BGOGO Project/ICO Review - Next Generation of Cryptocurrency Exchange

in #cryptocurrency • 6 years ago (edited)

Blockchain means decentralization.

But did we decentralize enough?

The existing cryptocurrency market is being dominated by the exchanges that charge projects to pay colossal fees to list their coin. Apart from that, most of the exchanges are not giving full support when it comes to security or trading experience.

Bgogo is bringing a lot of innovative features to the table that has never been talked or offered by any other crypto trading platform including top exchanges which are called as best ones. The primary unique selling point of Bgogois that they emphasis over the quality and excellence of the crypto exchange. Which also means their trading platform is very reliable. More importantly, their transaction speed is very high which you may call as a speed of light. This is the prominent reason for considering the Bgogo trading platform.

The Team

BgogoCryptocurrency Exchange is based on the Cayman Islands, yet their branches across the world containing Silicon Valley, South America, and Asia-Pacific. The team has amazing background experience and they are all blockchain enthusiasts. Their first and only aim is providing the most liquid exchange service evert with the solid background of technology and design. By being cryptocurrency exchange of the community, they are planning to empower the start-ups, to be a nutritious part of the blockchain ecosystem.

Their headquarters is in Foster, California. As mentioned above, the team includes professionals with an amazing background in big tech companies - let's say, giants - like Google, Twitter, Facebook, and IBM. They are a fully secured and hassle-free platform as it is operating under the supervision of CEO ZHANG YIBO who has over 12 years of professional experience in asset management, private equity, listed companies and investment management sectors both in Hong Kong and in Mainland China.

I would encourage you to take a look at the team members from company Linkledin page.

Early Stage

Recently, Bgogocompleted the collection of funds in the amount of 10 million US dollars. Investors from the mentioned funds are Node Capital, Sky9 Capital, Goopal Digital and Hike Capital (data from the official website). In addition, Pantera Capital officially announced strategic investments in Bgogo.

Features

Supernodes

The BGG super node consists of 21 nodes. The first SuperNode is hosted by 21 top blockchain organizations around the world. They participated in the first round of BGG donation. Each creation super node invested 500 ETH to purchase BGG. As an important ecological support of BGG, it has the corresponding rights and responsibilities of the platform.

The term of each SuperNode is one quarter, or 90 days. At the end of each quarter, a new SuperNode will be generated according to the BGG position ranking.

The specific production rules are as follows: The transaction takes a snapshot of the full-platform account at zero point (UTC+8) every day, and uses the currency/day weighted calculation value of the BGG holding amount as the sorting basis to obtain the ranking of the BGG holdings in the quarter. The top 21 accounts become the super nodes in the new quarter. If there are abandoners, they are ranked by rank.

The SuperNode must pass the KYC Qualification Audit of the Bgogo Management Team to ensure that the SuperNode does not engage in violations.

Bgogois the first digital asset exchange platform featuring supernodes as a listing authority. Each supernode is granted the "One Vote, One Listing" privilege, which gives status holders the right to pick a cryptocurrency to list on the Bgogo trading platform during its tenure. In addition, each supernode is entitled to the benefit of "20% Per-Trade Commission Share", where 20% of the commission generated over a lifetime from trading the cryptocurrency the supernode nominates will be paid to it.

Mining Through Trading

Bgogohas literally minus fees, you may say. 105% of the trading fee will be rebated to the user in approximately 30 minutes after the trade is done. this implies that user will be effectively paying a negative trading fee using the platform.

Buyback & Token Burn

Bgogoteam will use 100% of the trading commision to repurchase BGG DAILY. This will provide a price support. Bought tokens will be sent to burn address made public to ensure transparency.

So you may say that token supply will be reduced day by day.

BGG Token Distribution

BGG is the platform token issued by Bgogoexchange to participate in the BGG
trading ecosystem.

Token distribution is planned as below:

  • 50% will be mining - through trading
  • 20% platform ecological development and operation
  • 20% founding team
  • 10% super node and strategic investors.

ICO Metrics

  • Ticker: BGG
  • Token type: ERC20
  • ICO Token Price: 1 BGG = 0.0069 USD (0.00001500 ETH)
  • Fundraising Goal: 6,900,000 USD (15,000 ETH)
  • Total Tokens: 10,000,000,000
  • Accepts: ETH

Token Unlock & Release

  • The trading mining is released in 4 years and the hard top is released every day.
  • The ecological development and operation part of the platform will be unlocked in proportion to the transaction mining.
  • The founding team will be locked for 4 years and unlocked %25 at the end of each year.

The first super node and strategic investors will unlock 50% of the total on the first day of the launch, which is about 7500 ETH equivalent (about $3.45 million), providing basic liquidity for BGG tokens. The rest will be unlocked in the next 5 months, unlocking 10% each month. For each super node, unlock the equivalent of 250 ETH equivalent on the first day ($15,000 equivalent). At the same time, Bgogowill update all the super node positions and post them on the official website every day.

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6 years ago in #cryptocurrency by
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