We often talk about Digitex going head to head with cryptocurrency’s major exchanges. Not only is it good to have a goal, but a little competition is healthy. No one wants the blockchain ecosystem to develop like the internet has, with four or five monopolies running the show. However, at Digitex, we never forget that we’re part of something so much bigger. There’s plenty of space for every legitimate project or exchange that wants to bring value to its users.
Let’s Grow This Space Together
Binance’s charismatic leader Changpeng Zhao (CZ) put out a tweet yesterday in response to a supporter who stated that BNB was going obliterate ETH. He thanked him for his excitement and positivity toward Binance Coin but reminded supporters that destroying Ethereum is not the goal.
— CZ Binance (@cz_binance) April 22, 2019
CZ said that there is no need to “diss” other coins, that Ethereum is still a powerhouse blockchain and that we should grow this space together. When one of his followers asked if that was a subtle hint at monopolization, he replied:
“No, we want thousands of blockchains and millions of tokens”
Honestly, he couldn’t have put it better. Yeah, it may sometimes feel as if Binance has an unstoppable influence on the market. But let’s give credit where credit is due. Binance has grown so fast due its low fee model (note, not zero-fee!), a supportive community, innovative leadership, the Binance launchpad, Binance Chain–and a passionate and talented team. But just like everything else, people should always have options.
Binance is not for futures traders and it’s not for short term, high frequency, low volume traders. There’s plenty of room for other blockchains, exchanges, and tokens, as the space grows bigger and better together.
Let’s Remember the Phase of Adoption We’re in
If blockchain were a human being, it would be just about learning to walk by now. When you’re so immersed in an industry, it’s easy to forget that the majority of people are still not even waiting at the gates. Less than 10 percent of the UK uses cryptocurrencies for example.
Facebook has over 2 billion users around the world. There were 32 million Bitcoin wallets as of December 2018. Inward fighting and social media wars at this stage are not helpful for anyone.
Alex Mashinsky, the inventor of VOIP technology and CEO of Celsius Network, a company that offers high-interest accounts and low-interest loans using crypto as collateral, said at Paris Blockchain Week Summit:
“It’s all about expanding the community, right? So we think about how can we build a large community, how we can always act in the best interests of our community and how we can always build in our innovation and be the opposite of what a bank or financial institution is. The competition is not from inside, the competition is only the banks.”
Every player in the cryptocurrency ecosystem should be concentrating on furthering and improving their own products and on expanding the infrastructure until we reach higher adoption.
What Digitex Futures Brings to the Space
You already know that commission-free and non-custodial are our main value props. With those two factors alone, we’re already bringing tremendous value to the industry. But we also offer an alternative method of tokenomics to remove commissions. We don’t use traditional market makers that need paying or expect preferential treatment and we’ll be extremely well-capitalized thanks to the 10 percent of token supply held back for market makers.
As Adam said on his AMA panel at the Paris conference:
“As an exchange, because our token is the only currency you can use on there, we are actually a very, very well capitalized exchange and we’re actually going to have very tight bid-ask spreads because of the market making setup we’ve got.”
We’ll be one of the few exchanges offering traditional futures markets as well. This will help traditional traders from the trillion-dollar futures market cross over into crypto and grow the space. And our DGTX exchange token has value for both traders and HODLers.
Even in the worst bear market on record, DGTX has bucked the trend and, at the time of writing, 10xd since its ICO. But we’re capable of so much more. The world of crypto doesn’t grow in a straight line.
ShapeShift founder and Cryptocurrency thought leader, Erik Voorhees said:
“you can’t change the world in a smooth predictable curve.”
We’ll have our ups and downs, and price fluctuations like anyone else out there, but the focus is on continual growth, attracting more traders, and by default, increasing the demand and price for the DGTX token while building up this industry together.