CITEX: The Next-Gen Innovative Trans-Fee Mining Exchange [Interview]
As blockchain grows, and the industry matures, we are observing quality projects. In fact, one such project is CITEX. At first, we thought it was another digital exchange.
But when you dig deeper, you will see CITEX is beyond that.
That is because CITEX has an innovative model wherein users can “mine” tokens — and then store these tokens to generate dividends every day. In fact, it doesn’t end here. That is why we got in touch with Mark LIU — the co-founder of CITEX — to learn more.
In this interview, Mark explains all you need to know about CITEX. From its innovative One-click mining model to the CTT token, the use-cases, current plans, and the future growth.
The entire interview shows how this exciting platform has been built to benefit crypto enthusiasts. Read on to learn more:
1. Hi Mark, can you explain CITEX in a simple language?
To keep it simple: CITEX is a global digital exchange with an innovative One-click mining model. Through this new mining model, any user can earn 105% of our platform token (CTT) with a click of a button and then lock these tokens to earn dividends every day.
The image below is from our One-click Trans-fee mining page (link here). It shows the number of coins (our CTT tokens) mined everyday and the returns (dividends):
The entire credit for this model goes to our team. I would like to thank them for their involvement. At CITEX, we have an impeccable team consisting of experts from the financial and cryptocurrency industry. Some of them have also worked with the Chinese and South Korean government.
So what you see at CITEX with our One-Click mining model is really the combined effort of the decades of experiences put together.
2. What is so exciting about CITEX that everyone should know about?
Our biggest advantage is in the design of our token economy. We have invested significant time and research to make sure there is a balance between the supply and the demand of our CTT token.
For example: Right now, we are controlling the circulation of our token and releasing them every day. We have also officially launched our Trans-fee mining process this week in which one million CTT tokens can be mined every day.
Now, as these tokens are released (and the supply increases), we are also introducing various systems to create stability in price.
I will explain more in the following answers. For now, you can check out our whitepaper explaining the price stability mechanism.
3. Where is the CITEX (CTT) token used for? What are its advantages?
We like to emphasize here that CTT is our platform token. And it has been designed to have several use-cases.
First of all, it is important to discuss how CTTs are generated. It happens through our One-click mining process. In short, for every trade, there is a fee that the platform takes.
We will not take this fee. We give it back to you.
In other words, we convert this fee and return it to you in the form of CTT. And what do you do with your CTT tokens is up to you. For example:
- You can pledge CTT.
In other words, you can lock these CTT tokens for 24 hours. If you do so, you will earn 65% of the transaction fee generated on our platform. This fee will be returned to you in your account in the form of BTC, ETH, and USDT.
- You can play games with CTT.
We are launching games (our first game is out) where you can use CTT tokens.
- You have decision-making power with CTT
CTT holders have significant power — to vote. So as the owner of CTT tokens, you get to participate and vote in events such as new coin listing and other significant events.
There are other benefits of CTT tokens as well. We will launch high-quality airdrops soon. In the future, we are going to recommend new and high-quality projects — and CTT holders get to participate first.
4. What is the ONE biggest challenge CITEX is facing and solving right now?
As a company, we are not facing major challenges right now. In fact, the only challenge is to spread the word about our innovative One-click model as we believe we have perfected it.
When it comes to cryptocurrencies, the biggest challenge now is to face this bear market. But we believe in the future of cryptocurrency, and we believe this challenge is temporary.
5. What led to the foundation of CITEX?
I have been privileged to meet with Andy and William to discuss about cryptocurrency, token economy, and blockchain.
From day one, we were bullish about cryptocurrency and its future. We feel it is a revolution and it is the first time ever — in the human history — that you can use technology to blur boundaries.
As all of us got together, we discussed, planned, and went back to our drawing room. Then one fine day we decided to take our vision to the next level.
That is how CITEX was born.
6. What barriers of entry have you identified during the process of launching CITEX?
Even though we have dozens of developers working round the clock, the operating cost is significantly lower. What we didn’t see coming were challenges in two directions.
One is the technology challenge: to build wallets, create a security system around it, and make sure we are a hack-proof exchange.
The other challenge was around the token economics. It took a lot of energy, time, and testing to polish the current model we have.
After months of effort, we have overcome both these challenges and we are ready to announce CITEX to the world.
7. Can you please tell us about your background and your team?
Four years ago, I worked as a civil servant. Since those times, I have been tracking advanced technology. As I began to code, I explored cryptocurrency and decided to enter this industry full-time.
In these four years, I have been fortunate to contribute in different ways. First, in my early days, I started mining bitcoins. Later, I worked with cryptocurrency funds and also started running a cryptographic chip company.
Then, as I met my friends, we decided to start CITEX with all our force. Today, we have a team of 50 employees and we are registered in South Korea. We also have dozens of community volunteers all over the world.
8. How do you perceive blockchain technology? Where do you think is it heading in the next five years?
I feel the blockchain technology is going in two directions. The first is the original intended direction: to protect your privacy. The second is the industry-specific direction.
Blockchain alone is limited. But when blockchain is combined with Internet of things (IoT), Artificial Intelligence and other useful industries, we will observe unimaginable adoption.
For example, AI’s in-depth learning and machine learning have been around for years without major breakthroughs until big data was available. With blockchain, it is no different. The future of blockchain is in merging with other industries, and I am personally excited to see blockchain integration with Internet of things (IoT).
9. Great. Would love to know about partnerships?
At present, we have many partners: government enterprises, well-known investment institutions, media, and so on. Here is our list of partners:
Recently, we are also entering into strategic cooperation with leading projects. For example, Loopring, Waltonchain and others have agreed to airdrop their tokens to our community. In addition, many enterprises will soon join the CITEX ecosystem.
But I think the most important partners are the users of our trading platform and our global community partners. Is it through their trust that CITEX can go to the next level.
10. In the next six months, how are you going to attract people to CITEX?
First, we will strive for perfection in user experience, so that our users have a better trading experience. Secondly, we are adding more layers of technology to our platform.
For example: One-click mining model. It is one of our finest model that trades for you so you can reap profits in just one hour.
Second, we have EOS dApps — the games — that are both entertaining and valuable.
Third, we are working with banks to set up Korean won as the legal currency to be deposited on our exchange.
But I think the most important part is our experience and the attitude of keeping pace with the times. Because, as the market recovers, we will then be able to meet the needs of our users as quickly as possible.
11. What is your expansion strategy?
Initially, because of the background of our company, our main focus was on the Chinese and South Korean market. As we are penetrating it quickly, we are also gradually shifting towards the global market.
That is why we have tied up with global partners to expand overseas.
At CITEX, we will continue building — our platform and our community. In fact, we have also started focussing and building our community in North America, Europe, South Asia, Southeast Asia, and Northeast Asia.
If you haven’t checked us out yet, please do so by visiting Citex.co.kr. And oh, our second game is coming soon, so check us out. Here is a sneak peek: