bixtrim exchange ico review
ICO Review

Bixtrim ICO Review – Georgian Multi-Feature Exchange Platform

What is Bixtrim?

Bixtrim is a company with a vision; They want to see a world where everyone can get access to all cryptocurrency financial services in a simple manner.

The project is developing a multifunctional cryptocurrency exchange platform with the following components:

  • Cryptocurrency exchange
  • Crypto pawnshop
  • Escrow
  • Futures Contracts
  • A native Cryptocurrency with new features
  • Debit cards

Top Platform Features

Crypto Pawn Shop

This is what really separates this project from others. A pawn shop is a business where people can pawn their assets in collateral for a loan. This kind of business especially needed in the crypto space, as people often need fiat, and don’t want to sell their valuable cryptocurrencies, as the likelihood is big with the huge fluctuations in crypto that the currency is at a completely different price.

Unfortunately, there is no such service today. The closest we can find is the Bitcointalk Loans subforum, where people can offer and request a loan backed up by a chosen collateral. The negative side of this is that the business is not regulated, and scams are frequent. Trusted members are often being used as escrows, but as hacking and business of the number of high-ranking Bitcointalk accounts being sold have increased drastically, it is not rare that the “trusted members” buy trusted account to scam others this way in the forum.

A pawn shop needs a trusted escrow, and that’s why Bixtrim is going to create the first regulated pawn shop for cryptocurrencies.

Faster Crypto/Fiat Transactions

One of the more significant problems in crypto is that it often takes a long time to opt in and out of crypto to fiat and the other way around. The reason for this is that the exchanges/banks often have to verify each transaction manually, and in many cases, the process takes several times.

Bixtrims solution to this is connected to their microfinance partner in Georgia. Through this partnership, holders of cryptocurrency on the exchange will be able to cash out their cryptocurrency in a few minutes through their services desks.

As efficient as the solution is, not everyone wants to go through the hassle of cashing out IRL, and with the partner being based in Georgia means that most customer in the world won’t get access to this feature (yet?).

Bixtrim is going to utilize accounts in several banks around the world so they can support the most efficient money transfer methods. With a number of banks and money transfer methods to choose from, Bitxtrim will be able to find the most efficient transfer to the assigned bank account.

Predetermined Transactions (Futures)

Futures trading is basically a “bet” on the future value of a currency.

When I mention futures in regards to crypto, you probably think if Bitmex. Bitmex is the most popular platform for cryptocurrency futures, but do you know of any cryptocurrency exchanges that offer you to bet on the future price of the listed assets? I bet you don’t.

Every cryptocurrency traded on Bixtrim will also include the possibility for futures contracts. This might be of huge advantage for the platform, as a trading and future exchange in one platform increases the usability of the platform, and investors won’t have to transfer funds between futures and exchange platforms.

Crypto Debit Card

The project is also going to offer a debit card to their customers. The card is used in the same way as any regular debit card and can be used for online shopping, buying products at Point of Sale terminals, and you can cash out through ATM’s.

The debit card will automatically convert your tokens to fiat at the time of purchase.

Bixtrim LLC (BXM) token

The BXM token is issued as an Ethereum ERC-20 utility token. The token will be used for all services provided at the Bixtrim platform. It is design to benefit holder of the token with unique benefits and dicounts on the platform.

The whitepaper estimates that the token is going to be able to process over 100,000 transactions per second.

The BXM token offers several unique features:

Multi-faction authentication

Most cryptocurrency exchanges and wallets utilize a single-faction authentication through a private key. Multi-faction authentication means that one has to present two or more pieces of evidence. With this, the risk for potential hackers penetrating the system to steal your funds is reduced dramatically.

This feature is going to be developed with inspiration from the best practices used in the banking sector, which has proven to be successful.

Escrow

When you pay for a product with Visa, and it turns out you were scammed, you can turn to the credit card company, and they will efficiently return your expenses.

With cryptocurrency, the case is not the same. If your product turns out to be a scam, there is nothing you can do. The transaction is done, and it is up to the seller to refund you.

With the BXM token, the buyer and seller can assign an independent person to be the escrow with the purchase.

Let us go through a possible future scenario

  1. A The buyer wants to purchase a product, and the terms of the standard of the product are set beforehand.
  2. Buyer and seller agree on a trusted person to use as an escrow.
  3. The payment is done with BXM tokens, and it will be held in escrow until the third party verifies the authenticity of the product.
  4. The seller hands over the necessary information to be able to verify the products authenticity information to the third party.
  5. The third party authenticates the product and releases the escrow.
  6. Buyer receives his product, and the seller gets his payment.

Tokenomics

Total token supply: 72,000,000
Tokens issued for investors in ICO: 74,4%
Tokens issued for founders, partners, and advisors: 16,4%
Tokens allocated for referrals and lottery: 9%
Tokens allocated for bounty and airdrop: 1%

Social Media Analysis

Note: The following information is based on the available information August 8, 2018.

Facebook
Followers: 15,584
Average amount of likes per post: ≈ 500
Average amount of shares per post: ≈ 500
Posts last 30 days: 29
Rating: High following, good activity, and community engagement.

