What is Bgogo?
General Information
Website: https://bgogo.com
Telegram: https://t.me/Bgogo
Whitepaper: https://bgogo.com/assets/white-paper/BGG
Hardcap: 10 Million USD
Supernodes: Node Capital, ICODROPS, DHVC, Pantera Capital, Block Water Capital, Genesis Capital, IMO Ventures, Michael Arrington, DKB Capital and so on (21 nodes).
Ticker: BGG
Total Supply: 10,000,000,000 BGGs
Bgogo is branded as a crypto-currency exchange OF the community, BY the community and FOR the community. Building by a group of top members in top companies such as Facebook, Alibaba, IBM…, Bgogo is believed to be one of the top exchanges for the future decentralization in centralization form (including 21 super-nodes as listed above).
Each supernode has an authority to vote for an ICO to be listed on Bgogo exchange during its tenure (which lasts for 90 days). The supernode must hold at least a number of 3,333,333 BGGs from the private sale. They are big institutions worldwide, chosen by the team. They will have a tenure of a quarter. During their lifetime, they will have the One Vote- One Listing right and 20-percent trading commission.
To be specific, each supernode will choose a cryptocurrency to be listed on Bgogo Exchange. The points are the ICO (which is nominated) needing to be legal and the project team has approved to be listed on exchange. If the cryptocurrency is illegal (the fraud, Ponzi, scam), the team will reserve a right to delist it and disqualify that supernode who nominated the cryptocurrency.
Also, the supernode will be reward 20% trading commission from the cryptocurrency it listed on Bgogo exchange (during its tenure).
Re-election Mechanism
After the 90-day tenure, the supernodes will be re-elected from the top 21 accounts who hold the most BGG tokens. Everyday at 00:00 (GMT+8), the snapshot of individual accounts will be taken, based on that, the ranking of them will be determined. The top 21 accounts must pass KYC verification will be eligible to apply for the supernodes. If the top refuses to take the position, the opportunity will be passed to the next BGG holders in the list.
The tokens will be locked for a period of time with the 2nd-generation supernodes.
For Bgogo’s token distribution, 50% tokens will be mined through trading, 10 percent will be distributed to the first supernodes and strategic investors, 20% for founding team and 20% for ecosystem development and operation.
50% tokens will be mined through trading (for users as a way of mining rebates) over a period of 4 years. As documented, 105% trading fee will be given back to the traders 30 minutes after the trades (with BGG tokens). The percent can be adjusted as the network grows but will remain a minimum of 100% mining reward. However, to minimize and avoid the malicious activities, we will have daily cap and hourly cap for each trader. The hourly cap is equivalent to 1/24 daily cap. The total tokens used to reward users will have a span of 4 years.
Tokens for the first supernodes are unlocked 50% right after it is tradable on the exchange, the rest will be released 10% per month after that.
Tokens for the team are vested for 4 years, 25% released at the end of each year.
20% for ecosystem and Bgogo daily operations is unlocked at the same rate of mining.
This token metrics is quite strange for most of investors, but considered a proper and interesting mechanism, which will contribute to the activeness of users on the exchange itself. The part which is puzzling to most of people is 20% for ecosystem and daily operation, especially when the team announced that they will use all the trading fees for buy back tokens.
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