BitMake, a pioneer in the cryptocurrency exchange industry, is making waves with its cutting-edge technology that promises to deliver lightning-fast transactions with zero lag.
Dubai — Violent market fluctuations often lead to malfunctions in numerous cryptocurrency platforms. In March 2020, when Bitcoin plummeted to a little over $3,000, trading platforms, including top exchanges experienced widespread failures. For an extended period, users couldn’t access the platforms to trade.
On December 16, 2020, Bitcoin broke through the $20,000 mark, attracting a massive influx of retail investors to exchanges to buy or sell. Due to the sudden surge in trading volume, many exchanges struggled to cope, resulting in system crashes.
After Bitcoin and some major coins continuously skyrocketed for several days, they suddenly dropped. As digital currency investors rode the wave of a volatile market, numerous exchanges once again faced outages. This led to widespread criticism from investors: exchanges go down whenever there’s significant market movement. The frequent malfunctions of exchanges have undeniably greatly affected user trading, becoming an issue that exchanges must confront. Consecutive outages in the exchanges have led to widespread complaints among investors, as they cannot capitalize on price fluctuations to quickly trade and profit, causing user dissatisfaction.
After two years of technological refinement, the BitMake trading platform was born.
“How would BitMake respond if faced with situations like the February 2021 AWS node malfunction that caused major exchanges to experience outages?”
“This is the advantage of international exchanges. They have servers and equipment in various locations worldwide, which can greatly minimize unexpected risks. BitMake has multiple service clusters, redundant servers, network devices, and other hardware. In the event of power outages, fires, earthquakes, and other natural disasters, we employ an automatic disaster recovery switch mechanism. The system can seamlessly switch services to ensure uninterrupted platform trading,” explained BitMake’s Marketing leader, David Lim.
With the new developments, BitMake’s cutting-edge technology delivers lightning-fast transactions with zero lag. The platform’s self-developed full-memory matching engine, powered by ARM and FPGA hardware acceleration technologies, has set a new standard for speed, supporting up to 100 simultaneous transactions per second. During a recent stress test under challenging market conditions, BitMake demonstrated an astonishing capacity to complete 1.2 million transactions per second using a regular AWS server. This feat showcases its unparalleled capabilities.
The advantages of BitMake’s technology are poised to revolutionize the market, especially during volatile trading periods. With millions of transactions per second, BitMake becomes the first platform to upgrade millisecond transactions to microsecond transactions, eradicating the frustrations experienced during peak trading times on other platforms.
BitMake adopts distributed cluster technology and microservice architecture to ensure the high availability and scalability of its core trading system. This architecture guarantees that even during extreme market conditions, similar to the market plunges on 2020.03.12 and 2021.05.19, trading remains as smooth as silk. Traders can continue to operate as usual without worrying about network disruptions or platform downtimes.
In addition, BitMake employs a self-developed in-memory database (MongoDB) and a high-performance distributed message queue (ZeroMQ) to accelerate order processing and market updates. This innovative approach enhances BitMake’s order processing speed, which is now 100 times faster than traditional databases used by leading exchanges. With data kept in memory, orders are executed immediately, and positions and transaction records are updated simultaneously.
BitMake’s technological advancements may initially seem complex, but the benefits are crystal clear. By using in-memory databases and high-speed data transmission technologies, BitMake minimizes data transmission times, ensuring that professional traders’ transaction prices align closely with market prices, thus reducing potential capital losses significantly.
David Lim stated that BitMake employs tools like Kubernetes and Prometheus to achieve automated operations. There are numerous repetitive tasks in operations, and through automation, human errors can be significantly reduced, enhancing the platform’s security and availability. With fewer manual interventions, the system becomes more secure and reliable. “This is also why many users choose us, as there are no downtimes, allowing for smooth trading at all times,” David Lim added.
From the interview, the author learned that BitMake primarily achieves its goal of seamless trading without downtime through three key strategies:
1.100% core system availability, with all services having hot updates and never stopping trading services.
2. Disaster recovery in multiple locations, real-time data backup to address unexpected situations like natural disasters without downtime.
3. Automated operation systems, thereby reducing manual interventions, making the system more secure and reliable. With these in place, BitMake has essentially realized its team’s initial vision—to create an exchange that doesn’t experience downtime.
In addition, BitMake innovatively adopted the “Unified Trading Account” product model, providing users with a service where they can use a full-margin multi-currency guarantee to trade any contract currency pairs and any spot currency. The advantages of this model are:
1.With the Unified Account Model, the profits and losses from spot assets and contract positions can directly hedge each other, and also it helps to reduce risk.
2. Multiple currencies can be used as collateral, and there’s no need to transfer assets between accounts, making it convenient for users to seize fleeting market opportunities without needing to deposit a specific currency.
3.BitMake’s innovative account model maximizes capital efficiency by floating profits from contract positions that can be used to add more positions.
4.It supports users in withdrawing more than their account balance, and when holding a certain asset in a personal account, other assets can still be lent out for withdrawal.
While users of other exchanges are still complaining about system downtimes, BitMake’s users can smoothly and swiftly conduct their desired transactions. BitMake understands that merely resorting to temporary measures, such as brief system maintenance, when vulnerabilities arise or when attacked, is not a sustainable solution and can hinder the long-term development of the exchange. Exchanges need to address their weak points, expand on their strengths, and always prioritize the needs of their users to enhance the user experience.
BitMake focuses heavily on technological upgrades, continuously refining products and innovating systems, which is why BitMake stands out from other exchanges. In the fast-paced world of cryptocurrency, many investors seize wealth opportunities in the blink of an eye, with every second involving the movement of millions of funds. As exchanges serve as vital hubs for value exchange and asset accumulation in the crypto industry, they also become critical risk areas. As more off-chain assets move on-chain, cryptocurrency exchanges, which bear the responsibility of handling enormous amounts of money, will assume even more significant responsibilities. Looking ahead, only exchanges that deeply delve into technology can take root in the digital asset industry and become evergreen.
Recently, BitMake launched a bonus promotion. By completing tasks like registration, KYC verification, deposits, trading, and inviting friends, one can receive up to 1,605 USD in bonus rewards!
Reward 1: Register and get a 50 USDT bonus!
Reward 2: Complete various deposit and trading tasks to get a reward of 220 USD!
Reward 3: Invite friends to register, complete tasks, and earn up to 1,605 USD!
About BitMake:
The BitMake team was established in 2020, with its headquarters in Dubai. The team primarily comprises members from the financial sector, and top international internet companies committed to building a top international integrated cryptocurrency trading platform. BitMake offers services like perpetual contract trading, spot trading, and lending, with users spanning 30 countries and regions worldwide.
BitMake uses an industry-leading proprietary technical architecture to protect users’ digital assets and key information. Relying on a unified trading account, they have crafted a platform that lowers the barrier for professional trading. In extreme market conditions, BitMake’s seamless trading experience stands out in the industry, earning the admiration of seasoned investors and professional investment institutions.
BitMake has secured a strategic investment of 8 million USD from C² Ventures Capital. This substantial investment underscores the confidence C² Ventures Capital has in BitMake’s vision and capabilities to drive fintech innovation. BitMake’s commitment to regulatory compliance is unwavering, with a global operational presence that adheres to the highest standards. The company has acquired MSB licenses in countries such as Canada and the US, along with operational licenses spanning various European regions.
Official website: https://www.bitmake.com
Contact: Alina
E-mail: marketing@bitmake.com
Company name: BitMake
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Emerald Journal journalist was involved in the writing and production of this article.