Introduction to Crypto and Blockchain Technology

February 24, 2023February 24, 2023 Sikander Zaman

Crypto is a digital or virtual currency that uses cryptography to secure and verify transactions as well as to control the creation of new units. It operates independently of a central bank and can be transferred directly between individuals or entities. Blockchain technology underpins Crypto, and it is a decentralized, distributed ledger that records transactions on a public or private network.

Advantages of Crypto over Traditional Payment Systems

Crypto has several advantages over traditional payment systems, including speed, security, privacy, and low transaction fees. Unlike traditional payment systems, crypto transactions can be completed in minutes or even seconds, regardless of the amount being transferred. Cryptocurrencies are also secure, and their blockchain technology makes them almost impossible to hack or counterfeit.

The Birth of InfinityBit Token (IBIT)

InfinityBit Token (IBIT) is a new cryptocurrency token that was recently launched by InfinityBit Exchange. The token is built on the Ethereum network and provides several benefits to users of the InfinityBit Exchange. IBIT token does not provide any ownership of the InfinityBit Exchange but enables reduced fees and other benefits on the exchange.

The Need for InfinityBit Exchange

Today, several centralized exchanges are operating with no transparency. Although decentralized exchanges (DEX) are growing in numbers, there will always be a need for fiat on-ramps. Infinitybit Exchange is a centralized exchange (CEX) that intends to offer the transparency of a DEX. The InfinityBit Exchange has developers all around the world, with the core developers and team members based in Palau, Canada, and Italy.

IBIT Tokenomics

IBIT will be initialized with a mint of 10,000,000,000 and a hard-coded maximum supply of 10,000,000,000. On February 14 at 7:00 PM UTC, a private sale was held where IBIT tokens were offered for sale at 250,000,000 IBIT = 1 ETH. Next, 43% of the supply was burned, reducing the total supply to 5,700,000,000 IBIT. A liquidity pool (LP) was initialized at Uniswap V2 Router with 20% of the initial supply, which is 2,000,000,000 IBIT tokens paired with all of the ETH from the private sale.

The Benefits of IBIT Token

IBIT token provides several benefits to users of the InfinityBit Exchange, including reduced trading fees and access to the AI-powered automated trading system. The token also provides a way for users to support the development of the InfinityBit Exchange and the IBIT cross-chain bridge.

The AI-Powered Automated Trading System

InfinityBit Exchange is developing an artificial intelligence (AI) powered automated trading system. This system will be capable of executing automated trades of cryptocurrency pairs on the InfinityBit Exchange. This system will be designed to execute trades based on customizable AI-enhanced signals as set by the user. IBIT token will provide access to the usage of this system.