- Colton Brister, Elias Mansour, Joseph Dagostino Version 1.5 (August 27, 2017)
- Bitmora Inc.
- Table of Contents
- I. Abstract…………………………………………………………………………………………………… 2 Core Values
- II. Overview …………………………………………………………………………………………………. 3 Fee System
- Voting System
- Customer Relations
- Matching Engine
- Trading API
- Order Types
- Engine Architecture
- High-Volume Capacity
- III. Security and Compliance…………………………………………………………………………… 9 AML/KYC
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Bitmora is a US-based cryptocurrency exchange platform set to revolutionize the way the digital currency exchange world operates. We will be bringing a one of a kind trading platform to the market with low fees, enterprise grade security, and a unique voting system designed to put the future of cryptocurrency exchanges in the hands of activists and users alike.
Our founders, Colton Brister, Elias Mansour, and Joseph Dagostino have come together with the intention of creating an exchange that is not only built for the people, but by the people. Our service will provide a platform that allows users to globally exchange cryptocurrency in a professional manner and help set the standard for all professional cryptocurrency trading.
Leading – Bitmora’s goal is to revolutionize the way the world looks at the cryptocurrency investing. All major revolutions have been achieved not by leaders alone, but by the people behind those leaders. Rather than fighting history, we will be putting all major decisions directly in the hands of our users.
Community Outreach – We care about our community and are willing to prove it. From day one, we will be providing superior customer support to what is currently offered and a mobile app with coin offerings far exceeding our competitors. More importantly, we realize that the issues faced by today’s cryptocurrency community will not be the same as tomorrow’s, so we have built a unique voting system that can adjust to this constantly changing landscape in a highly efficient and fair manner.
Public Awareness – We want to help the world understand Bitcoin, Ethereum, and other altcoins. By putting the future of cryptocurrency in our users’ hands and pairing with global crypto tech leaders we will give the world an opportunity to not only witness, but play a part in the establishment of the currencies of the future.
As the demand for Bitcoin, Ethereum, and altcoins skyrocket to an all-time high, the majority of exchanges have made little to no improvements. Forced to trade on dated engines with poor security and slow customer support systems, the users of these exchanges have come to recognize a need for improvement. We are prepared to provide the solution. Everything from our engine to our interface will set new standards in what is already an out-of-touch market.
We will be opening with over 40 cryptocurrency pairs to trade on our platform, with margin trading available on day one. Our network and servers will be scalable and will have multiple failover engines in the event of an DDoS attack. Our voting system will guarantee that every user has a say in decisions we make as a company.
• Revolutionize the cryptocurrency exchange fee system.
• Establish a voting system that puts the future of cryptocurrency in the hands of users and bitcoin activists.
• Launch the cryptocurrency world’s best iOS and Android app alongside a web interface that will house both our trading platform and voting system.
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• Launch beta by early Q1, 2018
• Full launch by late Q1, 2018
Bitmora was founded in May of 2017 by Colton Brister, Elias Mansour, and Joseph Dagostino. We are an established C-Corporation business based in Delaware. We are building a service that will allow users to globally exchange cryptocurrency and vote on the framework upon which cryptocurrency exchanges are built.
Fees on current exchanges are unacceptable. Bitmora recognizes the need to change this. Our fee system will allow the user to pick the fee they want, our first step to putting control back into our user’s hands.
Upon registration, users will be presented with two options: fixed rates or basic percentages. Users will be able to change this at any time by contacting our support team by ticket or phone. However, a seven day “cool down” will be utilized to prevent fee abuse.
