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At the beginning of June, FCoin announced that it would implement transaction-mining. This release started the new era of exchanges focused on adding value and additional benefits to their customers. Even though many new transaction-mining exchanges are opening, FCoin remains at the forefront. In the first month of operation, FCoin maintained more trading volume that the top four rated exchanges.
With this success, more competition has been entering the market. Exchanges like Bkex, OCX, CONI, and 86BEX have recently opened to try and take advantage of the influx of customers. While FCoin offers more features to their customers, these companies have entered the public realm to start to make a name for themselves. Transaction-mining has not been limited to new exchanges; established companies such as Big.One, ZB, and OKex have begun to offer the service.
Mining versus Non-mining Exchanges
There are two types of exchanges in the market, mining and non-mining. Support for transaction-mining is gradually becoming more mainstream. Market software such as Mytoken even specifically lists the support for transaction-mining as a feature.
Where there is a great deal of support, there is also opposition. In the early stages of FCoin, the media spread several negative articles about the process and almost equated it to a cult. In more recent times, it is quite rare to find an article with the same opinion. FCoin was a major advocate for transaction-mining and was able to provide specific data to help change the public’s opinion.
There are three different categories of centralized exchanges. First, there are those who support transaction-mining; second, are those who oppose the idea; finally, there are those who are going to wait and see how it turns out.
However, this balance will slowly shift, just like the platform coin of the year which experienced opposition similar to FCoin in its early stages of development. Almost all large exchanges now support platform coins; transaction-mining has achieved mass adoption in just two months. Exchanges that support it have moved into the top ranks in terms of trading volume in only a few months more. With this accomplishment, it would not be surprising if all exchanges adopted transaction-mining in the near future.
Innovation is always accompanied by doubts, and history has a way of repeating itself.
Innovation is often accompanied by doubt; the establishment of a new model is not achieved overnight. From the very beginning, FCoin supported transaction-mining and implementing the idea of sharing benefits with users. However, FCoin was almost in a state of isolation and helplessness during the launch of this concept. Still, FCoin continued to execute their business plan, even though they received mass doubt from the media. This persistence eventually led the public and media to recognize the innovation in their vision.
FCoin has continued modernizing and reforming the system to improve their community-based autonomy model. With frequent updates and continued enforcement of rules, FCoin is further refining their platform. In this innovative process, history repeats itself. Media has begun to question FCoin and believe that the frequent changes to rules is a cover up for questionable behavior towards their users.
The purpose of FCoin supporting transaction-mining is to share interests with users, reduce risks and costs, and support an autonomous community model. The needs of users are continually changing and if the system stops updating, the needs of the users will no longer be met. FCoin is determined to maintain the user’s interests and continue to improve their model.
Many large exchanges, including FCoin, also eliminate some of the risks that may exist for users. A recent example is OKEx removing GTC. GTC’s tokens are becoming too concentrated, no detailed information is disclosed, and the OKEx statute is violated.
FCoin is also designing a more complete and innovative community autonomy model to protect user interests as much as possible. This model cannot be finalized overnight. It needs constant improvement, verification, and repeated testing. After rigorous testing, the model will be released back to the user. Innovation takes time, so does transaction-mining with FCoin.
Who will dominate the revolution?
In this transaction-mining revolution led by FCoin, many exchanges have put forward to some of their own designs based on the early thinking of FCoin. For example, ZBG, ZB’s mining exchange, uses ZB for crowdfunding, and all traffic comes from ZB itself. All the proceeds are converted into ZT and returned to users. Big.one, by combining Big and One, implements a dual dividend mechanism.
During this revolution, the innovation has spread to other exchanges. However, few can pull off transaction-mining based on its advanced principles. Without mature rules, it is impossible to establish a healthy ecosystem. FCoin has the responsibility of reform and innovation. Through this process, FCoin has put forward a very rich set of rules and has come up with innovations such as FCANDY and FT1808. In a recent announcement, they have also proposed the concepts of limit-up and limit-down.
It is not difficult to see that FCoin is ambitious and will not settle for short-term success. Although FCoin’s trading volume has been affected in this process, they are continuing their dedication to transaction-mining. Let us be tolerant and embracing of FCoin’s innovative strategy and be confident that FCoin will continue to bring innovative features to its users.
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