Welcome to the BARTER TRADE LIVE AMA with The Gem Hunters. We would like to kindly thank the team for sharing information on the new project with our community.
So, the main launch of the Barter Trade Exchange is around the corner. Their were a few delays due to the unpredictable circumstances we are going through right now with the corona virus and the lockdowns etc. How did corona affect the development behind the scenes at Barter Trade and how did you try to overcome the obstacles?
Yes, we had a few challenges.
Update-wise, post successfully fund-raising and reaching our HardCap in record time, we have just been working heads down to get our Exchange Live to our Users.
This has been a really hard sweat and toil journey and we have loved every bit.
On average the development team has been working nearly 15-16 hours a day (sometimes even on Sundays) to get all bugs, security fixes sorted and get the exchange to the stage of Launch.
In the process, we also had a health scare where a number of our Developers tested +ve for COVID19 and hence our Delhi office was closed and we went to Work-From-Home, which we are again stopping shortly.
So, I want to place on record my gratitude and heartfelt thanks to the wonderful Technical team led by our CTO - Priti.
We are now ready to Go-Live on 7th Dec. And, I can't be more proud of what the team has achieved.
That's for the Technical Team. On the Business and
Marketing front, our team has been very active as well. That's for the Technical Team.
On the Business and Marketing front, our team has been very active as well.
We have been adding new partners building new relationships and running extensive internal community engagement and growth programs, led by my superb teammates @hodls @TheEdge76 @ManmeetBT @Logomina - just to name a few.
As we all know an exchange is nothing without a solid user base. Can you give us some details on the referral system which you've introduced to grow the userbase?
The Referral system is one of its kind multi-tier multi-level which gives benefits not just at one level but at three levels. I strongly encourage all to explore our Referral program document to understand how the program works and how users can gain from it.
Best place to see the exact structure of referral program is this article. (https://medium.com/@bartertradefoundation/test-release-v2-0-live-13041f7323f4)
So which features can we expect to see at the launch of the exchange and please give us also a brief introduction of these?
We are ready with all the key functionality that one would expect from any Mature Centralized Exchange. Besides, additional Unique Order Types such as the PIE Order.
Due to time constraints, today’s traders are unable to conduct extensive market analysis. Whether for executing a buy order at a ‘bottom’ or a sell order at a ‘top’, traders often suffer losses and miss out on making potentially profitable trades from high volatility.
BarterTrade PIE is an advanced market order for cryptocurrency traders that provides a solution for various unavoidable situations. The PIE algorithm allows users to place a sell order for a pending buy order along with an option to add a stop loss to a buy (limit stop loss or trail your stop loss).
Without this tool, it is impossible to place the sell order unless your buy order has been executed. Most markets only provide OCO (one-cancels-the-other) type orders. This is inadequate and far less efficient. PIE algorithm solves this.
In summary, you can place multiple orders. Once you place your buy order, the balance will be deducted from your account and you will be able to place a different pie order for a different asset with your remaining balance.
That's for the features with the current 7th Dec release. For the upcoming feature release, we will have Social Trading & Algo Trading. And, our DEX and Desktop Trading Application will be up next.
Obviously these are already some amazing features but are there more features coming in the future? What are these?
As we call ourselves an ecosystem and not just an exchange. What this means is we are building a slew of products that have utility across the board. We will have a Unique Marketplace.
Then, we will have our key release in EazyPay which is a decentralized peer-to-peer fiat trading network, allowing users to trade directly with each other without the involvement of any third party. It allows an easy gateway for buying various cryptocurrencies using fiat currency and also selling them without being dependent on the exchange to process the deposits and withdrawals.
These are some of the features. A few are under evolution and so are not ready to be shared for confidentiality reasons.
How is the roadmap coming along? Ofc there was an slight delay due to corona as stated earlier, but going forward did you encounter any major problems?
So far (and when our mainnet launches soon) we’ve achieved everything on our roadmap, we look forward to the checkpoints ahead too, and meeting them meticulously.
Other than the recent set back which was unpredictable (health related), we’ve hit every roadmap target thus far, and we’re on track to keep meeting these objectives.
So that involves you know, having to work on things months before the public gets to see/know about them. The entire project management funnel in the backend is working hard, and from inception to release phases, including all the research in between— all is moving along really well.
The native $BART token has truly a ton of usecases and you've added even more to it since our last AMA. What are the current usecases for the $BART token?
Various areas of mechanism design will continually be implemented to attract the demand for $BART’s use case, and ultimately its utility within the BarterTrade ecosystem.
There are many use cases intrinsically built into our Native Token BART. Ranging from Fee reductions, Profit shares, Access to new products, Staking, Access to our VIP BART Squad group, and a lot more. These continue to get developed as we move forward. The more you progress and develop the more cases it produces for the token. See below for a list of organized use cases and what can be expected:
Bart Token Use Cases
1. BART can be used to pay fees on the BarterTrade platform and a discount of 40% can be availed on the trading fees.
2. Up to 100% off or Zero trading fee for BART holders. The threshold to avail of this offer is to hold 300k BART for 100%, 200k for 80%, 100k for 65% locked up for at least 1 month with a maximum account balance of 100k USD. Beyond this balance, there will be fee charges with respect to the Liquidity on the platform. These conditions are expected to change with the change in token price and the liquidity on the platform.
3. BART will be utilized in voting events related to listings or any other activity that is community-based.
4. BART will be utilized to pay any type of fee on BarterTrade's platform.
5. Exclusive rewards, airdrops, and bounty events for BART holders.
6. Future integrations with traditional merchants/partners are in the pipeline.
Some Exclusive product based use cases
Social trading: BART will be utilized to pay the fee/commission of the master traders. Lock up 800 BART or 15$ worth at the current price to avail of social trading services. It unlocks after a month and requires a Lock up renewal every month.
Algo trading: BART will be used to pay subscription fees for all kinds of Bots on the Algo platform. Is it following custom made bots by traders or exclusive advanced AI bots built by BarterTrade? The subscription fees will range from 5-50$ worth BART.
Battlegrounds: Exclusive, high rewarding tournaments for BART holders. Prioritizing Battleground events rewards in BART wherever possible.
Early access to BarterTrade's advanced features for BART holders. There are and will be a lot more use cases that add to BART’s utility in the future as we continue to progress and build our products.
Once our exchange goes live the utilization of the BART token on our platform will provide many benefits to users including 100% off on trading fees!
We are excited to see the progress Barter Trade has made over the last few months and cant wait to start trading on its brand new exchange, we have high hopes and will be keeping our community upto date with the progress of $BART