The industry is in shock as a result of the recent demise of FTX, the once-dominant
centralized crypto exchange. The worldwide recession that followed the bear market
crypto winter has already caused months of hardship to the crypto industry. According
to Investopedia, the incident cryptocurrency market, which lost billions of dollars in
value which caused the crypto industry to fall below $1 trillion in total market value.
The statistics suggest that something needs to change.
Although centralization may be effective in other sectors, it appears to be a stinker in
the crypto-soup. Although decentralization has always been one of the founding
principles of cryptocurrencies, centralized exchanges are increasingly popular. People
always choose what is most convenient, which is the cause of this. Decentralization is
still in its infancy, and individuals still find it challenging and puzzling. What if there is
a system that combines the advantages of both centralization and decentralization?
There is a solution.
Biokript is the world’s first hybrid shariah-compliant crypto exchange. Users can trade
directly over the transparent and simple-to-audit blockchain. Users are free to
withdraw their money whenever they want to do so because Biokript lets them keep
their private keys. Because it doesn’t accept interest in any form, Biokript complies
with shariah. To ensure that every cryptocurrency traded on the site complies with this
policy, Biokript takes the time to thoroughly inspect it. Instead of profiting from interest
like most crypto exchanges, Biokript employs another one of its shariah-compliant
features. Following the mudarabah (profit-sharing) principles, Biokript offers all its
users a 50% profit share in Bkrp tokens. Anyone with Bkrp tokens in their wallets will
receive weekly trade profits in proportion to the amount of Bkrp tokens held.
The project is designed to address every problem currently afflicting the
cryptocurrency industry. People are losing a lot of money in centralized exchanges as
a result of trust. Is it worthwhile to give your money to a badly run and unregulated
institution? It’s almost impossible to guarantee the safety of the funds kept inside.
Proof of reserves should not be taken seriously because it is possible to manipulate.
Everyone should learn from the mistakes made with the practices of centralized
exchanges and the problems that they bring. It should be known by now that they are
not to be trusted. If customers are given the tools to handle their own private keys and
conduct trades in a secure and effective manner, Biokript believes users will have a
far higher chance of success in the crypto business. The solution that the
cryptocurrency industry needs is Biokript. It is the future of cryptocurrency trading.