BitMax Exchange: 创新型数字资产交易平台 共建未来的去中心化社区型自治经济体 Innovative Digital Asset Trading Platform Building Future Decentralized Community-based Autonomous Ecosystem
Chinese Version 目录 /Table of Content Chinese Version... 4 概述... 4 去中心化社区型自治经济体是未来的趋势... 4 我们的愿景... 5 BitMax Exchange:... 5 去中心化社区型自治的数字资产交易平台... 5 BitMax 强大的技术支撑... 6 BMAX... 9 什么是 BMAX... 9 BMAX 的生态和权益... 10 专业团队... 11 BitMax 自治经济生态体的扩展路线图... 11 风险提示与免责声明... 12 免责声明... 12 风险提示... 13 English Version... 14 Overview... 15 Decentralized community-based autonomous economy is the Future... 15 Our Vision... 15 BitMax Exchange... 16 Innovative Digital Asset Trading Platform Based on Decentralized Community-based Autonomous Ecosystem... 16 BitMax Technical Features and Support Model... 17 BMAX... 19 What is BMAX... 19 BitMax.io 2
BMAX Allocation Plan... 19 Pre-distibution Token Unlocking Mechanism:... 19 BMAX Owner Rights and Ecosystem... 20 Trading and Mining Mechanism... 20 Priority and Decision-making Right... 20 Operations and Maintenance of Mining Pool Community... 20 Stablization Mechanism... 20 Multiple Mining Mechanism... 21 Token Destruction... 21 BitMax Launch and Expansion Roadmap... 21 Management Team... 22 Risk Factors and Disclaimer... 22 Disclaimer... 22 Risk Factors... 23 BitMax.io 3
Chinese Version 概述 去中心化社区型自治经济体是未来的趋势 随着数字货币行业迎来爆发式发展, 作为数字货币产业链中最重要的环节之一, 数字货 币交易所作为一种无可替代的刚需, 承载整个区块链生态中极其重要闭环节点, 连接着 区块链投资的一二级市场, 也连接着项目方和普通投资者, 是整个产业链中最成熟的环 节和模式之一 区块链的灵魂是基于共识和代币的经济模型 数字代币是价值的承载和激活内部生态的 关键, 共识机制是效率的保证 代币生态经济中同时基于兴趣和利益的激励机制将是区 块链项目发展的核心手段 区块链赋予了去中心化自组织管理的体系和工具, 在 2009 年中本聪建立了一套规则 后, 整个社区就通过一种去中心化的方式继续运转, 逐渐变成了一种分布式的自治系统 在这套系统中, 产品的分配关系则是按照众人的劳动成果与劳动量来进行分配 使用权 所有权和经营权则是三权合一的, 将所有的投资人, 股东以及员工跟客户都连为一体, 使每个人都享有社区发展的好处, 从而充分的调动社区的资源和积极性, 同时又使社区 发展的更加繁荣 区块链时代使人类的生产关系, 从原有的资本主义与社会主义生产关 系走向了分布式的自治时代 BitMax.io 4
我们的愿景 区块链带来了组织协作效率的提升 (DAO) 以及生态内价值交换效率的提升, 基于 DAO 去中心化自治组织, 将成为未来经济的组织形式, 我们发起了 BitMax BitMax 的出 现是为了打造一个新型的去中心化社区型自治经济体生态 希望通过一系列公开公正的 规则, 促进整个市场合理流动, 实现结构架置优化 资源合理配置 BitMax 希望可以 利用区块链技术最终形成以 BitMax 公链为节点的去中心化自治生态孵化平台, 从根本 上成为让组织形态减少摩擦并且提高效率的新型经济自治方案 BitMax Exchange: 去中心化社区型自治的数字资产交易平台 BitMax 基于工作量证明和权益证明混合证明机制, 完全依靠全民和全社区背书, 以去 中心化分布自治, 构建整个区块链生态的新型共识性社区经济体 不同的生产资料的分 配方式使 BitMax 组织形式从中心化治理模式走出进化到了全新的去中心化社区制的分 布式自治系统,BitMax 的去中心化自治系统特点 : 参与 (Participative) 用户自愿及独立参与松散任务, 如交易挖矿 项目投票 参与矿池生态建设, 参与平台决策与共建 BitMax.io 5
协作 (Collaborative) 用户协同合作, 给共同目标增加价值 用户自发组成矿池, 协同工作为矿池的建设和生态维护贡献力量 合作 (Co-operative) 用户希望共享收益, 作为回报 :BitMax 按照工作量证明 和权益证明践行将用户产生的收益公平无保留的 100% 全部返还用户, 参与矿池治理和 建设的用户会获得更大的收益 去中心化 (Decentralized) 通过未来的 BitMax 公链, 串联区块链上下游经济体, 从而向边缘灌输更多力量, 来实现进一步自治经济生态体的扩展 自主 (Autonomous) 自主代理, 智能程序和未来将会引入的人工智能和 AI 算 法水平的提高, 将使 BitMax 的中心 边缘和要位的运营以及价值创造实现自我持续, 最终成为一个通过一系列公开公正的规则, 可以在无人干预和管理的情况下自主运行的 可信任的社区型可信任的自治经济体 通过去中心化的网络结构, 去中心化的信任机制, 优秀的产品逻辑和生态共识机制的设 计, 符合人性和经济学规律的生态激励机制的经济模型,BitMax 可以在短时间内让去 中心化自治经济生态体引爆 早期参与到生态建设中的每个角色, 都能够通过代币得到 激励 BitMax 强大的技术支撑 交易记录完全公开透明 BitMax.io 6
区块链生态环境的核心是开放透明的商业规范 BitMax 提供的就是一个高效的交易平 台可以提供 24 小时的实时交易操作, 对所有交易账户提供高透明度. 高性能支持 面对大型金融机构服务级别的构架设计, 整合了先进的内存撮合算法 异步非阻塞读写 分布式实时信息传输框架以及相关先进技术, 提供高可靠性 高性能 强安全性 可扩 展性以及易维护性 友好的交易环境, 加强对 FIX 协议和 API 的支持 预计我们的系 统能达到 20 万笔交易 / 秒的处理速度, 同时证券级别的的 API 接口支持高频 GTT GTC FOK ICO 等专业交易指令 为专业技术基金提供交易支持 安全稳定 立体安全防护体系, 与世界级的安全公司合作, 上线前对全站代码进行代码审计 架设 多级防火墙, 实时监控系统数据异常 在用户资产上, 采用多重签名及冷热隔离的钱包 方案, 最大程度保障用户资产安全 支持金融产品 BitMax 平台初期支持现货交易模式, 后期会上线杠杆交易及融币借贷, 余额管理服务 当平台流动性达到一定级别后, 我们会引入类似 ShapeShift 的匿名交易功能, 进而建 立一个去中心化的交易平台, 并由我们自己的交易平台保证其流动性 在交易初期, 我们将提供对以下币种的支持 : BitMax.io 7
BTC ETH BMAX(BitMax 的代币 ) 我们后期会逐步上线其他优质币种 如果您有代币希望在我们的平台上线交易, 参与我 们的 ICO 可以获得更多机会 平台不支持法定货币, 例如 :USD, RMB, JPY 等 流动性支持 BitMax 在行业内有丰富的资源和众多的合作伙伴 在系统上线前, 已和多家国内外的 矿厂 投资基金 交易大户达成共识,BitMax 平台上线后, 他们的交易将转移至我们 的平台 为平台提供充足的流动性, 带给用户良好的交易体验 多语言支持 BitMax 第一期上线版本已支持中英文双语, 后期会逐步支持包括日 韩等其他语言, 为打造世界级区块链资产交易平台扫清语言障碍 全平台客户端支持 将提供对全平台客户端的支持, 具体包括以下客户端 : WEB 端浏览器 BitMax.io 8
