About BHEX Re-Define Cryptocurrency System Series Report 1
This article is translated from https://www.jinse.com/blockchain/438299.html
How much revenue can exchange get with 1,000 daily trading users per day?
The answer is 50,000 ~100,000 USDT.
1000 daily trading users with 50,000~100,000 USDT revenue per day — this tempting number has made countless people inside and outside the world eager to have a try, actively rushing into the competition of the digital currency exchange platform business. The key to success is to have a safe and stable exchange system.
BHEX, which is known for its technology, launched the BHDM platform in June this year, and BHEX Cloud (BHEX Hybrid Cloud Exchange System) developed on top of BHDM, trying to redefine digital asset trading platform system with a set of traditional financial-level technical architecture and indicators.
After ten years of development, the digital assets industry has reached a turning point in both the technology and business model. BHEX Cloud happens to be born at such point.
Part 1 About High Availability — why BHEX insists on “99.99%” high availability promise
“The digital currency industry is still in the process of barbaric growth, and no comprehensive norms and standards have been established in all aspects. BHEX hopes to do some “road construction and bridge” for the industry and establish a solid infrastructure to promote the healthy development of the industry. ” BHEX Founder & CEO James Ju replied when talking about the original intention of founding BHEX.
BHEX’s trading system started with research and development in 2018. At the beginning of February of last year, a 60-hour downtime accident occurred in Binance, causing serious economic losses. According to the traditional financial sector’s regulatory standards, the service disruption in the consecutive three days is considered to be a severe security incident. If there is a huge fluctuation in the market during the service interruption, the loss suffered by the platform users is even more unimaginable.
Any instability in the financial system is likely to cause a “domino effect”. In the traditional financial market, every time the system is down, it will cause a large number of investors to suffer economic losses:
In May 2012, on the first day of Facebook’s listing, the Nasdaq trading system failed, and there was a 19-minute “crash”, and many traders were unable to conduct trading operations normally. According to estimates by many market makers, the damage caused by the accident totaled about 500 million US dollars, and Nasdaq accepted a US$10 million fine from the US Securities and Exchange Commission.
In April of this year, the Nairobi Stock Exchange (NSE) trading system failed more than six hours, causing heavy losses for investors.
In the digital currency market, where market volatility is huge and is open all year round, the requirements for system availability are higher than in the traditional financial trading market.
The use of IT technology to promote the healthy development of the digital currency industry is the original intention of BHEX. Therefore, at the beginning of the construction of the BHEX trading system, James JU set a goal: the entire system to achieve 99.99% high availability, emulate to the Internet financial top trading system — Alipay.
What does 99.99% mean?
Judging from the downtime fixes available on major exchanges, even the most top-tier exchanges in technology have the usability of 99%. This level of technology standard means that the platform and users are likely to withstand the nearly 90 hours system downtime per year. The damage suffered is immeasurable for an institutional user with a large amount of money when the extreme market happens.
BHEX’s trading system can deliver the following: the core system (registration, login, Deposit, withdrawal, order transaction) is only less than 50 minutes of unavailability within a year. If the upgrade is interrupted, the single-time consumption is no more than 1 minute, and the total time spent in the whole year is no more than 10 minutes.
How is the 99.99 high availability promise achieved? Hardware, software, and people are the cores for achieving high availability.
First, the BHEX system is designed with a high-availability architecture and has no single point of functionality.
The overall technical system is formed by a microservice architecture based on components such as gRPC, kubernetes, docker, and spring boot. Its scalability, extensibility, and usability are comparable to Alipay’s architecture.
BHEX is able to achieve 99.99% high availability, from the luxury technical team behind it:
- BHEX Founder James Ju Jianhua served as CTO of the Huobi Global from 2014 to 2017. During his tenure, he led the team to build a core trading system and products supporting the three-year business development of Huobi Pro. From 2017 to 2018, he served as vice president of X Financial which has successfully listed on the New York Stock Exchange.
- Mr. Tang Fulin, the Vice President of Technology, served as the architect of Sina Weibo, Xueqiu Finance, and Xiaoying Technology;
- Mr. Liang Song, the Chief Architect of BHEX, was the chief architect of Jumei( NYSE listed ‘JMEI’)’s Java technology stack, the director of the Yixin infrastructure team;
- Mr. Hou Junwei, the Head of the Operation and Maintenance Department, he was the Chief DBA of the Meituan (HKEX listed W(03690)) with rich experience in operation and maintenance.
BHEX trading system also has a strong advisory team. Financial consultant Chen Chen is one of the main accomplishers of the stock exchange system and options trading system of the Shanghai Stock Exchange. He has more than ten years of experience in trading system development, he has in-depth research and understanding of architecture design, implementation difficulties and solutions for high-performance and high-availability systems, focusing on key technologies such as distributed systems, cluster management, and transaction processing.
In addition, a comprehensive disaster preparedness system is an essential part of achieving high availability.
At present, most of the large and medium-sized financial industries will adopt the disaster recovery plan of “Two-Site with Three-Center”. The small financial industry is controlled by the construction cost of the disaster recovery center. At present, the “city data replication” is adopted to realize data protection across data centers in the same city. There is no unified standard for the disaster recovery system in the digital currency industry. BHEX adopts the disaster recovery plan of “One-Site with Two-center ” to realize the disaster recovery mechanism across the equipment room. Even the fiber in the equipment room is broken it will not affect the service.
In the competitive market, the story of the exchange continues, relying on strong technical advantages. What does BHEX bring about changes in the digital currency trading system industry, we will see.
About Blue Helix（BHEX）
Blue Helix is founded by James Ju, a successful serial entrepreneur — he was the CTO of Huobi Global in the year 2014–2017, and Vice President of X-Financial (NYSE listed Company) thereafter. He founded Blue Helix in early 2018 and it has completed $15 million USD in its angel round financing and has received investment from a total of 56 institutional investors including top exchanges like Huobi and OKex. Blue Helix is an innovative crypto assets financial services provider. The in-house developed Bluehelix decentralized blockchain-based assets custody and clearing system is dedicated to providing world-class professional financial trading and assets management services to worldwide users. It has its self-managed Blue Helix Exchange (BHEX.com) and Open SaaS Platforms for institutional partners (BHOP).
About Bluehelix Chain
Bluehelix is decentralized digital asset custody and clearing technology. Based on blockchain technology and community consensus, it uses cryptography and blockchain technology to support decentralized governance capabilities at the technical level. Through the BHPOS consensus mechanism, the digital asset custody and transaction clearing are jointly supervised and managed by the community through- the consensus mechanism of transaction data on-chain; hot and cold wallet separation; multi-signature + member nodes clearing- the goal of asset security and transaction credibility is achieved. All of these effectively solves the security and trust problems faced by the centralized digital asset management platforms.
About Blue Helix Open Platform（BHDM)
BHOP is based on Bluehelix’s decentralized digital assets custody and clearing technology along with BHEX’s underlying trading technology. It combines the core competitiveness of Bluehelix and BHEX to create an open SaaS platform with key advantages such as asset security, transaction reliability, and horizontal performance expansion. This can help in providing technical and operational services to partners who have or are preparing to operate the blockchain asset trading business. Through the capabilities of the BHOP open SaaS platform, partners can quickly launch their own business at zero cost, and also achieve full control of customers, data, brands, and technology. Partners with technical research and development capabilities will achieve deep customization of products through BHOP authorized source code. BHOP can fully satisfy individualized transactions of different industries and different types of blockchain assets. The needs of the platform can effectively help partners create unique competitive advantages.