Bithemoth

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Overview[edit]

An all-in-one Blockchain Asset solution

Bithemoth is a South African registered company designing a stop-shop platform positioned for mainstream adoption for clients that are eager to earn large returns on their investments. We will create a user-friendly system that incorporates both traditional markets and blockchain based assets. The Bithemoth ecosystem will offer the following; a fast and intuitive exchange, a rich trading platform embedded with digital asset investment opportunities, and a turnkey ICO incubator.

Bithemoth is setting out to create a revolutionary all-encompassing exchange platform. Our goal is to empower our users while solving the common issues that plague current exchanges. We have a global team of specialists, entrepreneurs, and developers that are dedicated to our project to ensure success and that Bithemoth becomes a long-term player in this field.

You will be able to utilize your BHM coins to pay for any fees on our exchange platform. This will include exchange fees, withdrawal fees, listing fees etc.

There will be specific discount incentives that we will be introduced for the initial promotion of BHM usage on our exchange; this will be effective immediately but limited to a period of 5-years.

Quarterly, our BHM team will use a portion of our profits to exercise a buyback on BHM tokens that will be destroyed. This will continue until 50% of the entire BHM coin amount has been destroyed, leaving (100 000 000) coins in circulation.

Market Analysis[edit]

Through our external analysis, we recognized a substantial opportunity for Bithemoth from the projected growth, and foreseeable future for all cryptocurrency related aspects given the potential of blockchain. When our main features are implemented into the platform, it will allow users worldwide to be able to easily integrate Bithemoth into their everyday lives.

Risks

Our largest risk lies within user engagement and gaining a user backing. Our major competitors from our analysis are Binance, Bitfinex, Bittrex, KuCoin, Altcoin Trader and Luno. To mitigate these risks, we have a dedicated marketing plan to gain traction and a market entry strategy to gain a foothold in the industry.

Distinguishing Features[edit]

Streamlined Sign-up[edit]

The first issue we would like to focus on is how cumbersome and tedious it is to sign-up and deposit funds into current exchanges. In some instances, it can take days and even weeks to get verified on an exchange. For most investors, this period of time is extremely stressful and can feel like an eternity with the market continually changing. As we all know, time is of the essence when it comes to investing.

At Bithemoth, we would like to address this issue by streamlining the signup process and providing world-class support for investors. This will not only make it easier to sign up but will also reduce the verification time significantly. We leverage our understanding of time management to mitigate this issue. Investors are guaranteed of a seamless and fast platform for trading.

Clean UI[edit]

Another issue that investors normally have to deal with is the issue of poorly designed UI’s and archaic platforms. Most crypto trading platforms are usually bogged down with excessive numbers and charts with little to no explanations. This can overwhelm even the most seasoned investors. With this challenge, how will amateur investors learn the ropes to become a professional investor? This question has been amicably taken care of with the introduction of our platform.

An article from Coin Telegraph in 2017 explained the important role of user experience in the blockchain space to build sustainable businesses: "Creating user interfaces that can enable the easy application of blockchain solutions without any special coding skills or extra computer language specialization appears to be an important aspect of industry development if blockchain is to go mainstream”.

Addressing this issue, we have consulted with industry experts from various trading backgrounds to create the most efficient and robust UI that is available.

Videos Explaining Bithemoth Features[edit]

In addition, to completely explain our UI, we will be releasing a series of videos to make sure that everyone using Bithemoth will be able to make full use of all of our unique features.

These videos will go a long way to explain how our features operate so that amateur investors will learn everything they need to know even without the need for a mentorship class.

Platform Speed[edit]

Another germane issue we will look into is the speed of current exchanges. Several investors have been complaining about the snail speed the currency exchanges are fraught with, resulting in huge losses.

In view of the above, we are future-proofing our exchange to ensure scalability and speed. We will achieve these by setting up a strong foundation for the platform to grow. This will ensure that the exchange will be able to maintain efficiency if there were a surge in user registration. In addition, we will also assign a support team that would be charged with the responsibility of resolving users’ queries and complaints within the shortest possible time.