Android 客户端,IOS 客户端 H5 移动端浏览器,PC 客户端 微信端 BMAX 什么是 BMAX BMAX 是 BitMax 平台发行的通证 BMAX 用于享有平台的手续费分红权, 投票权, 决策权以及社区合伙人选举权 BMAX 恒定 100 亿, 承诺永不增发 其中 49% 为预先发行,51% 为挖矿所得 挖 矿模式为交易挖矿机制 49% 预先发行的 BMAX 里,5% 早期投资人,4% 战略伙伴,9% 私募,12% 团队和 平台,18% 基金会,1% 市场运营推广 锁仓机制 : o 解锁数目 : 每日按挖矿数目按发行比例解锁, 即每日解锁数目 : 每日挖矿数目 = 49:51 o 解锁顺序 :10% 的私募额度第一优先解锁 这部分额度解锁完成以后剩下的 所有预先发行的 BMAX 解锁 BitMax.io 9
BMAX 的生态和权益 1. 挖矿机制 a. 平台用户交易产生 BMAX, 交易手续费 100% 换算成 BMAX 返还给交易用 户 2. 分红机制 a. BMAX 持有人享受平台手续费 80% 分红 b. 分红数目按照同时期 BMAX 持有量决定 3. 平准机制 a. 引入平准机制的设计至平台币中, 以增加平台币流动性, 减少币价调整过 程中的无谓损失, 减缓市场大量订单失衡所导致的价格不稳定 b. 平准机制的具体做法是针对交易挖矿分红比例集中操作, 然后根据平台币 成交量 流通在外筹码与价格变动等项去设计稳定的公式参数, 模拟计算 可能的成本与获利, 并按照加权币价指数权重决定对平台币提供流动性的 规模 4. 多种挖矿模式 a. BitMax 提供多种交易挖矿模式, 结合不同的用户和需求, 给予不同程度 的激励, 能最大程度的满足多样化的用户和市场 多种交易挖矿模式, 分 配不同额度额外奖励给用户 5. 消费 ( 销毁机制 ) BitMax.io 10
a. BMAX 持有人可以消费一定数目 BMAX 来获得更多的权益 比如提升会员 等级, 短期提高分红额度等 b. 消费的 BMAX 会被销毁,BMAX 总量会不断减少 专业团队 团队核心成员主要包括技术 运营 产品 商务等均出身于华尔街传统金融机构, 团队 成员在各自的领域都有十年以上的专业经验 依靠传统金融交易行业的专业服务经验结 合顶级的系统研发实力 团队为打造一个开放 公平 共享 自由的社区型区块链资产 交易平台而努力 BitMax 自治经济生态体的扩展路线图 2018.7. 网站公测版上线 2018.8. 正式开放交易首批上线部分主流交易品种 2018.10 开放智能合约投票 2018.11 开放通过智能合约执行收入分配 2018.12. 融币借贷金融衍生品交易 2019.2. 孵化投资, 生态布局 2019.4 交易所公链上线 BitMax.io 11
风险提示与免责声明 免责声明 该文档只用于传达信息之用途, 并不构成买卖 BitMax 股份或证券的相关意见 任何类 似的提议或征询将在一个可信任的条款下并在可应用的证券法和其他相关法律允许下 进行, 以上信息或分析不构成投资决策, 或具体建议 本文档不构成和关于证券形式的 投资建议, 投资意向或教唆投资 本文档不组成也不理解为提供任何买卖行为, 或任 何邀请买卖任何形式证券的行为, 也不是任何形式上的合约或者承诺 BitMax 明确表示相关意向用户明确了解 BitMax 平台的风险, 投资者一旦参与投资即 表示了解并接受该项目风险, 并愿意个人为此承担一切相应结果或后果 BitMax 平台明确表示不承担任何参与 BitMax 项目造成的直接或间接的损失, 包括 : 1 因为用户交易操作带来的经济损失 ; 2 由个人理解产生的任何错误 疏忽或者不准确信息 ; 3 个人交易各类区块链资产带来的损失及由此导致的任何行为 BMAX 币不是一种投资 我们无法保证 BMAX 币会增值, 在某种情况下也有价值下降 的可能, 没有正确使用其 BMAX 币的人有可能失去使用 BMAX 币的权利, 甚至会可能 BitMax.io 12
失去他们的 BMAX 币 BMAX 币不是一种所有权或控制权 控制 BMAX 币并不代表 对 BitMax 平台或 BitMax 应用的所有权,BMAX 币并不授予任何个人任何参与 控制, 或任何关于 BitMax 平台及 BitMax 应用决策的权利 风险提示 安全 : 许多数字资产交易所因为安全性问题而停止运营 我们非常重视安全, 但世界上 不存在绝对意义上的 100% 安全, 例如 : 由于不可抗力导致的各种损失 我们承诺尽一 切可能确保您的交易安全 竞争 : 我们知道交易所是一个竞争异常激烈的领域, 有数千个团队正在计划并着手开发 交易平台, 竞争将是残酷的, 但在这个时代, 任何好的概念, 创业公司, 甚至是成熟的 公司都会面临这种竞争的风险 但对我们来讲, 这些竞争都是发展过程中的动力 BitMax.io 13
English Version Contents Overview... 15 Decentralized community-based autonomous economy is the Future... 15 Our Vision... 15 BitMax Exchange... 16 Innovative Digital Asset Trading Platform Based on Decentralized Community-based Autonomous Ecosystem... 16 BitMax Technical Features and Support Model... 17 BMAX... 19 What is BMAX... 19 BMAX Allocation Plan... 19 Pre-distibution Token Unlocking Mechanism:... 19 BMAX Owner Rights and Ecosystem... 20 Trading and Mining Mechanism... 20 Priority and Decision-making Right... 20 Operations and Maintenance of Mining Pool Community... 20 Stablization Mechanism... 20 Multiple Mining Mechanism... 21 Token Destruction... 21 BitMax Launch and Expansion Roadmap... 21 Management Team... 22 Risk Factors and Disclaimer... 22 Disclaimer... 22 Risk Factors... 23 BitMax.io 14
Overview Decentralized community-based autonomous economy is the Future With the explosive market development of cryptocurrency industry, digitial asset exchanges have evolved to be one of the most important and developed links in the industry blockchain, meeting the increasing market demands for trading and playing the significant role of connecting primary and secondary markets for all the market participants from project financing, venture capital to institutional and retail investors, and ultimately facilitating the capital formation in the cryptocurrency ecosystem. The economic model of blockchain technology is built upon the tokens and the consensus - digital tokens unlock the economic value and activate the inner ecosystem of blockchain; while the distributed consensus mechanism ensures the efficiency of the operating platforms. The incentive system based off interest and profits is the core driver to the development of blockchain projects in the cryptocurrency economy. The blockchain technology has emerged as the core system and tools