BitHolla is a digital assets exchange trading and crypto wallet management solution provider based in Seoul, South Korea. The firm helps its clients to create their own cloud exchange platform and cryptocurrency pairs. With more than six years in the cryptosphere, the firm has a customer base spanning from South Korea to the Middle East and Australia. The exchange solution provider strives to build frictionless crypto trading technology. Moreover, the platform aims to create customized, future-proofed financial technology to help guide enterprises into the crypto and blockchain era.
Recently, Abhiruk Bhattacharya, community manager at The Coin Republic, interviewed Alireza Beikverdi, the CEO and founder of BitHolla. The session discussed the cloud exchanges and the firm’s services. Moreover, Alireza explained about the HollaEx tokens and how it helps its clients.
BitHolla helps to start our own crypto assets exchange
The session with BitHolla CEO tried to understand how easy it is to create our own digital assets exchange. Although building your own exchange is quite challenging, BitHolla’s HollaEx kit makes it much easier to start one. It is known that the platform helps to create one exchange in just a span of about 15 minutes. Notably, to make an exchange, the clients just require to have a little general knowledge to configure the stuff. Alireza explained that:
“To simply put, you can just click a few buttons, and it takes 15 minutes, pretty much to run an exchange. Like that you don’t need any coding or anything for that matter. We made it extremely easy for you know, anyone with some general just, you know, knowledge to be able to configure stuff, a few clicks, and there you go, like you got your exchange open running.”
BitHolla’s kit helps to create and issue own digital currency
Along with cloud exchanges, the firm also provides a concept of individuals coming up with their own cryptocurrency. BitHolla has observed that more firms and businesses are seeking to have their own digital coin. Following the scenario, the firm has built up a clear process for its clients to add a coin and create a market for that. According to Alireza:
“So it’s simplified to a pretty good degree that you don’t really need to like, you know, do a lot of like nitty gritty stuff, like just set what you exactly are looking for as cheap use parameters around your coin, and then you can get it all up and running.”
However, although users can create their own digital currency in a highly convenient infrastructure, there is no liquidity. Therefore, the liquidity part depends by default, as there is no liquidity for our own coin. Following the liquidity issue, Alireza stated that:
“When you run HollaEx kit, you connect it by default to the HollaEx network, there’s a shared liquidity for common, you know, trading pairs, so you have like Bitcoin, Tether, Ethereum, the common coins, there is a pretty significant liquidity shared and built over the years by, you know, the companies and businesses that have been utilizing our services. And you can connect to that, that being said, your coin, and your market is obviously a totally different story. You need market makers, you need like, you know, to you need your own, like ways of like, essentially creating that, that market, some people go very professional about it, they have market making team and you know, they have traders, some people start with something really, really simple, they create a very basic, like, you know, exchange with just, you know, simple bids and asks like, traditional style, so people can, their audience can engage. It’s a whole word. Like when it comes to liquidity, we do have some software separated software for automating some of these processes for people who want to build that, but it’s a whole different word of like, you know, basically doing stuff with it when it comes to liquidity.”
What role does the HollaEx Token play in the scenario?
The BitHolla network has issued a HollaEx Token (XHT). The tokens act as the fuel to the white-label exchange software HollaEx Kit. With XHT, we can develop new cryptocurrencies and list them on our very own exchange. Moreover, clients can donate XHT and activate new coins and trading pairs for trading, distribution, and price discovery. XHT can also be staked in a process called collateralization which generates passive income from the trading fees from all participants using the open-source HollaEx Kit.
“HollaEx network is filled with XHT, which is the HollaEx Token exchanges, you can have, you know, different status when they join the network. So you can be a, you know, an exchange member, when you join the network, which comes with some perks you can do within the network. Or you you basically as a DIY exchange, who just you know, as a developer, you can also connect to that. So essentially it is essentially the field to have different sorts of features and functionalities within this ecosystem. And also, like, you know, the fees, the revenue generated from exchanges, it, you know, goes essentially into a certain portion of like fees that these companies generate is shared with the network and it goes towards XHT, which is the model that we have in order.”
“It is basically a DeFi protocol based on Ethereum. And you know, has DeFiinteraction where you can stake the token, you can essentially stake the token in order to become a member, you can create, you know, markets within the HollaEx network and create different markets when it comes to that through using XHT. So it’s kind of a, you know, big part of like, how the network and that interaction works amongst exchanges.”
What is the pricing scenario on BitHolla’s platform?
Although BitHolla offers something that makes things more convenient while starting with our own exchange and cryptocurrency, many are concerned about the pricing infrastructure. Many are curious if they begin with BitHolla’s services, whether they have to pay a fee every month to manage everything. Following the scenario, Alireza explained that:
“So as I said, there are two types. I mean, there’s the cloud, and there’s like the DIY, the cloud, there is a monthly like fee, you can subscribe for a yearly package. So that’s pretty straightforward. On top of that, these different sorts of membership status within the HollaEx network, comes with a revenue share model. So it’s basically like, you know, the fees that you collect as an exchange operator, you share a certain percentage of that with the HollaEx network. So the network essentially, is when I say network, it’s the XHT that essentially that fees gets into. So that’s kind of like, you know, how the economy works. That’s the tokenomics around this model.”
How does the firm address the inherent security?
Security is one of the biggest concerns. If someone is creating a platform using BitHolla, they must need a secure environment. Following the scenario, the session tried to cover how the firm addresses security concerns.
BitHolla puts the security part as one of its top priorities. Notably, the firm mainly focuses when it comes about designing and developing software. Alireza explained that:
“Important item that we really focused on from the very early on is testing, having automated tests, which basically, is done on a very periodic basis, like having a module or like, you know, tests that basically test different attributes of the software. So we spent like, more time, like, you know, building tests than the actual development sometimes, because we wanted to make sure that the code that is being shipped, the functionality that is being added, is actually heavily tests that we have, you know, considered all different sorts of scenarios, in order to make sure that actually does does the job.”
“Another thing that we, you know, focused on is providing sort of tools and best practices around that, especially for like, you know, developers, what are the things that you need to be aware of what are the things that you need to do like, and that’s sort of like architecture, best practices around that reduces these kind of challenges, the software has been like, audited number of times, like we’ve had, you know, of a pretty, I’d say, you know, vibrant community around of developers, that also helps for that matter. Ultimately, being also open source is a big part of like, you know, a solid secure software and open source software makes it easier for people to audit and find bugs and report them if there’s any issues.”
BitHolla has been operating in the cryptosphere for about six years. The firm has helped a number of businesses integrate crypto-related services. Moreover, the firm is offering a solution that shows ease and flexibility in how it is used. And also to remain true to the crypto industry by being built by the team of professionals and native crypto veterans. With such tremendous features, the platform leads in its field.
To know more about the blockchain and cryptocurrencies ecosystem, do check out our podcasts streaming from all the popular apps. To learn more, you can check out our community page.
- Square Enix plans to invest in the blockchain industry heavily - May 16, 2022 3:28 pm EDT
- Validators calling to replace Terra blockchain - May 16, 2022 3:18 pm EDT
- How would Ethereum 2.0 prevent whales from dominating? - May 15, 2022 9:30 pm EDT