Dedicated Support Infrastructure[edit]

One of the pitfalls of many exchanges today is the lack of sheer support. It is unbelievable what a lot of exchanges and trading platforms do these days. At Bithemoth, we strive to change this trend by ensuring that our customer comes first. Not only are we creating our exchange to ensure that it is simple, easy, and user-friendly, but we are also creating proper support infrastructure to help our users work through any issues or technical difficulties. From our visibility studies, we discovered that there has never existed an exchange with a world-class support team.

At Bithemoth, we place value on the trading experience of investors, which is why we are maintaining a pleasant trading environment. We realized that having a world-class support team cannot be overemphasized.

To confront this challenge, we will hire top-class customer service experts to work in our customer service unit. These experts will be adequately trained and certified to handle customers’ queries and complaints. We will make a point of duty to train and retain our customer service team, and the fees will be borne by Bithemoth. This training will align the superior standards of our exchange with the interpersonal skills of our staff members. That’s not all, we will only select the best candidates for the job to reduce the waiting time that users will get a response from us. Once users have reported an issue, our customer care will respond to the complaint as fast as is humanly possible. The trading experience is a priority of the Bithemoth team and we are motivated to assemble the best support team possible.

Multilingual Support[edit]

Another major pitfall of current trading platforms is that they lack adequate international support. This centralizes some exchanges to certain regions and inhibits them from developing into a global platform. In order to truly make our exchange available worldwide, we are going to utilize the diversity of our team and ensure that the exchange will have support for all major languages. This will earn Bithemoth as one of the most globally accessible exchanges on the market and reduce some of the market variation experienced between different regions.

Security[edit]

Many of the security features and stringent protocols that have proven successful so far will be used for Bithemoth. We’ve wanted to maintain a firm commitment to customer security since our inception. We are taking all necessary steps to ensure that we have a secure foundation to base our platform off and ensure that our users are protected under all circumstances.

Two-factor Authentication[edit]

An additional security layer is added to user accounts through two-factor authentication (2FA). Both a password and a unique multi-digit code sent to a physical device already registered, like a phone, is required for login and account access. Simple login+password access type will not be allowed on Bithemoth. Bithemoth will enforce secure 2FA protection with FIDO U2F support or client certificates. By default, weak 2FA like OTP/Google Authenticator/Authy/SMS won’t be authorized or will be only temporarily tolerated, since these methods are vulnerable to phishing attacks.

Active storage and cold storage: These are guaranteed by different certified HSM (Hardware Security Module). Software multi-set wallets will only be used temporarily as needed.

DDOS Protection [edit]

Although DoS attacks are not a recent phenomenon, the methods and resources available to conduct and mask such attacks have dramatically evolved to include distributed (DDoS) and, more recently, distributed reflector (DRDoS) attacks—attacks that simply cannot be addressed by traditional on-premise solutions. CloudFlare’s advanced DDoS protection, provisioned as a service at the network edge, matches the sophistication and scale of such threats, and can be used to mitigate DDoS attacks of all forms and sizes including those that target the UDP and ICMP protocols, as well as SYN/ACK, DNS amplification and Layer 7 attacks.

Cold Storage[edit]

Bithemoth will generate temporary "receive wallet" addresses to handle cryptocurrency deposits. Assets from these temporary wallets will move to "cold storage wallets" constantly, behind the scene. Cold storage wallets are located on physically secure and completely air-gapped devices thus representing the most secure assets-storage in the whole ecosystem. If there be any compromise of the platform by a bad actor at any given time, they would only have access to the small amount of coins stored in the temporary receive wallets.

In view of the above, Bithemoth intends to operate as an electronic money institution. For us to run a multi-faceted FinTech platform, we will obtain multiple licenses from various jurisdictions with a view of remaining compliant with laws and regulations. Whenever we plan to expand our services to other jurisdictions, we will apply for licenses as required by law to cover our planned services.

