Birake (BIR)

What Was Birake (BIR)?

Birake was a digital currency exchange platform sent off in mid-March of 2018. It called itself the first "white label" service of this type. Birake additionally had its own blockchain, powered by the proof-of-stake Birake Coin (BIR).

Cryptocurrency fans interested in running a decentralized exchange could purchase and download the software and make an exchange. The service was rented month to month utilizing Bitcoin — the owner set the fees for transactions, and profits were shared by the exchange owner and the Birake founders.

Grasping Birake (BIR)

Dissimilar to other cryptocurrency platforms, Birake's innovation was to "white label" trading technology so customers could make exchanges with their own unique branding. White labeling is the term for offering a product to another company, which that company can rebrand.

The concept of white labeling was first developed for the retail industry, where manufacturers eliminated their brand name and logo from a product so a distributor could rebrand it. In the event that you've at any point purchased a "store brand" thing, you've encountered white labeling. Birake accepted that the concept can be applied to cryptocurrency exchanges also.

As per Birake's website, through its service, "...everyone can rent and claim their exchange platform. As all the exchanges utilizing [Birake] will share their orders, your exchange will have a lot of active buy/sell orders from day [one]."

In principle, this implied that ICO networks, cryptocurrency and token supporters, and others in the industry could make trading platforms rapidly and without any problem.

Central to Birake's vision was the possibility that the concentration of power among a couple of notable exchanges conflicted with the principles of decentralization. Hence, the designers of Birake "...believe that everybody ought to have the option to make their own exchange with just a couple of snaps and that the orders ought to be straightforwardly shared across all exchanges in the market."

History

Birake had its beginnings in 2010 as a software company with activity principally in South America. As per the website for the exchange, Birake had "conveyed automated trading systems, exchange platforms," and products in the "encryption area."

During their time working in the industry, Birake designers experienced numerous cryptocurrency trading platforms that were over-burden or generally inoperable for extended periods. Baffled, they started working on the concept behind the Birake platform.

Following their initial coin offering and distribution, Birake developed exchange software viable with 59 cryptocurrencies through 2019. The primary alpha variant of the Birake exchange sent off in October. A beta form was sent off in late 2018, and by January 2019, users had the option to make personal exchanges. The white-label exchange was sent off that very year.

Concerns

The Birake whitepaper records the concepts the designers wanted to accomplish, and how money would be produced using the exchange service. Before making your exchange, in any case, you were required to purchase a master node for .3 BTC, which in March 2018 was about $1,200. From April 23, 2022, to June 11, 2022, the median BTC price was $30,432 — it would have cost about $9,100 to buy a master node. At Bitcoin's all-time high of $68,991, a master node would have cost around $21,000.

Purchasing a master node to make an exchange to make money from cryptocurrency trading is a critical personal investment. It might likewise require licensing and endorsement by regulatory specialists. In the U.S. also, numerous other developed countries, exchanges are regulated, which makes deterrents for anyone with any interest at all in running an exchange.

Birake's whitepaper centers around its business model, financial potential, and strategies as opposed to the data you'd normally track down in a whitepaper — this means the project was an initial coin offering (ICO) whose whitepaper is a pitchbook for raising funds.

The costs to make an exchange, alongside fragmented development and lack of a working product at send off probably contributed to decreased interest from investors and the cryptocurrency community. Additionally, the ICO was sent off when numerous others were presented and other cryptocurrencies like Bitcoin and Ethereum were the focal point of investor consideration.

Objectives of Birake

Birake's engineers wanted to make what they accepted were really decentralized exchanges. The intent of the project was to allow anybody to possess and keep a cryptocurrency exchange. Their vision was to "...allow ICO people group, cryptocoins networks and individuals from this industry to make their own trading platform with a couple of snaps."

Birake's mission statement was "...to give both website owners and users of BIRAKE exchanges network, the greatest database of orders/users and accomplish the greatest trading volume from cryptocurrency area."

To accomplish these objectives, the Birake team of 15 individuals required funding, so they put together an ICO to kick the project off. It is muddled how well the ICO went or what befell the project other than it failed to gain momentum. In October 2019, Birake stated they had 1,000 active master nodes operating and that they had increased their team to 25 individuals; In December 2021, the team announced a trading bonus.

The Bottom Line

Birake is one of numerous cryptocurrency projects which sent off during the ICO boom of 2018. The project offered white-label exchange technology, allowing clients to make trading platforms with their own unique branding without any problem.

While there are periodic declarations from the team, it is hazy where the project stands and whether it is a project investors ought to investigate.

Highlights

• The project wakes up, however it is hazy where it stands.
• Birake depicted itself as a "white label" crypto exchange. It gave the exchange technology and infrastructure, and clients gave the customers and marketing.
• Birake was situated in Romania. Thusly, getting data on the company is troublesome, and it falls outside the U.S. regulatory system.
• The Birake Network had a separate blockchain, powered by the Birake Coin (BIR). Users could stake BIR tokens to earn block rewards.

FAQ

What Is Birake Exchange?

Birake is a cryptocurrency exchange platform offered as an ICO. The intent was to raise funds to keep creating and selling white label cryptocurrency exchange software.

What Is a Birake Master Node?

Birake's whitepaper doesn't examine how its blockchain functions. The blockchain was originally forked from Etherum yet professed to utilize the proof-of-stake systems. At the time the fork was made, Ethereum utilized proof-of-work. The tasks a master node finishes on the Birake blockchain are indistinct.

What Is Birake Coin?

Birake has a native token, BirakeCoin (BIR). It is utilized on the exchange platform's blockchain in staking, the validation cycle.