The original GOT model below is no longer valid. We will share an update on GOT in the future. Please refer here for more information
GO.Exchange is introducing a reward token, called GO.Exchange Token (GOT), to reward users for using GO.Exchange, much like a loyalty point system on many other platforms. GOT is obtained by trading on GO.Exchange - the more volume a user contributes to the exchange, the more GOT the user will obtain. To be perfectly clear, GO.Exchange is not conducting a token sale or raising any funds through GOT. GOT is a fixed supply token with a total supply of 10billion GOT.
GOT will serve primarily as a voting token. GO.Exchange will set aside 50% of its transaction revenue to burn the top voted tokens voted by GOT holders on a regularly occurring basis. We are expecting to conduct future burns once every two weeks or once every month. GOT will not be an option to choose in these burn votes. Although no vote will be held in the initial phase of our launch, we still want to reward users with GOT so that our early community adopters can begin accumulating GOT from day 1. Through GOT, the GO.Exchange community can vote to add a token burn mechanism to their favorite tokens listed on GO.Exchange. We will notify users when voting for community burns commences.
GO.Exchange will set aside 50% of its transaction revenue for top voted tokens in community burns in year 1. In year 2, this community burn will lower to 35% of transaction revenue. In year 3, this community burn amount will lower to 25% of transaction revenue, which will remain constant going forward. GO.Exchange has the right to revise this schedule at any time based on evolving regulatory and business matters.
It is important to know that we are capping the amount of GOT obtainable per day, per person to prevent mass concentration of GOT. Tokens held by the company and team members do not carry voting rights. Only our community members who hold GOT will be able to vote. We may employ different voting mechanisms such as quadratic voting should we find major issues with a normal flat voting mechanism. We will also consider other use cases for our reward token, GOT, so our community members holding GOT can contribute their voice in different ways. Ultimately, GOT exists to reward our community for using our exchange.
GO.Exchange will also allocate 25% of its transaction revenue to burn GOT until only 50% of GOT remain.
GOT will be allocated in the following manner. GOT will be distributed to the team only as user tokens are mined.
Distribution of GOT will happen once daily for the previous day’s trades.