Twitter
Followers: 1218
Average amount of likes per post: ≈ 500
Average amount of shares per post: 400
Posts last 30 days: 28
Rating: Low follow count .High activity and amount of social interaction by the community give a good reach.

Telegram
Announcement channel: 53 members – No activity since May 24.
Public channel:  9502 members – Decent activity.
Bounty channel: 752 members.
Notes:
It is a requirement for all airdrop participants to write a message on the public channel.
Rating: Ok

GitHub
Added members: 0
Activity: Created in April. Added ethereum smart contract June 5. No other activity.
Note: Team should add official member profiles. As the ICO is still in ICO, the lack of commits is reasonable.

Medium Blog
Followers: 29
Articles last 30 days: 6

Bitcointalk ANN
Posts last 30 days: 48
Activity: Regular updates from the team, low community participation.

ICO Reviews Online

The project has received the following rating by the top ICO rating platforms on the web:

ICObench
Benchy (Automatic rating bot): 4.4/5
Expert evaluations
Team: 4.4/5
Vision: 3.6/5
Product: 3.3/5
ICO Score: 4.0/5

Note: ICObench reviews should not be trusted, as it is well known that several “experts” are charging money for positive reviews and giving negative reviews to competitors.

ICOmarks

ICO profile: 9/10
Social activity: 9.6/10
Team proof: 10/10
Domain score: 7/10
ICO score: 9.1/10

TrackICO
ICO score: 5/5

ICOrating
Hype: Medium
Risk: High

Team

The team consists of 17 team members with the support of 13 advisors.

Top Team members

Artur Arabyan, CEO and CO-Founder
Entrepreneur who have previously founded several companies and bult them from the ground.

Top Experience
CO-Founded Artium – Restaurant with 40,000 likes on Facebook
CO-Founded Crypto Club – Cryptocurrency mining center
Founded Master Food – Fast food chain

Education
Master in Business Administration and Entrepreneurship
Bachelor in Mathematics and Informatics
Certified Business Profiessional


Iuri Sadoev, CPDO
Manager with experience serving in high positions in several renowned companies.

Top Experience
CIO at Diplomat Georgia – Georgias leading sale and distribution channel for consumer goods and food brands.
CEO at Casatrade – Tech companies with solutions for GPS tracking and automatic car parking systems.
CIO at GAA – Owns and operates companies dealing in the ferroalloy industry. 500+ employees ( including subsidiaries).
Partner Account Manager and Senior Business Development Manager for Microsoft

Education
Master in Management of Business Informatics
Bachelor in Law
Microsoft Certified Informatics Professional
Several management and business courses.


Roman Akopov, CTO
Entrepreneur and Senior Software Architect with diverse experience in most technologies.

Top Experience
IT Development Manager and Infrastructure Manager at Diplomat Georgia – Georgias leading sale and distribution channel for consumer goods and food brands.
CTO and Founder of Triflesoft – Developed software for the Ministry of Justice in Georgia, national lottery systems for several countries and more.
Senior Analyst and Team Leader at Bank of Georgia – Bank with 2.4 million customers.


Check out the rest of the teams here, and advisors at the bottom of the Bixtrim website here.

Notes
The team is localized but contains advisors from all over the world.
CEO Arthur Arabyan and CPDO Luri Sadoev have passed extensive KYC through Sum & Substance.


Positives and Negatives

Positive

  • Verified team members.
  • Big team
  • The project is based in Georgia, one of the most crypto friendly nations in Europe.
  • First cryptocurrency Pawn Shop.
  • BXM tokens can be set in escrow for safe transactions.
  • A high portion of tokens allocated to investors (74,4%).
  • All unsold tokens are burned.

Marketing

  • The project has been traveling the world and attended six Blockchain conferences.
  • Bixtrim has been featured in a number of renowned crypto media outlets, including Bitcoin.com, Cointelegraph, and Sputnik.

Negative

  • No MVP.
  • The whitepaper is short, need more information on how to tackle future challenges, marketing, and competitors.
  • High soft-cap.

ICO

The private sale of BXM tokens lasted from June 1 to June 20, where the project raised $ 468,000 which amounts to approximately 78% of the private sales hard cap of $ 600,000.

The main ICO starts September 15, and it ends on December 25.

The main token sale is going to consist of four phases:

Phase 1 – 60% discount – 1.3 million tokens
Phase 2 – 40% discount – 2.6 million tokens
Phase 3 – 20% discount – 3.9 million tokens
Phase 4 – 0% discount – 42.8 million tokens

ICONOMICS
Price per token: $ 1
Minumum investment: 30 BXM
Accepted currencies: BTC, LTC, ETH, Dash, and USD.
Restricted countries: United States, China, and South Korea
Project base: Georgia

Conclusion

Useful Resources

WebsiteWhitepaper
Medium Blog
Github
Bitcointalk ANNBitcointalk Bounty
Social Media: FacebookTwitterLinkedIn
Telegram Announcement channelTelegram Community Channel

ICOshock