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What is Blockbid?
We want to bring crypto exchanges to the masses — from beginners to experienced traders, and offer the ability to trade all trusted cryptocurrencies on one exchange.
— Emma Hoffman, CMO
ICO Alert: How does the Blockbid token function within the platform and why is it needed?
Blockbid: A Blockbid token provides a 100% discount off the flat 0.1% trading fee for a 30 minute window. You can extend this time window buy using more tokens (e.g. 5 Blockbid tokens will give you free trading for two and a half hours). The token also provides discounts on other fees and potential fees, such as withdrawal fees and coin listing fees. Initially, and for the foreseeable future, however, coin listings will be free, as this will assist us in listing the highest number of coins.
ICO Alert: What makes Blockbid better than the current centralized and decentralized exchanges that already have a user base and how does Blockbid aim to compete?
Blockbid: We’ve identified a couple of key problems for users of current exchanges that we’re focusing on solving with Blockbid. We’ve found that the level of customer support can be relatively disappointing and trading fees and withdrawal fees can become expensive over time. Also, at present, cryptocurrencies are scattered across multiple exchanges. Blockbid will have a dedicated support team to allow for easier access, transparency, and peace of mind. We’ve introduced the Blockbid token as a way to give users free trading, as an alternative to the already super low flat trading fee of 0.1%. Furthermore, by having a wider selection of coins available from our exchange, we’re helping users overcome the inconvenience of needing to sign up on multiple exchanges. Our roadmap also includes access to a decentralized exchange through the Blockbid mobile app, where users will be able to control their own assets and trade via their private wallet. The mobile app will also feature a trading wallet, which will allows users to instantaneously move their assets between the private wallet and live trading wallet on the Blockbid exchange. We feel that by bringing these features to our users, it will provide a higher level of diversity and accessibility to suit any type of trader.
ICO Alert: Why does Blockbid need to host an ICO instead of just launching the exchange and collecting the fees on transactions?
Blockbid: The rationale behind the hosting an ICO was two-fold. Firstly, to crowdsource feedback from users to figure out their pain points and what features they want and need. User feedback and support are of core importance to us at Blockbid. Secondly, we wanted to make Blockbid affordable for users, so hosting the ICO provided a way to offer users a way to trade for free using the Blockbid tokens. Not to mention, Blockbid will insure all crypto assets against potential cyber attacks in order to provide more security to our users.
ICO Alert: Blockbid plans on offering fiat currencies to trade as well. What is the reasoning behind this and do you think cryptocurrency traders will be interested in using this feature?
Blockbid: Currently, traders mainly use the major cryptocurrencies (like Bitcoin, Ethereum, Litecoin, etc.) as a base currency to trade with. However, we believe that by offering fiat currencies, we can provide a bit more stability to a somewhat volatile market. We also believe that Fiat currencies will be more attractive to forex traders, traders from traditional stock markets or any beginner cryptocurrency traders who are used to trading in fiat currencies because it provides a higher level of ease of use and transparency.
ICO Alert: At the current price of Ether, Blockbid tokens cost just less than $1 in the first week of the ICO (1 Ether = 360 tokens) and offer a 30 minute fee-free window of use for each Blockbid token used on the platform. How high are the Blockbid fees and how often does someone have to trade in that 30 minute window for the process to be attractive financially?
Blockbid: Blockbid fees are a flat 0.1% trading fee and the Blockbid token provides a 100% discount off this fee for a 30 minute window. However, you can extend this timeframe by using more tokens. For example, 5 tokens would create a window of two and a half hours. From our research, day traders or users who hold their coins and make a few big trades per day often make trades worth a few thousand dollars at a time, which can lead to huge transaction fees. Because the Blockbid token provides the window of free trading, it significantly reduces the fees that they’d usually pay. Also, spot traders who do short bursts of smaller trades would also accumulate hefty transaction fees over time, but the Blockbid token also helps them keep their trading costs down. The function of the Blockbid token was designed for any type of trader, regardless of whether they make a lot of trades in a short timeframe or a few trades in a longer timeframe.
ICO Alert: Do you foresee the Blockbid token creating friction or confusion in the exchange process for new users who do not yet understand the tokenization of the platform?
Blockbid: Blockbid has been designed with customer support and easy access to any type of trader in mind. From beginner traders to the more experienced — we’ll have product walk-throughs, tutorials, demos and explanations, as well as a dedicated support team to help guide users through the process of trading on the exchange and redeeming their Blockbid tokens for discounted trading.
