New Taiwanese Exchange Rewards Users for Token Mining and Staking From Its Fee Revenue

The company says customer fiat assets are stored safely and securely with a third party bank trust custodian.

MaiCoin, the largest one stop digital asset platform provider in Taiwan, recently launched it’s MAX Exchange. The exchange initially started by offering Taiwan Dollar (TWD) to crypto pairs and it currently lists 16 crypto/TWD pairs. As part of its global aspirations, MAX Exchange has recently launched a total of 51 crypto to crypto pairs which include both USDT and TWDT stablecoin pairs.

MAX Expansion

While TWD fiat trading is only open to citizens of Taiwan, crypto-to-crypto pairs are now available for the global market, requiring MAX users to register with an email address for Level 1 access. According to the exchange website, this provides them with a $15,000 daily withdrawal limit. For users willing to provide a phone number and a selfie with ID verification, this daily withdrawal limit is increased to $150,000.

“What sets MAX Exchange apart from the competition is that customer fiat assets are stored safely and securely with a third party bank trust custodian,” reported the MAX representatives to Cointelegraph. “We are also partnering with mobile phone providers on a solution to allow MAX Exchange users to store their private keys at the semiconductor level on their smartphone so that they are always in control of their own assets”.

In order to develop and support its community ecosystem, MAX Exchange will launch its native token (MAX). 150 million MAX Tokens (30 percent of total supply) will be distributed via a Transaction (TX) Fee Mining model. What differentiates its TX mining model from previous iterations is that MAX incorporates a difficulty feature where mining rewards decrease as more coins are mined to slow down issuance and native tokens are purchased in the open market, the company explains.  

The exchange plans to use 80 percent of its trading fees to purchase MAX tokens on the market as rewards for its makers (40 percent of fees), takers (10 percent of fees), and holders/stakers (30 percent of fees) on the platform.  

MAX users can stake, or lock up, MAX tokens to increase their staking power by up to five times. “An ageing boost component is applied to staked coins. The longer coins are staked, the more their staking power increases”, added the MAX representative.

History of MaiCoin

The MAX Digital Asset Exchange is an extension of the business’ over the counter OTC platform, MaiCoin, which has been in operation since 2014. Combined, MAX and MaiCoin are the largest and longest running digital asset platforms on the Taiwanese market. In an interview with Bloomberg on Jan 30, Alex Liu, the founder and CEO of MaiCoin, said that he targeted continuing expansion of the business throughout Asia to help fill the void left by regulatory uncertainty in China and Korea.

MAX and MaiCoin say they have been first to the market with almost every digital asset traded in Taiwan including Bitcoin, Ethereum, and Litecoin.

According to the company, in 2014, MaiCoin and MAX were the first platform to facilitate fiat deposits through thousands of 7-11 and Hi-Life convenience store ATMs and Kiosks nationwide.

In 2015, the business moved into the merchant services industry, launching a series of applications to facilitate point of sale (POS) transactions that helped local businesses more seamlessly accept digital asset payments.  

In 2016, MaiCoin established AMIS Technologies to build Ethereum based enterprise blockchain solutions for the domestic financial industry. Today AMIS is a founding member of the Ethereum Enterprise Alliance (EEA) and developer of the Istanbul Byzantine fault tolerant consensus protocol which has been employed as the consensus algorithm in JP Morgan’s Quorum platform. The group continues to build up its enterprise blockchain solutions and is working closely with ITRI, Fubon FHC, Taishin Bank among other major financial institutions.  

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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In Taiwan, A Politician Has Accepted The First Ever Bitcoin Donation

In Taiwan, Political Figures Advocate For Cryptocurrency

The lively political system in Taiwan continues to foster interest, discussion, and even the use of cryptocurrencies, as more people express an interest in technological innovation.  Officials in Taiwan have taken a marked interest in virtual currency and blockchain. Dialogue and discussion about both technologies has made its presence felt in the political sphere. In April, Bitcoinist reported that the Asian nation was set to introduce clearly defined digital currency regulations focusing on combating money laundering.

The post In Taiwan, A Politician Has Accepted The First Ever Bitcoin Donation appeared first on Bitcoinist.com.

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Taiwan: Taipei Bank Launches First Blockchain Payment System In The Country

Taiwanese Taipei Fubon Bank has reportedly become the first bank in the country to deploy a blockchain payment system.

Privately-held Taipei Fubon Commercial Bank has reportedly become the first bank in Taiwan to deploy a blockchain-based payment system, local media Taipei Times reports May 14.

The bank announced that it deployed its blockchain-based payment system for restaurants and merchants near the National Chengchi University. Taipei Fubon Bank first revealed its plans to introduce a blockchain-based payment network in March 2017 when it signed a contract with the university to carry out “key technology and engineering R&D for [a] blockchain payment network.”

Running on the Ethereum (ETH) network, the blockchain-powered payment application implements the Istanbul Byzantine Fault Tolerant (BFT) consensus protocol, which reduces payment times, as well as saves on the cost of transactions. According to the bank, the algorithm has cut transaction times to less than one second.

The newly-launched blockchain deployment also provides an improved method of recording data transactions. Each transaction is instantly encrypted and recorded on the blockchain, and merchants will be able to query complete transaction records through the blockchain account book.

According to Taipei Fubon Commercial Bank, the transaction volume of cooperative merchants in the zone near the university has quadrupled over the two-week period following the launch. Taipei Fubon Bank states that the next stage in the project’s development is to expand the blockchain-powered payment system to stores and businesses across the Chengchi area, creating a demonstration zone for the new application.

In January, Taipei announced that they intend to turn into a ”smart city,” using blockchain to provide technological advances like pollution sensors and health history tracking to citizens. In February, the governor of Taiwan’s central bank Yang Chin-long stated that the bank is exploring blockchain applications to improve “the security and efficiency of payment systems.”

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