Benchmarking P-net, Japanese exchange BTCBOX launches international version focusing on altcoin trading

BTCBOX is a Japanese Bitcoin exchange, established in Tokyo, Japan in March 2014, and received 200 million yen investment from listed company Jtrust in May 2015. As the first trading platform in Japan after the collapse of Mtgox, BTCBOX's trading volume has always been the largest in Japan, and its major customers mainly include professional traders and large traders.

Recently, BTCBOX International CEO Takaaki Anzai accepted an interview with 8btc.com and talked to us about the upcoming BTCBOX International version. Takaaki Anzai, who graduated from Tohoku University in Japan, once worked at JAII Group and has always been interested in financial transactions. After learning about Bitcoin in 2013, he was optimistic about the huge potential of Bitcoin and joined BTCBOX in 2014 as the COO of BTCBOX Japan.

It is reported that the international version is expected to be launched in mid-August this year, using Bitcoin as the base currency and only conducting currency-to-currency transactions. A very convenient point for users is that the domain name and server of the international version are independent of BTCBOX in Japan, and no bank account is required, so no real-name authentication is required.

Benchmarking P network, strictly screening competing coins

The international version of BTCBOX is benchmarked against P.com. P.com (poloniex.com) is a world-renowned competitive currency trading platform. In comparison, the international version launched by BTCBOX will support three language versions: Japanese, English, and Chinese, which is more convenient for Chinese users to use. The information of the person in charge of operation is always open. At the same time, BTCBOX has been operating for a longer time and has rich operating experience.

Anzai Takaaki introduced the original intention of launching the international version.

“We are optimistic about the future of blockchain technology. The transparency and credibility of the world’s largest coin-to-coin trading platforms may be insufficient. Considering that btcbox has more than two years of operating experience, we decided to build a trustworthy coin-to-coin exchange.”

Anzai Takaaki also mentioned that as an altcoin exchange, "we will strictly select altcoins and strive to completely exclude pyramid schemes or scam coins." In terms of the selection criteria for listing altcoins, BTCBOX mainly conducts the following assessments: quantifying the decentralization of altcoins, for example, ICO coins require at least 500 participants, and there is no individual holding more than 25% of the crowdfunding amount; BTCBOX's technical department will analyze the source code of the altcoin and give an evaluation; BTCBOX will evaluate the forward-looking nature of the blockchain technology of the altcoin; we will conduct a criminal history background check on the developers of the altcoin.

Powerful technology to ensure the safety of user assets

The team is proud that BTCBOX was founded in 2014 and has been in operation for two years without any accidents or server downtime. Globally, there are very few trading platforms with such a good record. Speaking of BTCBOX's technical advantages, Anzai Xiaoming introduced that all system operation and management of BTCBOX require secondary verification, and it has a stable and powerful matching engine, which can calmly cope with sudden increases in trading volume.

(Chinese translation of the banner on the official website: Japan's only one, 0 server downtime for more than 2 years, only btcbox is the only one to trade Bitcoin with peace of mind, No. 1 in liquidity, no restrictions on high-value transactions)

In terms of security, in order to prevent the threat of bugs in the competing coin wallet to the website, each competing coin has a separate wallet server. BTCBOX cooperates with several large bank vaults in Japan, and cold wallets and passwords are kept separately in different bank vaults; in terms of internal management, thorough authority separation is carried out, and the same employee cannot have the authority to both deposit and withdraw.

Current status of digital currency development in Japan: highly valued by the government

Although we know very little about Japan’s digital currency community, it is undeniable that Japan is a very important support force for the global digital currency and blockchain community. Due to a series of recent political and economic events in Japan, Japan’s Bitcoin trading volume soared in July this year.

Japan is also at the forefront of the world in terms of digital currency regulation. In 2014, following the bankruptcy of Mt. Gox, the largest Bitcoin trading platform at the time, the Japanese government prepared to impose legal restrictions on Bitcoin. In early 2016, Japan's financial regulator proposed that digital currencies such as Bitcoin be used as a payment method, and digital currencies would be legally equivalent to traditional Japanese currencies. In May of this year, the Senate, Japan's national legislature, approved a bill to regulate domestic digital currency exchanges. To a certain extent, this affirmed the legal status of digital currency exchanges.

At the same time, Japan also attaches great importance to the development of blockchain. This year, under the guidance of the Japanese government, a blockchain industry organization was established: the Blockchain Promotion Association (BCCC), of which BTCBOX is also a founding member. The Financial Services Agency of Japan has also been outspoken in praising the potential benefits of blockchain technology.

Takaaki Anzai introduced the current development of the digital currency community in Japan. He mentioned: In Japan, legal regulations on digital currency have been made, and major Japanese IT companies are ready to participate in this emerging industry. I think it will grow stronger and stronger in Japan in the future.