ICO Alert: When Blockbid receives tokens from users, they are then rewarded back to the community free of charge. What are some of the ways that users can earn rewards for Blockbid tokens?
Blockbid: We will reward users based on brand loyalty, completing the KYC protocols, trading on our site, friend referrals, and trading volume. There may be additional rewards offered which we’ll promote through our social channels.
ICO Alert: How far along is the project today? What does the roadmap look like for the rest of 2017 and 2018?
Blockbid: We’ve hand selected an all-star team who are leaders in their respective fields and are working on wireframes, security protocols, and design in the background during the ICO. Throughout this process we remain highly active on our social channels and we invite user feedback on features they’d like to see on the Blockbid exchange. Following our ICO, we’ll move into development phase and open beta testing at the end of 2017 and anticipate the Blockbid exchange to publicly launch at the end of Q1 2018.
ICO Alert: As a non-Blockbid question we like to ask for unique predictions for the ICO and cryptocurrency space in the future. Where do you see both in the next 3–5 years?
Blockbid: We see cryptocurrency and ICOs as the future of emerging technology. We’re starting to see large-scale adoption of blockchain technology throughout financial institutions and government enterprise. We assume in the next 3–5 years, government regulation stepping in to formalise the industry and provide a higher level of accessibility, security and infrastructure. ICOs are a combination of crowdfunding and IPOs, which has spawned a new and disruptive alternative to fundraising for company growth and increased speed of innovation. In 3–5 years, our goal is to see Blockbid facilitating the the highest volume of trades from the largest number of cryptocurrencies and helping to shape the future of blockchain and crypto industries through ongoing, cutting-edge development.
The Blockbid ICO is now live on the ICO portion of the Blockbid website. For every 1 Ether contributed, participants will receive 360 Blockbid tokens (BID). There is a minimum contribution amount of 0.1 Ether and a maximum contribution amount of 100 Ether for individual participants. There is a hard cap of 3 million BID tokens and a soft cap of 1 million BID tokens. The gas limit should be set at 250,000 in order for the smart contract to execute.
The following bonus schedule is in place for contribution:
Week 1: 1 ETH = 360 BID
Week 2: 1 ETH = 340 BID
Week 3: 1 ETH = 320 BID
Final week: 1 ETH = 300 BID
The Blockbid token is an ERC-20 token and only Ether is accepted as contribution. Funds must be sent from an ERC-20 compatible Ethereum wallet. Funds should never be sent from an exchange wallet (Coinbase, etc.). The Ethereum address is live on the Blockbid site and funds should be sent to that address.
Token Distribution Information
BID tokens are distributed to contributors immediately after contribution and once the transaction has been confirmed. There are a total of 30 million tokens that can be created, with 80% of them being available during the ICO.
Use of Crowdsale Proceeds
35%: Software development
15%: Ether reserve
Ben Sapper, CEO
Ben is an accomplished entrepreneur who has founded many successful companies. He is currently involved in the operation of several affluent commercial businesses, including a facilities management company called Driven Facilities Management.
Gabriel Govinda, Director
Gabriel is a highly respected Australian stock exchange member and former owner of a popular stock market research website. Most recently he has been an investor for technology related startups.
Matt Youill, CSO
Matt is an experience software engineer with over 20 years experience in betting and financial services, including a role as CTO at Betfair. He has held various other roles as CTO or Director of Technology, and most recently served as Director at Burnian.
Toby Tremayne, CTO
Toby is a senior full-stack developer with a plethora of experience leading technical teams from some of the world’s biggest companies. He also has strong entrepreneurial experience, having founded and co-founded various startups.
Emma Hoffman, CMO
Emma is a marketer and serial entrepreneur with two successful exits of companies. She is listed as a Top 50 Australian female entrepreneur under 40. She has held various marketing positions throughout her career, and most recently founded CofoundX.
Bernard Peh, Blockchain Technologist
Bernard is a senior software developer and blockchain expert who has developed technology for some of the world’s largest companies. He has held the lead developer and senior developer role recently, and most recently founded WhaleTech, a company focused on promoting blockchain adoption.
View the Blockbid Website here.
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(1) Blockbid Website, Blockbid, (2017)
(2) Blockbid Whitepaper, Blockbid, (2017)