Review of BitOrb ICO project
Today there are more than 300 cryptocurrency exchanges, and every time we meet a project intending to launch another exchange, there is only one question: “why?” The project, which received the highest rating of the 20 added last week, was just a startup creating an exchange of cryptocurrency derivatives. Let's try to understand how it will be different from the rest.
BitOrb's weighted average rating is 82 points. At the time of Review writing, only ICObench, one rating agency out of 14, evaluated it. Moreover, only the ICO profile is evaluated, so we will not stop on the ratings and go straight to the description of the project.
According to the developers, BitOrb is created to close the vacant but promising niche of futures trading of cryptocurrency assets. Futures markets give traders the opportunity to trade base asset prices without purchasing it. That reduces friction and costs significantly. Naturally, the commissions of the exchange will be lower. In addition, BitOrb will provide an opportunity for high-frequency trading, allowing more than 10,000 orders per second. This gives space for trading robots use. On the stock exchange there will be special tool for this - The Orchestrator, an advanced automated trading tool giving traders the ability to trade 24/7. A nice icing on the cake is the intention of the team to share the profits with the project tokens holders.
On the project's website, the team is represented by 7 members, not counting advisers. Hong-Teng Lim, the CEO, has worked as a managing partner in venture capital funds for more than 4 years, and for the last two years he has been working closely with digital assets. It is also worth noting Ming Hoe Tan, who has been engaged in algorithmic trading for more than 5 years, and Peng Fei Lang, a professional trader.
The BitOrb White Paper describes in detail the technical side of the project. You can see that the team has developed a clear algorithm of actions for each stage. The document looks standard and, we might say, even formulaic. As with most white papers, there is no comparison with competitors, calculation of profitability and other indicators typical for more serious documents. But crypto-investors are used to it.
The team is not very good with the promotion yet. The largest number of subscribers is on Facebook - 144 people. Telegram has 47 subscribers and, strangely, Instagram, where the project has 40 fans. Twitter is in last place with 27 people. This can only be explained by the fact that the fundraiser started relatively recently - June 3 - and the team just did not have time to promote the project.
Overall, BitOrb leaves a double impression. On the one hand, the project is trying to enter the already divided niche of cryptocurrency trading and is not actively promoted, which reduces its chances of success. On the other hand, it tends to occupy a narrow niche, offering opportunities that are not yet available on the market. This, combined with the team's experience, can benefit.