exchange
- Decentralized exchange
- Exchanges introduced through cornerstone investors
7. Risk Reminder
- We don't promise a return in investment, nor increase in stocks. Make all decisions at your own risk.
- BRB currency does not equal equity or dividend rights.
- We do not promise to disclose information and will report progress of the project as needed
- There is a probability for failure for the project, which is the chance for the value of the currency to become zero. Please invest with caution.
- This investment is suitable for long positions (1 year or longer), people that are willing to grow with the team are more suitable to become our DDM.