Fixed Price – $7 + 0.03% Takers / 0.01% Makers
Percentage Based – 0.24% Takers / 0.14% Makers
Which fee system best fits you? (assuming you’re the taker)
|Dollars Exchanged $100 $100 $500 $500 $5,000 $5,000 $10,000 $10,000 $20,000 $20,000||Makers 0.14% 0.01% 0.14% 0.01% 0.14% 0.01% 0.14% 0.01% 0.14% 0.01%||Takers 0.24% 0.03% 0.24% 0.03% 0.24% 0.03% 0.24% 0.03% 0.24% 0.03%||Fixed $0 $7 $0 $7 $0 $7 $0 $7 $0 $7||Total Fees 0.24% 0.03% + $7 0.24% 0.03% + $7 0.24% 0.03% + $7 0.24% 0.03% + $7 0.24% 0.03% + $7||Fee Payed $0.24 $7.03 $1.20 $7.15 $12.00 $8.50 $24 $10 $48 $13||Best System Percentage Fixed Percentage Fixed Percentage Fixed Percentage Fixed Percentage Fixed|
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In Bitmora’s opinion, current cryptocurrency executives run their exchanges with no real regard for their users’ opinions. We want to turn this system on its head. Our voting system will ensure that changes users think best for the future of cryptocurrency are passed through a rigorous litmus test in which popular opinion is weighed against the opinions of the bitcoin activists that serve as both Advising Board Members and Influencers to Bitmora. The system will work as follows:
1.) A user posts a suggestion to one of our suggestion boards.
2.) The top twenty suggestions to receive the appropriate number of up-votes by our bi-weekly deadline will be passed to our private voting group.
3.) Should the suggestion(s) receive a 50% approval rating from the private voting group, the suggestion will be passed to our Influencer Group. In the case of a no-vote, the decision will be passed to our Influencer Group regardless.
4.) Our Influencer Group will select what they deem to be the five most urgent/important suggestions for review by our Advising Board. In the case of a no-vote by our Influencers, the five suggestions with the highest number of votes from our private voting group will be passed to our Advising Board. In the case of a no-vote by our private voting group, the five suggestions with the most up-votes on the original suggestion board post will be passed on to our Advising Board.
5.) Our Advising Board will hold votes on each of the five suggestions, should a suggestion receive a majority passing vote, the suggestion will be passed on to our Executive Team for final approval.
6.) The Executive team will either:
a. Pass the suggestion(s) and put the change(s) into effect as soon as feasibly possible.
b. Decline the suggestion(s), and release a statement explaining their reasoning to their users, and open a side panel with their Influencers and Advising Board to discuss the appropriate way to proceed.
* All suggestions will be cleared every other Friday. Users may post multiple suggestions, but will be faced with a 24-Hour cooling period. Suggestions may be posted multiple times, regardless of the results of their previous posting. As of the date of writing, the “appropriate number of up-votes” is considered to be 5% of our total number of users, this method is subject to change.
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Bitmora is of the belief that there is no excuse for not having an around the clock, dedicated customer support team. We will be offering world class customer support to clients around the world and will provide multiple methods for reaching out.
• The Ticket System – We guarantee a twelve hour or less ticket response time to all clients, no matter your tier. Our ticket support will be open 24/7 and will be accessible directly through our website and will always be hosted by us, not any third party.
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• The Phone System – Our phone support lines will open upon beta. Lines will be directed to our corporate call menu where you will be able to connect with the appropriate agent. All our support agents will be hired and trained by us, never outsourced to other agencies. Phone lines will be open during US business hours, with plans to offer 24/7 phone support in Q2 of 2018.
• Our Webpage – We will offer a separate contact form or media inquiries and general, non support/technical questions on our website.
Bitmora will utilize enterprise-performance order matching. With ultra-lean architecture, we will be able to execute 1 million transactions per second with multiple failover safe guards in place.
From startup to Q2 of 2018 we will be taking advantage of the cross-exchange order book system, allowing us to take volume from other exchanges if we are unable to fill it on ours. This will be an automatic process that will keep our exchange liquid in movement.
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Bitmora will operate on:
• Browsers (IE, Chrome, Firefox, Safari, Opera)
Our beta, set to launch in Q4 of 2017, will demonstrate our web version of the exchange. This will be best optimized for Internet Explorer, Google Chrome, Firefox, and Opera browsers, and will include mobile website support.
Full release will feature an app for both iOS and Android phones along with support for tablets. The app will contain the same features as the website.
