BBOD — Blockchain Board of Derivatives is the first open-source, community-owned, decentralized cryptocurrency derivatives trading platform with a disruptive model of sharing economy: “all fees earned by the platform land directly in token holders’ wallet”. The innovative platform, backed by National Quantum Information Centre, is designed to overcome the serious flaws that are plaguing the existing cryptocurrency trading platforms.
Dublin-based, BBOD is in the process of implementing blockchain powered decentralized applications to develop a system capable of creating a healthy market structure with maximum security and ample liquidity. In order to support the innovative platform’s development, BBOD has announced the launch of its crowdsale, which went live on October 1, 2017. The token Sale allows people to buy its BBOD Utility token (BBD) that can be used for paying own transaction fees and collecting transactions fees generated by other traders.
The BBOD platform will be offering two major services — Trading Service and Listing Service. The former offers digital coins, tokens, their derivatives (futures and options) and exotic crypto products, like BitHash Futures contract, that derives its value from the standardized amount of mined bitcoins per month based on defined assumptions (eg. 100 Gh/s). For example, Miners may sell BitHash Futures to hedge their mining capacity. In line with the concept of sharing economy, Listing service is free for all.
BBOD vs. Cryptocurrency Trading Platforms
Some of the benefits of BBOD’s decentralized trading feature includes;
Community-owned – Trading platforms are usually commercial products and all trading fees go to Management, BBOD proposes disruptive, sharing economy model, where all Inflows from transactions fees are distributed to token holders based on their respective BBD ownership percentage.
Safety of funds and transactions — The centralized services aren’t very reliable when it comes to platform’s security of funds. By design, these platforms end up storing the wallet private keys on the customers’ behalf, which deprives the users of full access to his/her own funds. On the other hand, decentralized trading platforms suffer from miners front-running activity. But with decentralization and post-quantum encryption of transactions, BBOD users will always be in complete control of the funds and on-chain transactions.
Market Depth- The centralized markets are dependent on the existing userbase and deposits held on the platform. However, during times when bulk orders are places, the probability of them facing liquidity issues is high. BBOD’s market design ensures that there are adequate contributors available to supply the liquidity on demand. The Frequent Batch Auctions with Autonomous Market Maker enhances market depth to support high volume orders.
Number of Instruments – The platform is designed to offer a single venue to trade the full range of cryptocurrency derivatives and convert digital coins and tokens. There are some rumors that BBOD is in negotiations with a mining company to introduce first futures contract on bitcoin mining capacity. This exciting news will be confirmed by the company soon.
The platform lists its core features as
Security of Assets
Security of Transactions
Efficient Price Discovery
On Chain settlement
BBD tokens will be listed on major crypto exchanges shortly after MinCap is reached. Alternatively, BBD tokens may be converted to Ether directly at BBOD simple decentralized exchange using Ethereum wallet or Mist.
BBOD already has a Preview version of its software in place, which is now available. People can test the platform by using Metamask and trade futures and options with ether. The MVP will be closely followed by the release of the first version in Q1 2018.
More information about the ongoing crowdsale and the platform roadmap is available on BBOD’s website.