in support of decentralized autonomous management. After Satashi Nakmoto established a set of general rules in his 2008 white paper Bitcoin: A Peer-to-Peer Electronic Cash System, the entire blockchain community has been operating through a decentralized approach, further gradually evolving into a distributed autonomous system. Similar to the traditional market economic system, the distribution of products is dependent upon the quantity and the output of labor; while the usage right, ownership and operating right are combined with investors, shareholders, employees, and customers fully integrated in the block chain eco-community. As a result, all the participants would share the benefits of community development and support better mobilization of resources, in order to create the virtuous cycle of profitability. The recent development and expansion of blockchain ecosystem has ushered in a new era of distributed autonomous economy from the traditional form of capitalism and socialism. Our Vision The blockchain technology is improving the efficiency of organizational collaboration (DAO) and intrinsic value exchange, and further looking to be the main organizational form of future economy with the DAO decentralized autonomous organization. With this vision in sight, we are launching BitMax, an innovative new-age digital asset exchange, in the mission to create a new type of decentralized community-based BitMax.io 15
autonomous economy. We hope that building upon a series of open and fairness market rules, BitMax would be able to boost the liquidity of overall market, support the blockchain structural optimization and promote equitable resource allocation. Leveraging blockchain technology, BitMax is aiming to establish a decentralized autonomous incubation platform on the BitMax public chain, and build out a new type of economic autonomy program that would fundamentally reduce organizational attrition and increase productivity. BitMax Exchange Innovative Digital Asset Trading Platform Based on Decentralized Community-based Autonomous Ecosystem Based on the combined Proof of Work (PoW) and Proof of Stake (PoS), BitMax completely relies on the endorsement of all the participants to build out the new-age consensus community of blockchain ecosystem with decentralized and distributed autonomy. The distribution of production output has enabled BitMax to evolve from a centralized governance model to a completely new decentralized community-based distributed autonomous system. The key features of BitMax's decentralized autonomous system are summarized as following: Participative - Users voluntarily and independently participate in the delivery of tasks such as transaction mining, project voting, participation in the construction of the mining pool, participation in the platform decision-making and joint construction. Collaborative - Users collaborate with each other to achieve value-add and common objectives. The users can set up the mining pool by themselves and work together on the construction and ecological maintenance of mining pool. Co-operative Users would like to share the benefits as the return: BitMax would return 100% of the user s fees in accordance with the Proof of Work (PoW) and Proof of Stake (PoS). Users who participate in the management and construction of the mining pool would receive greater benefits. Decentralized - Through the future BitMax public chain, the upstream and downstream economic systems across the blockchain would be more empowered to achieve further expansion of the autonomous economy. BitMax.io 16