The feature list of the mobile app will support:
• Place Buy/Sell Orders
• Control Margin Orders
• View account balances / View positions
• Open, Canceled, and Executed orders – Able to sort by date/timeframe
• Add/Remove Alerts + Push Notifications
• Deposit/Withdrawal options (with QR code)
• Recent News
• Manage support tickets/one-touch to call customer care
• Voting system access
A desktop version is in the early planning stages; however, no official release date is set at this moment.
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We will support API connections to allow developers to build apps that can hookup and stream/send data from our exchange.
To bring the best possible experience to our users we will offer the following order types: • Market
• Stop Market
• Stop Limit
• Reserve (Iceberg)
• Trailing Stop
• Trailing Limit
• Margin Trading
Our exchange platform will be built on custom-embedded StreamDB database connected to a distributed ledger platform. It will be built from the ground up to allow error-checking and to target multiple volumes for redundancy. With our matching engines design, we will be able to handle over 1 million orders per second, making it one of the fastest on the market today. We will use high performance Order Management Systems (OMS) to handle all orders, so we can easily scale them to the appropriate size. Our load balancers will control the flow of access to our gateway which handles everything from user interface and APIs to other user related activity. Order executions, stops-limits, and management will be run through our robust risk management system and will implement a wide range of limits and controls for orders.
With exchange volume reaching all-time highs, we recognize the need for our engine to be able to handle volume of any size along with all customer requests. By separating volume evenly into OMSs we will be able to maintain steady execution times even at peak volume points. For example, if we have 100,000 clients we will utilize 10 OMSs, with each OMS hosting 10,000 clients.
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Unlike brokers, cryptocurrency exchanges have no laws requiring them to release financial statements to the public. We at Bitmora think transparency is essential for any money service business. Starting on our official launch, we will be releasing monthly financial statements that will be readily available on our website. This will include but is not limited to; the income statement, balance sheet, statement of cash flows, and other more specific data pieces such as coin volume. Security and Compliance
Security is of utmost importance. We will be monitoring everything from our servers to cold storage 24/7/365, while utilizing routine audits to ensure nothing goes missing. All cold storage will be stored in offsite, undisclosed locations with round the clock security. There will be no automation software linking our cold wallets and hot wallets. We will utilize strict, classified guidelines that the company follows to withdraw the funds.
All employees of Bitmora will undergo background checks and security screenings. Anybody who has access to move funds from accounts will go through a very high scrutiny security check. Your average customer support representative will not have access to move or touch your funds, they will have only viewing privileges. All employees will undergo extensive training to make sure they not only understand the Bitcoin and Blockchain networks, but also our security procedures and systems.
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All data will be encrypted, both in
transit and at rest. We won’t take any
chances when it comes to user
information. We will utilize
automatic systems that check for
unusual logins and withdrawal
requests. Even in the extremely
unlikely case that someone gains
access to your account without 2FA
enabled, our automatic system will
still be able to halt withdrawal
All exchange data will be backed up
in real time to prevent any
interruption while flowing through
the network. Our systems will be
setup to automatically protect
against Denial of Service (DoS) and
Distributed Denial of Service (DDoS) attacks, using rate-limiting, concurrent connection limits, and active whitelist/blacklist management controls.
Hardware will be stored in multiple Tier-3 datacenters around the world with security and biometrics access control. Databases and the exchange will be hosted on in-house hardware.
Compliance under US law is vital to us to staying an existing company. We will be in full compliance under FinCEN and their KYC/AML laws. For simple verification, we will use an automatic process that can give results in the matter of minutes. Under US COPPA ordinance, the minimum age is 13 years old to share information online.
Bitmora will stay in full compliance with FinCEC AML (Anti-Money Laundering)/KYC (Know Your Customer) regulations. By law we will be required to report any suspicious activity and collect certain customer information depending on account volume. While Bitmora fully understands the reason behind a Blockchain and anonymous network, we still must follow the laws of countries we service to. We will not ask more than required by law, and your information will not be shared with the public in any form whatsoever.
Bitmora will offer multiple forms of 2FA listed below:
• Google Authenticator
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