In response to some questions raised in the community, we would like to provide more clarity regarding Blockport tokens’ (BPT) value and its utility in this brief article.
The Blockport project is now officially live for six months and a lot has happened since January this year. After a half year in existence, Blockport managed to do a successful fundraising that sold out within 12 minutes, expanded the team from 8 to 35 people and built a working fiat-to-crypto exchange that is easy-to-use on mobile and desktop.
Blockport aims to become a social crypto exchange that will eventually be built on a hybrid-decentralised architecture. The social trading features will enable users to follow or copy each others portfolio or trading activities and turn Blockport into a knowledge-sharing platform where BPT can be used to pay for these premium features.
The hybrid-decentralised architecture allows us to trade on multiple external exchanges while storing users' funds on the blockchain. This way Blockport can access liquidity from external exchanges and securely settle it in a decentralised way.
Right after we launched the first version of the Blockport platform we also announced a new way of communicating our product roadmap. This new roadmap visualizes the product features we are currently working on, and plan to release within the next three to six months.
The following exciting features are being added to the platform soon:
- A second exchange that allows us to add a significant amount of new trading pairs (most probably this will be Bitfinex or Binance)
- A first version of the social trading features (trader profile page where you can share your trading results with the community or social media and earn BPT as a reward)
- Add credit cards as a new payment method with additional fiat currencies (Visa, Mastercard, American Express)
Despite all these milestones and exciting new developments we noticed that the sentiment among BPT holders has decreased recently. Therefore we would like to take the opportunity to explain the Blockport token's utilities and future value for us as a company and the community.
BPT's Social Trading Utility
Blockport aims to become a social cryptocurrency exchange that combines the aspects of trading, knowledge-sharing and social media in one easy-to-use platform.
The social trading features that are developed within the next six months will enable users to follow or copy each other's portfolio or trading activities, where BPT is used as a means of payment.
Everyone can "open-up" their Blockport profile to other people using the platform and invite others to start following them in return for an X amount of BPT. As a lead trader you can set the amount of BPT that you wish to receive from followers.
Being a lead trader, you can share your trading activities, performance, strategy and portfolio with your followers and earn BPT as a reward. This way, beginner traders can learn from experienced traders and experienced traders are incentivised to share their knowledge with beginners.
To clarify, the social trading features are especially interesting for (professional) crypto influencers that have a large following on social media, because Blockport will offer them a platform where they can directly earn BPT by sharing their trading strategies with their followers. This way we are bringing together social media and finance on one single platform.
To summarise quickly: If more users want to use the Blockport Social Trading features to follow their favourite crypto influencer or professional trader this will drive the demand for BPT.
BPT's Discounted Trading Fees Utility
The Blockport token can also be used to pay trading fees at a substantial discount. This feature will be built in natively. The exact discount amount is yet to be determined.
BPT's Higher Limit Utility
On the Blockport platform there are deposit and withdrawal limits. If you are a BPT holder you will be rewarded with higher limits for your account. Currently, we have a first implementation of the concept where you can send a small amount of BPT to proof that you have BPT to be able to unlock the tier 2 verification, which allows for higher deposit limits. In the future, the higher limits utility will not be based on a one time fee but instead will require you to hold a minimum balance of BPT on your account if you wish to have higher deposit and withdrawal limits.
Blockport token shop
As described in the white paper we have allocated an amount of BPT that can be bought by users on the Blockport platform in the token shop. This token shop will be temporarily implemented to enable users to buy BPT while the internal exchange is still in development. The token shop allows users to buy BPT directly on the platform so that they can seamlessly use BPT for the platform's premium features during the development stage.
BPT can be bought in the token shop with Euro directly on the Blockport platform. The price will be slightly above the average market price, to protect current BPT holders. Once the internal exchange is implemented we will dismantle the token shop and offer multiple markets for BPT natively on the platform.
BPT Referral fee
Just like PayPal, Uber and AirBnb, we will reward everyone who successfully invites new users to sign up for the Blockport platform. The referrer will always receive his referral fee in BPT.
BPT Listing fee
Currently, Blockport's coin listing process is limited by the trading pairs that are supported by the external exchange we currently integrate with. Once we integrate the Blockport platform with multiple external exchanges and/or have our own internal exchange up and running (work in progress, see roadmap for more info) we intend to have a listing process for new coins and tokens on our platform. Blockport envisages only accepting listing fees paid in BPT.
The token shop and utilities described above should strengthen the direct link between Blockport's performance and BPT. Blockport intends to integrate BPT with the platform to the fullest extent possible.
*As the platform is in full development and we cannot predict the future, we may later decide to alter the functionalities and utilities described in this article.