Autonomous - Autonomous agents, intelligent programs, and the future enhancement of artificial intelligence (AI) and AI algorithms would enable BitMax to run its strategic operations on the self-sustainable basis, eventually building out a trusted community-based autonomous economy with a set of open and fair rules. Through the decentralized network structure, product logic and ecological consensus design, BitMax would build upon the economic model and incentive mechanism of Laws of Economics and drive the momentum of autonomous economic development, hence motivating the participants of ecosystem through the token ownership. BitMax Technical Features and Support Model Full Transparency of Transaction Records As the core requirements of block chain ecosystem are based off the open and transparent business rules, BitMax is launching a high-performance trading platform that can support real-time settlement and consistent 24-hour trading operation with full transparency of all the transaction records upon request. High-Performance Tech Support Institutional-level trading architecture with advanced in-memory matching algorithms, asynchronous non-blocking read and write, distributed real-time messaging framework and other advanced technologies to achieve high reliability, high performance, security, scalability, and easy maintenance. Friendly trading environment with strengthened support for FIX protocol and API. With the initial target of estimated processing speed at 200k transactions per second, the API interface supports professional transaction types such as high-frequency, GTT, GTC, FOK, and ICO and provides trading support for quant funds. Safety and Stability The security management system is built in corporation with top-tier security firm. Furthermore, industry expert conducts the review of code and overall architecture design before system going live. Multi-level firewalls are set up to monitor system data processing in real time. On the digital asset security, multi-signature requirement and combined hot and cold wallets solutions are implemented to provide security over customer s digital assets. Support for Financial Products BitMax.io 17
The BitMax platform would initially support the spot trading model. The latter release would seek to support margin trading, lending and other account balance management services. When the platform liquidity reaches a certain level, an anonymous transaction function like ShapeShift would be introduced to further establish a decentralized trading platform and support the liquidity from our own trading platform. In the early stage of trading platform setup (Beta testing stage), we would support the following currency tokens: BTC ETH BMAX(BitMax s token) Other high-quality tokens would be gradually introduced to our platform. If you would like to have your token list and traded on BitMax trading platform, please participate in our ICM for better opportunity. The platform currently does not support fiat currency, such as: USD, RMB, JPY, KRW, etc. Liquidity Support With deep resources and support from many partners in the industry, BitMax has reached out to a number of domestic and foreign miners, investment funds, and major trading funds who have indicated that they would commence their trading on BitMax platform upon the launch and provide adequate liquidity for the platform. This would in turn support and improve overall trading experience for the users. Multi-lingual Support The initial release version of BitMax platform would support both English and Chinese. Later release would gradually support other languages such as Japan and South Korea, etc. Multi-lingual support is critical to building a world-class block chain digital asset trading platform. Full-Platform Customer Support Full-platform client support would include Web browser BitMax.io 18
