August 20, 2018 – BitMax.io, one of the most notable entrants to the digital asset trading market place, has made official trading platform launch on August 11. With strategic investments from the industry’s top venture capital firms which include FBG Capital, BitMain, Matrix Partners China, DHVC, GBIC, Perseverance Capital and Palm Drive, BitMax.io has reportedly attracted more than 17,000 followers on key social media channels like Telegram and WeChat within 10 days.
As known to all, the long-term success of top trading platforms is driven by multiple factors including architecture design to achieve high performance, scalability and processing efficiency, friendliness of the user interface, and security and stability of the trading system especially in terms of handling high-volume and high-volatility market conditions. Those are the same key success criteria for BitMax.io. Keen on getting an insider view of BitMax.io platform, I interviewed Aaron Zhang, a senior developer from BitMax Technology Development team.
Q: Would you please brief us on the background of BitMax.io development team?
A: Sure, our core tech development team is mainly based in New York. Most of us came from top-tier Wall Street institutions where we regarded as the subject matter expert in our respective technical area, since we have many years of professional experience in architecture design and application development.
Q: From the developer perspective, what do you think the main differentiation of BitMax.io?
A: Most of digital asset exchanges have been faced with the increasing challenge of high performance, reliability and regulatory compliance requirements. With years of Wall Street finance experience in building trading platform, we are well versed in those market and compliance requirements and know how to incorporate them in the system design and deployment. So from the background and experience perspective, this would be one of the significant differences between our team and other platform dev teams – they would typically come from Internet and social media platform with website and community development background.
Q: BitMax.io webpage mentioned that “Trading friendly environment with support for the FIX protocols and APIs.” Can you please elaborate more on that?
A: Any sophisticated exchange platform in the financial industry would typically need to meet the requirements of high-speed connectivity, trading processing efficiency and system security. All of our dev team have deep knowledge and experience in building those components. BitMax.io is also offering multiple protocols for the ease of connectivity based upon different user needs. We currently support RESTFUL and Web Socket APIs. Soon we will support standardized FIX connection and SBE high performance interface which is more geared towards institutional users/traders with better streaming data and settlement process with other financial market players.
Q: Recently we have noted that when the trading volume spiked up, many “Trading-Mining” model focused exchanges have experienced serious platform performance issues such as server down, slow response time, and even system crash. Given the market volatility, we wonder how BitMax.io will manage this situation and minimize the possibility of those system incidents?
A: “Trading-Mining” feature will also be part of the BitMax offering. In preparation for handling large volume spike, we have analyzed trading volume patterns from other exchanges, including peaks and liquidity bottleneck under different scenarios, and factored them in the system design. We also took the scalability and the flexible of our trading platform very seriously. There is real-time monitoring in place for trading volume and system stability. Furthermore, there will be ongoing upgrade on system capacity to further mitigate the operational risk on the system side.
Q: How about response time then?
A: It is on the microsecond level excluding the internet speed limits.
Q: BitMax.io recently went through a beta testing before announcing the public . But why the test was by invitation only? And how is the test going?
A: Invitational-only beta testing is a common testing strategy that targets specific user groups with specific objectives in the controlled setting. It is typically required in prep for any public website launch. For us, the key objective here was on the experience of user interface and system functionality. The test went well with system functionality and support. We’ve got a lot of valuable feedback especially related to the web front-end user interface design that we need to focus on improving. We greatly appreciated all the valuable support and constructive feedback from those beta testing users who are like the “friends and families” of BitMax. In addition, during the beta testing phase, we also engaged an external security firm to conduct penetration testing of our website and the result was satisfactory.
Q: Can you further explain the main differences between BitMax.io and other “Trading-Mining” model exchanges?
A: Please check out the mining mechanism section of BitMax white paper for details. In general, the “Trading-Mining” model is trying to build on the mutual interest of users and the platform by allowing the users to participate in “mining” on BitMax through trading and receive rewards. The design of BitMax mining model has paid attention to the need for mining volume stability and sustainability, in order to support the overall efficiency of the platform token, BMAX as well as to serve the long-term interests of both investors and users.
From this interview, I believe that built by such seasoned team with expertise in trading technology and financial market requirements, BitMax.io has the potential to be one of those top-tier platforms in cryptocurrency trading space.
For further interest, please follow BitMax.io via the channels below:
BitMax Official Website: https://bitmax.io
Telegram Official Customer Service: @BitMax_Official
WeChat Customer Service: Bmax_official_1
Telegram English Official: https://t.me/BitMaxioEnglishOfficial
Telegram Chinese Official: https://t.me/BitMaxChineseOfficial
Telegram Official Announcement Channel: https://t.me/BitMaxOfficialAnnouncement