Legal[edit]

According to Hileman and Rauchs, the greatest challenges facing current cryptocurrency exchanges is to maintain cordial relationships with traditional financial institutions, payment gateways, and banks. Furthermore, analysis conducted in over 150 companies reveal that small exchanges have difficulties maintaining relationships with financial institutions.

In view of the above, Bithemoth intends to operate as an electronic money institution. For us to run a multi-faceted FinTech platform, we will obtain multiple licenses from various jurisdictions with a view of remaining compliant with laws and regulations. Whenever we plan to expand our services to other jurisdictions, we will apply for licenses as required by law to cover our planned services.

Fiat-to-cryptocurrency Transactions[edit]

Since the advent of cryptocurrency, many aspects have changed in the way businesses are conducted. In light of this, investing in the crypto space is becoming more popular and a lot of people are looking for an easy platform to penetrate the crypto market.

In view of the above, we will integrate easy payment options into our exchange, where users can buy cryptocurrency using fiat-based currency.

As part of our effort to make cryptocurrency accessible by public members, we will be creating various channels to enable investors to purchase cryptocurrency without the rigorous process like other exchanges. As part of this, we hope to include the purchasing of cryptocurrency via money transfer, credit card, and even commonly used existing payment solutions into our exchange.

Portfolio Management[edit]

It is important for any investor to be able to evaluate their holdings in a simple and timely manner. The problem with cryptocurrency exchange platforms today is that it is very difficult and tedious to do this. Many exchanges do not provide enough information to the users and makes it tough for them to keep track of their holdings and their performance against real-time market values. It is because of this reason that external apps have been created to solve what most exchanges have failed to deliver on.

In view of the above, we will strive to resolve this issue by incorporating features in our exchange with a view of providing users with the portfolio management tools needed to appropriately evaluate their holdings and investments. With the tools accessible on our platform, investors can monitor and track their investments in the comfort of their houses.

Quick view - Portfolio Distribution Tool[edit]

The quick view portfolio distribution tool that we are integrating into our exchange will provide our users with a quick means of evaluating their current holdings. This feature is important because it provides a means of assessing how assets are distributed in one’s portfolio, in a visually appealing and simplistic manner.

In-house Portfolio Management Tools[edit]

Having a user-friendly portfolio manager is what most exchanges are missing. We hope to change that trend through integrating a simple, yet in-depth portfolio manager’s tool that would be accessible by all users. Our in-house portfolio manager will provide an overview of one’s investments and their performance based in real-time. Examples of features include the average buy cost (BTC/monetary), current value, daily percent change, overall percent change, and cumulative portfolio performance. When we integrate the portfolio manager into our exchange, users will have access to real-time information at their fingertips that will empower them to have full control over their investments.

Trading Features[edit]

We are also working on integrating specialized trading features into our platform. This will allow our users to set up specialized smart buy/sell orders and other unique trading features. Several exchanges do not offer this feature, but we will set the pace in the crypto world.

Mobile Application[edit]

To fulfill our goal of creating a user-friendly exchange for a wide range of devices, we are working on developing a safe and efficient mobile app that would be linked directly to our exchange. This mobile app will be developed for both iOS and Android devices. This will result in a boost in the overall functionality of our exchange. This is just one step that we are taking towards creating a more efficient platform with an excellent user experience.

Online Cryptocurrency Marketplace[edit]

Once the foundation of our exchange is built, we want to progress and develop our business by adding additional streams. One of our visions is to create a crypto-marketplace linked to our exchange where vendors can trade products directly for cryptocurrency through a seamless and secure means.

Integrated Specialized Hardware Wallet[edit]

As part of our initiative to create one of the most secure platforms on the market, we are in the process of developing hardware wallets that will be available to our users. These wallets are being developed as part of another initiative and will offer larger memory capacities and specialized security features that are not available in the current market. More details on this development will be released during future stages of development, to ensure that proper patents and rights can be secured for our devices.

As of today, one of the main security concerns is that when users send assets to an exchange, they have no control over the storage and security of those holdings. This culminates into many security concerns since it places all of the user’s assets in a centralized location. This vulnerability is what many exchanges and platforms are battling with, and in the past, it was one of the reasons why large amounts of cryptocurrency could be stolen during a single hack.

