February 14, 2023 | BY OSMAN BAH (The Advisor)
Biokript: If It’s Not Your Keys, It’s Not Your Crypto
Biokript is the world’s first hybrid, Shariah-compliant cryptocurrency platform. The platform is founded on Islamic Mudharabah profit-sharing principles where all of its profits are equally split between Biokript and the investors. By combining both centralized and decentralized features, Biokript will offer a trustworthy and efficient trading platform.
The majority of cryptocurrency trading takes place on centralized platforms, which is neither the safest or most effective way to conduct business. There were fully decentralized exchanges, but due to slippage, they were ineffective, unsafe, and expensive to trade on. Due to their complete decentralization, anyone might develop a token that could be a honeypot, a ruse, or an outright scam. Users had lost more than $2 billion on completely decentralized networks by the year 2022.
The problems that led to the inefficiencies of centralized crypto-trading platforms were the inspiration for Biokript, which was developed in 2017. The goal for decentralization, where the middleman is removed and users have complete control over their own funds, was at the root of the entire cryptocurrency movement.
How it fell
The blockchain-based cryptocurrency that was designed to be transparent couldn't keep up with the demands of the expanding economy. For the major firms who wanted to participate in the market, Decentralized Exchanges (DEX), which handled transactions on the blockchain, were too slow. Centralized Exchanges, which shift transactions off-chain, were thus introduced as a rapid fix. The market was made more attractive by additional features like user-friendly interfaces and regulatory processes like KYC/AML, but this also meant that clearing houses and third parties would now be responsible for executing transactions that were initially intended to be on-chain.This resulted in a blurring of the barriers between traditional institutions and the intended crypto revolution. Following the global crisis and the start of the bear market in 2022, CEX began to deteriorate as leading exchanges began declaring bankruptcy due to insolvency. Investors began to lose faith as the industry tumbled in the bear market. They grew weary of hearing about people losing money due to mismanagement and lack of accountability. The crypto business needs a reset button in situations like this. Biokript has an answer.
Biokript has created an ecosystem in which 50% of all trade revenues are shared with its investors, who own the BKPT token. Anyone can receive monthly profit splits based on the number of BKPT tokens in their wallet.
As a non-custodial cryptocurrency exchange, Biokript does not keep any user funds. The project enables traders to transact with the efficiency and simplicity of a centralized platform while enjoying the safety and security of a decentralized platform where they have complete control over their cash. The primary target market for Biokript is those who have suffered financial losses as a result of centralized platforms or who oppose full centralization. Biokript was also created in response to the need to address Muslims from all over the world who want to invest in cryptocurrencies but are hesitant due to Shariah compliance issues.
A system designed to support a global community requires a diverse and experienced team. Biokript has a fantastic and passionate team that is completely committed to making it a huge success by reaching its goals. A system designed to support a global community requires a diverse and experienced team. Biokript has a fantastic and passionate team that is completely committed to making it a huge success by reaching its goals.
“The cryptocurrency revolution started with a desire for decentralization where users control their own funds,” said Adnan Alisic, CEO and Founder of Biokript. “However, the majority of cryptocurrency trading today is done on centralized platforms and that is not the most secure or efficient way to do business."