5 Sep 2018
The BGX Algorithm is the most market-applicable blockchain technology, which achieves extremely fast transaction speeds, at very low costs, and with utmost security without sacrificing decentralization.
This makes it ideal for any industry that is reliant on a multitude of microtransactions and nano-transactions from many participants. While the standard blockchain solutions do not have the capacity to handle any $5bn+ market and centralized payments are being disrupted by more effective and equitable decentralized solutions, BGX empowers blockchain technology to move towards a world of new applications.
The Algorithm uses advances in modern fintech technology and an incentivebased economic model to create a node-based decentralized architecture that is capable of processing 104 transactions per second (compared with Ethereum’s 100 or VISA’s 24K), at low costs, and almost instantaneous speed. All the while maintaining the benefits of decentralization – eliminating unnecessary intermediaries, disrupting profit-first incentives present at centralized organizations, and distributing the storage of data, verification of transactions, and profits among many independent nodes.
BGX is applying its Algorithm to the $60B, 2B user industry of Mobile Game Apps first. Optimizing a solution to a specific niche allows for realization of competitive advantages denied to generalist solutions and the Mobile Game Apps is one of the fastest growing, high spending, and most technologically adaptive markets. BGX will implement its algorithm to build a payment processing and app distribution plat-form, that will solve the following problems:
(1) 80% of game studios go bankrupt within two years, because major app stores charge them up to 30% commissions on revenue. Decentralization, allows BGX to charge 10% or less.
(2) Blockchain is too slow and expensive to handle real market transactions, while decen-tralization is an unavoidable improvement of economic models. Modern high-speed decentralized solutions cannot be applied to many disruption-ready industries (Hash-graph has a very limiting protectionist business model, Stellar is focused on banking and vulnerable to Sybil hacking attacks, IOTA’s Tangle is ideal for the IOT market only).
(3) The token-stablecoin system provides investors with a high-growth BGX Token, that also allows investors to share in 60% of the platform’s revenues, while a stable BGT Coin gives consumer stability and protection against crypto-volatility.
BGX is conducting a Crowdsale from May 22nd to June 19th and a Pre-Sale from May 8th – 14th, offering a 30% BGX Token bonus for one week only.
Technology significantly changes people’s perception of the surrounding world.
Since the XIX century, the industrial revolution has shrunk the world with the help of steam engines and made trips to a neighboring city or country not just possible, but quick. In the twentieth century, electrification brought light to every home and facilitated access to knowledge for millions. Flying into space, the discovery of antibiotics, the emergence of the Internet — all innovations start unexpectedly, and at first seem to be pleasant additions to the existing world. After a short while people can no longer live without them. These creations exist objectively and outside of us; humanity simply unexpectedly discovers them in surprise, like lost islands in a vast ocean The digital revolution, beginning with the ubiquitous spread of the Internet and cellular communications, encompasses the real world and continues beyond the forms in which it originated. New economic models are emerging everywhere, changing the relations between traditional participants: the most significant transformation is unfolding right before our eyes. It is decentralization.
Decentralization leads to a more even distribution of costs and revenues, towards a more transparent decision-making mechanism. The most important technology that provides distributed mechanisms for storing information and making decisions is the blockchain. This simple and effective mechanism allows placement of confidential data in an open environment, solving cryptographic tasks to verify anonymous transactions.
More importantly than the functions of information storage and management, the block creates social trust mechanisms that unite people outside of borders, countries, nations and languages. Like other basic paradigms formed in the process of the technological revolution, blockchain creates winners and losers; those who adapt to the new environment and those who are pushed to the periphery. Old idols and centers of gravity are unlikely to rule the information world of tomorrow; the technological revolution is merciless in this regard. We can be grateful for what we use today — browsers, email, distributed games. Let’s look forward, however, to when absolutely new platforms and exciting solutions come to exist.
Even the blockchain models are maturing. They are moving away from decentralization-focused philosophical applications, like the earliest of blockchains, towards more practical solu-tions. Practical solutions need to be able to handle a volume of transactions that is measured in tens of thousands per second, because the globalization of markets means many industries measure up to billions of regularly paying participants. These new payment processing systems cannot charge a $5 fee to process a $10 microtransaction. The speeds demanded by many users when paying within mobile applications, or e-commerce stores like Amazon, are far greater than 10-15 minutes waiting times for confirmation. Finally, these Blockchain 3.0 payment solutions need to eliminate glaring security risks, before they can be widely adopted. Man-in-the-middle attacks, 51% attacks, double spending, and fraudulent node attacks need to be eradicated.
In this new reality, monetization models, content delivery methods, promotional tools and much more will be subject to revision. various industries are at different levels of preparedness for a transition, but one of the most mobilized ones is the industry of mobile games. Both children and adults play games: while waiting in a lobby, sitting on a bus or relaxing in the evening. There are more than a billion users in this segment, and they contribute the most to mobile application revenue. A significant part of that revenue settles in the central application stores.
The ecosystem of mobile games needs to reduce the threshold of entry to the market for developers, to ease the formation of local and specialized application stores, to lower commissions for players, to integrate the flexibility of cryptocurrency, and to introduce a transparent mechanism for the distribution of income. Today, the fulfillment of these needs is impossible because of the rules imposed by large companies.
Such a situation cannot remain unchanged in a decentralized economy.
Mobile games is the most powerful and fastest growing segment of the entertainment industry. Millions of daily transactions related to in-game purchases, advertising, participation in tournaments and promotion of mobile games need their own, specialized infrastructure that takes into account the specifics of this market. BGX offers game developers, local and niche application stores, sponsors and players integrated ecosystem support in which the distribution of revenues and profits is managed in a transparent, decentralized way, and individual participants do not monopolize access to information.
The functionalities of BGX include: (1) fast, low cost, and secure processing of fiat and crypto-currency transactions; (2) a highly targeted distribution system for gaming
applications on Android and iOS; (3) a virtual player payment wallet; (4) a subsystem for coin emission by developers; (5) support for common monetization models and introduction of new monetization channels (tournaments, streaming, platform-level player rewards); and (6) a powerful self-learning fuzzy neural network (AI) that protects the front-end of the platform from fraud and cheating through analyzing anomalous behavior.
The ERC20 BGX Token is the fuel of the system, fully integrating it into the cryptoeconomy.
Businesses interested in earning transaction processing communities, distributing applications, and providing ads need to hold a balance of BGX Tokens to operate a node on the platform and to be allowed to emit and process BGT Coins. BGT Coins are emitted by nodes, sold at the platform’s central store for a set price ($0.10 = 1 BGT Coin) and are used for all in-game transactions.
The BGX Token is also sold during the BGX Crowdsale and on secondary markets (crypto-exchanges) and provides all holders with a share in the platform’s revenues.
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