We have identified that this is a serious issue and we are working on taking precautionary measures to ensure that our users are safe and can feel confident when using our exchange. One of the main developments that we are working to incorporate into our exchange is the integration of hardware wallets. Our goal is to have individuals store their assets on their own personal hardware wallets and sync it to our exchange when carrying out trades. This is an innovation that no other exchange currently has and would be a major development in decentralizing the crypto-trading process and ensuring user confidence in the security of assets.

Brick & Mortar Locations[edit]

This is yet another means in which Bithemoth is setting the pace in the cryptocurrency industry. Through the creation of brick and mortar locations, visitation of our physical locations will allow users to conduct their trading and utilize our platform. This is an important step in driving cryptocurrency to become mainstream and available to all members of the public. These stores are our means of progressing further than just a cryptocurrency trading platform and becoming a long-term player in the market.

Teaching The Public[edit]

As part of our brick and mortar initiative, we want to make our physical locations public teaching centres. These locations shall be used to educate the general public about cryptocurency, while mentoring them up with the basic tools needed to get into the cryptosphere.

Bithemoth Payment Cards[edit]

To address this issue, our development team will integrate spending cards into our exchange. Our goal is to allow users to directly spend their crypto via the use of our Bithemoth card. The transaction will work similar to that of a debit card purchase and will draw directly from cryptocurrency stores linked to the card holder's account. This is will allow users to access and utilize their virtual currencies whenever they need it. With this development in place, users will be able to access their virtual currencies 24/7 irrespective of their location.

ICO Incubator[edit]

Giving vetted ICOs access to transparent and secure funding rounds is Bithemoth's aim in creating a powerful turnkey ICO incubator. The team of senior engineers at Bithemoth will formally examine all aspects of token sale proposals including idea novelty, project feasibility, legal compliance and financial justification. The approved projects will have access to Bithemoth's complete ICO incubator system and a dedicated support team. This will provide a base for blockchain and tech start-ups to grow off of and launch their business. This will also provide our users with special opportunities to have early access to invest in promising new projects.

Companies in our incubator will be able to issue tokens and ICO contracts using input parameters through our proposed system. Any token issued through Bithemoth will be liquid and tradable on the Bithemoth exchange using the token sale. Automatic smart contract mechanisms that are capable of creating smart contracts and deploying them on the NEO, NEM and Ethereum blockchains will also be offered on the ICO incubator.

Road Map[edit]

Q3 2017

  • Project Vision
  • Team Creation
  • Development Commences

Q3 2018

  • Pre-ICO Sale
  • ICO Sale
  • Beta Launch
  • Global Marketing Campaign

Q4 2018

  • Full Exchange Release
  • Mobile App Launch
  • Patent and Product Licensing

2019

  • Marketplace Implementation
  • Hardware Wallet Integration
  • Brick and Mortar Stores

Pre-ICO Sale Investor Information[edit]

Start Date[edit]

September 30th

Sale Duration[edit]

Minimum 30 days

Soft Cap[edit]

1,000,000 EUR

Hard Cap[edit]

5,000,000 EUR

Discounts[edit]

Round 1: 1,000,000 BHM at 0.22 EUR – 56%

Round 2: 4,000,000 BHM at 0.27 EUR – 46%

Round 3: 5,000,000 BHM at 0.33 EUR – 36%

Round 4: 5,000,000 BHM at 0.41 EUR – 18%

Accepted Currencies[edit]

  • BTC
  • ETH
  • LTC

ICO Investor Information[edit]

Maximum Token Supply[edit]

200,000,000

Token Lock-Up Period (Team)[edit]

1 year

Start Date[edit]

TBD; decided on when pre-sale ends

Sale Duration[edit]

90 days

Soft Cap[edit]

TBD

Hard Cap[edit]

TBD

Accepted Currencies[edit]

  • BTC
  • ETH
  • LTC
  • Fiat

Competitive Analysis[edit]


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