At the start of the company, Birake was nothing more than a software company based in South America. According to the company, they have been in business for over a decade supplying innovative automated trading systems and as of late, venturing into the world of encryption and cryptocurrency. Brake uses a token system just like most of the other cryptocurrencies. However, Birake has extended its field of operations outside the regular. The company created an exchange platform by making use of 10 different currencies in 2018.
After the official version of the platform launched later in the year, its use became more mainstream. By 2019, the platform users had already started enjoying the generation of personal exchanges. This was also the same year the white label exchange system was launched. This is the reason customers were able to create exchanges with their peculiar branding.
The concept of white labeling is quite large and cuts far beyond the limits of cryptocurrency alone. The application of white labeling was initially created for the retail industry. White label products are the result of different companies collaborating. Here, the company that sells the product is completely different from the party that created it or even markets it. The point of this is to share the burden of production costs, marketing costs, and several other costs involving time and money. White labeling is usually employed by large-scale companies as the distribution ensures an advantage on the economies of scale. This is the same application Birake applies to the cryptocurrency network. According to the company, their secondary goal is ensuring that everyone can have access to an exchange platform. Principally, this implies that individuals that support all kinds of cryptocurrencies and tokens, including ICOs, will have access to trading platforms to make trades.
Earning Birake Tokens
Same as every other cryptocurrency, the Birake network is also powered by tokens. These tokens are known as BIR and they are used to make payments on the blockchain. The network operates under a proof-of-stake system, implying that it can not be mined. The tokens are earned on the network by running network nodes by staking BIR tokens. However, individuals with the larger amount of tokens have the upper hand by being able to earn more due to direct access to the master node. The first generation of the tokens was accessed in March 2018. Then, interested parties were able to purchase BIR with either tokens or with Bitcoin. This is similar to regular trading exercises done on platforms like visit website. In order to get it more mainstream, the first 50 million tokens were offered to the interested parties at 30% less. Before this, distribution of tokens already took place among the ICOs and the developers involved in the entire project.
Even though the goal of Birake seemed promising, certain schools of thought still had their reservations about its integration in the long run. One of the concerns was the practicability of giving every individual access to trading platforms using the white label principles. Explaining further, it was stated that there already exists more than enough decentralized platforms which any interested person can always access to carry out their cryptocurrency transactions. However, even though this is a valid concern, it doesn’t negate the major point of employing the white label system. The goal here is to generally reduce all the costs that go into the production and adoption process in both monetary and time values. In recent times, the general activity of its use has greatly diminished. This may have been due to the huge running cost of their system.
Chris Mcdonald has been the lead news writer at complete connection. His passion for helping people in all aspects of online marketing flows through in the expert industry coverage he provides. Chris is also an author of tech blog Area19delegate. He likes spending his time with family, studying martial arts and plucking fat bass guitar strings.