Android client, IOS client HTML5 Mobile, PC client WeChat BMAX What is BMAX BMAX is the token coin issued by the BitMax platform. BMAX would run natively on the Ethererum blockchain with ERC 20. BMAX can be used as the basis for the platform's fee distribution rights, voting decision rights and voting right. The limit of 10 billion is strictly imposed without any further increase. The users can obtain BMAX through the "Trading Mining" model and eligible for fee dividend based on the BMAX holding amount. It can also be purchased on the exchange under the pairs of BMAX/BTC, BMAX/ETH. BMAX Allocation Plan 49% of total issuance is set aside for pre-distribution (5% - investor, 4% - strategic partner, 12% - team and platform, 18% - foundation, 9% - private sales, 1% - marketing and operating) 51% would be released and returned to users daily through transaction mining, total BitMax in circulation = daily mining production of BitMax / 51. 10% of the private sale portion (which is 9% of total issuance) would be released prior to the rest of 49%, hence designated as pre-release amount (0.9% of total issuance). Pre-distibution Token Unlocking Mechanism: Unlocking Mechanism: The number of tokens issued as part of pre-distribution (49% of total issuance) would be unlocked daily by applying 49:51 to the daily mining production output Unlocking Prority: 10% of the private sales portion (Pre-release) would be unlocked as the first priority. The rest of pre-distribution will be subject to the Unlocking Mechanism described as above on the pro-rata base. BitMax.io 19
BMAX Owner Rights and Ecosystem Trading and Mining Mechanism The user trades the mining output BMAX, and 100% of the user transaction fee is converted into the equivalent value of BMAX to return to the user. For example, if the user generates a transaction fee of 1 million today and the market price of BMAX is 1 yuan, the BMAX mined today would be valued at 1 million, and the user is eligible for 1 million BMAX. Distribution of Platform Fee Revenue Regular individual user who holds BMAX is eligible for the distribution of 80% platform fee revenue as dividend. The principle of dividends is based off the platform revenue income. For example, if the platform fee revenue is 100BTC, 500ETH. BMAX holders are eligible for the distribution of 80BTC, 400ETH. Voting Rights on Listing All community members have voting rights on listing. Priority and Decision-making Right Priorities and decision-making right within the community are determined by the number of BMAX the users are holding. Operations and Maintenance of Mining Pool Community BMAX can be used as rewards for the governance of mining pool and the recognition of individual miner s contribution. Stablization Mechanism The introduction of stabilization mechanism would be considered in an effort to support token liquidity, minimize potential negative impact from token price adjustment process, and other possible price instability that might be caused by order imbalance in the market. BitMax.io 20
The design approach of stabilization mechanism aims to target the dividend distribution from trading and mining and factor into multiple formulas and parameters that are built upon transaction volume, circulation suppy, price movement, etc. The model would simulate the potential return and liquidity contribution profile for price stabilization. Multiple Mining Mechanism BitMax offers multiple mining model options based on different needs from different customer and/or user groups. The mechanism is designed to provide different levels of incentive to meet the requirement of diversified markets and customer groups. Through this multiple mining mechanism, BitMax allocates different levels of rewards as additional incentive to different client groups in an effort to encourages team collaboration across individual users for maximum productity. Token Destruction After certain period post launch, we would assess the BitMax platform development status and determine a series of token destruction plans. BMAX token holders can use certain amount of BMAX for additional benefits such as membership upgrade, temporary promotion on dividend quota, etc. Once the tokens are used/ consumed, they will be destructed, hencing gradually reducing the total number of tokens outstanding. BitMax Launch and Expansion Roadmap 2018.7. Beta version website public launch 2018.8. Initial trading launch 2018.10 Smart contract voting 2018.11 Initiate platform fee distribution through smart contracts 2018.12. Initiate margin trading 2019.2. Incubator investment, ecosystem buildout BitMax.io 21
