Bidium, a decentralized bidding marketplace based on Blockchain technology. It can be considered as a digital revaluation which combines Ǯthe power of Advance auction with freelance hiring and a Crypto exchangeǯ on blockchain in one platform.
Cryptocurrency Exchange: Bidding Marketplace Platform
Cryptocurrencies have managed to scale through multiple hurdles in the period of their reign. Cryptocurrencies are basically used as a method of payment and various stores and vendors are also accepting cryptocurrency coins. Over the last couple of years, the term Cryptocurrency has been rapidly gaining ground and understanding of its use and value in the public eye. Here are some of the reasons why cryptocurrency should be considered for the bidding marketplace platform.
Mitigating Economic Recession Risks: Cryptocurrency provides a means of diversification especially for people that are worried about government debt and central bank quantitative easing. With the aid of cryptocurrency markets, our platform introduces a method to spread risk and hedge one's portfolio. A hedge is a great way of mitigating the risk of economic recession or downturn which occurs when other assets are less valuable.
Cryptocurrency is Offered in Our Daily Lives: Cryptocurrency is generally becoming acceptable as a medium of payment and as a store of value. Most shops are offering the opportunity to make cryptocurrencies and there is a major boost in cryptocurrency services. Cryptocurrency has been rapidly gaining ground and it fluctuating nature also catches the eye of media houses.
Cryptocurrencies provide Solutions to problems: Cryptocurrency helps to solve problems such as high inflation, as it could be used as an alternative when prices in the shop rise. Cryptocurrency trade also helps in capital controls as some countries usually restrict the movement of capital from the country and this makes transfers more difficult. Even though governments are able to stripe away ownership of many assets, they don't have access to cryptocurrency. Cryptocurrency also seems to be challenging ultra high bank transfer and payment fees.
Freelance Platform
Bidiums another most efficient function is a decentralized marketplace that is self-regulatory especially for freelancers and clients. Our platform gives freelancers the opportunity to showcase their gigs for a particular price with the aid of Bidium token as the payment means. Our platform will give clients the opportunity to select from various gigs based on the rating and price. Marketplace involvement will be setup between two parties and smart contracts will be used to ensure smooth transaction between the two parties without involving any third parties.
Technology: Design & architecture
The backbone of Bidium platform is Blockchain technology backed with Proof of stake algorithm. Blockchain, the most innovative and promising technology of 21st century; holds a great potential to change the current systems. Whereas Poof of Stake (PoS) is a type of algorithm by which a cryptocurrency blockchain network aims to achieve distributed consensus. This combination of PoS with blockchain technology promises to deliver the ease of auction and hiring platforms along with the decentralized control.
Blockchain Extension
Based on the normal banking ideology, blockchain can be regarded as a full history of a financial institution's transactions. Every block denotes an individual bank statement but considering the fact that it is a distributed database system that is acting as an open electronic ledger, a blockchain can simplify business operations for parties.
This makes blockchain technology to attract stock exchanges and financial institutions. Most people have suggested that this electronic ledger system should also be adopted for voting systems, vehicle registrations, medical records and even the ownership confirmation of artwork and antiquities. Considering the potential of we have incorporated this distributed ledger technology to simplify the complexity of business operations. Even though banks were feeling reluctant to accept the technologies due to fraud, they have already started to consider how blockchain will generate cost savings by leaving the processing of trades and transfers to back office settlement systems in order to ensure fast transaction.
Proof of Stake Algorithm
Bidium offers a proof of stake algorithm that is created specifically for decentralized bidding marketplace. This algorithm will go a long way to determine the way individual nodes reach consensus. One of the benefits of our proof of stake algorithm is that it eliminates the risk of energy consuming proof of work protocol. This is better as compared to the proof of work algorithm where computers need to expend extra energy to process transactions and this will help to improve the scalability of our platform.
Just like other proof of work algorithms, Bidium includes a stake that represents the relative value that is held by addresses on the node. The security of the blockchain is guaranteed as stakes are taken at random. As we approach the ever-increasing variations in the blockchain technology, it becomes quite difficult to select the best one that perfectly fits a job. Bidium platform leverages all the benefits of this blockchain and allows developers that are available on the Bidium network to make the best use of the technology.
More information is?
The bounty manager: Erickvand
Bitcointalk username: ErlindaBit
0 comments:
Speak up your mind
Tell us what you're thinking... !