2019.4 Exchange public chain launch Management Team Our core management team consists of Wall Street executives, professionals and technologists with profound knowledge of the market structure and regulation, and in-depth experience in researching and developing institutional large-order matching systems and trading infrastructure. With average more than 10-year professional experience, the team has significant entrepreneurial, quant-trading, business management and strategic planning expertise. The team is striving to build a transparent, efficient and resilient global blockchain community of digital asset trading platform. Risk Factors and Disclaimer Disclaimer This document is for information purposes only and does not constitute as an opinion concerning the sale or purchase of BitMax shares or securities. Any similar proposals or solicitations shall be conducted under a trustful provision and subject to applicable securities laws and other relevant laws. The above information or analysis does not constitute investment decisions nor specific recommendations. This document does not constitute investment advice, investment intentions or instigation investment. This document does not constitute or is not considered as any act of buying or selling, or any invitation to buy or sell securities of any kind, nor is it any form of contract or commitment. BitMax clearly states that the potential investors have a clear understanding of the risks of the BitMax platform. Once an investor participates in the investment, it represents that the investor understands and accepts the risk of the project and is woulding to personally bear all the corresponding results or consequences. The BitMax platform clearly states that it does not assume any direct or indirect losses caused by participating in the BitMax project, including: 1. Any economic losses caused by user trading operations; BitMax.io 22
2. Any error, negligence or inaccurate information due to personal misunderstanding; 3. Losses caused by individual transactions of various blockchain assets and any other impact. BMAX token is not an investment. There is no guarantee that BMAX token would increase in value. Under certain circumstances, it might be possible that the value would decline. Those who do not use their BMAX tokens appropriately may lose the right to use them and/or may even lose their BMAX tokens. BMAX token does not represent any ownership nor control. The holding of BMAX token does not represent any ownership of the BitMax platform or BitMax application. BMAX token does not grant any personal participation, control, or any other rights regarding the BitMax platform and decision making process of BitMax applications. Risk Factors Security: Many digital asset exchanges shut down their operation due to security issues. We pay great attention to safety, but there is no guarantee nor possibility for 100% security, such as various losses due to unpredictable factors. We are committed to the security of transactions on the best-effort basis. Competition: Cryptocurrency exchange is an extremely competitive industry. Many project teams are planning and launching the development of similar trading platforms. In light of the stiff competition, any good concept, startup, or even mature companies would face the same competition risk. However, we see this as the driving force in the development process. BitMax.io 23