BGOGO – The Exchange of The Community
OVERVIEW
The exchange of the community, by the community, for the community. BGOGO is the first digital asset exchange with supernode listing authority, designed to list the highest quality and the most promising digital assets.
This is the concept that BGOGO brings to the community for a new type of trading platform, providing many users with the choice, increasing competition and importantly creating a more trading platform ecosystem for all users.
BGOGO is the crypto exchange trading platform with the supernode listing authority for the purpose of changing the entire structure of the current exchanges. Specifically, the exchange can provide project owners and investors with a completely new alternative to listing tokens.
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THE DIFFERENT OF BGOGO?
1. Super Nodes
– One Vote, One Listing
Each supernode is entitled to “One Vote, One Listing” authority. This privilege gives status holders the right to pick a cryptocurrency to list on the BGOGO trading platform during its tenure. This is under the premise that the cryptocurrency nominated passes legal qualifications and is approved to be listed by the project team. In the event where multiple supernodes are competing to list the same cryptocurrency, BGOGO will respect the project team’s decision of which supernode they choose to nominate them. Thus, a total of 21 coins from supernodes should be listed during each quarter. A fixed 20% of the commission generated over a lifetime from trading the cryptocurrency a supernode nominates will be paid to the supernode.
– Re-election mechanism
Users have the opportunity to become a super node in BGOGO. Every 3 months, there will be a re-election from the 21 most BGG accounts held. Based on the number of BGG token holdings in order, 21 new super nodes will be determined. After that, these 21 accounts need to verify identity to qualify for super node registration. If there is any denial, the opportunity will be passed on to the next-person taste. Token of super-nodes 2nd generation will be locked for a certain period of time.
2.BGG Token Buyback
“Every 24 hours, BGOGO will use 100% of the trading commissions accumulated to repurchase BGG. The buyback tokens will be sent to a burn address made public.”
The “Token Buyback” program is no longer strange to users at the crypto exchanges. This is a policy that helps users be assured of investment as well as the value of Token, when the exchange will be bought from users. And this is why many exchanges apply this policy. However, each exchange has a different “Token Buyback” program. For BGOGO, this policy makes investors extremely safely, when BGOGO acquires tokens every 24% of the transaction fee. And therefore, users can trade and have the opportunity to earn double bonuses in transaction fees. This is a feature that impresses users when trading in BGOGO.
3.Mining through Trading
Mineable BGG tokens (50% of total supply) will be reserved for users in the form of high-frequency trading fee rebates, commonly known as mining through trading. A number of BGG tokens equivalent to 105% of the trading fee will be rebated to the user in only 30 minutes after the trade. Bgogo reserves the right to adjust the rebate rate as we grow, but we promise to maintain a minimum rebate of 100%. The price of BGOGO will be determined by the market price at the time when a trade is finalized.
TOKEN METRICS
BGG is the token issued by Bgogo platform which is the proof of stake for the trading infrastructure. The upper limit amount of BGG is 10 billion without additional public offering. BGG will reward active users with trade mining. Also, under the exclusive “self-governance” mode, each supernode has the full discretion to list one cryptocurrency.
POTENTIALS & CHALLENGE OF BGOGO
At present, BGOGO has many advantages to find its own position. In fact, when officially put into operation, there were a significant number of users joining the service. The number of listed tokens appears regularly via the “1 vote – 1 list” model. However, being born while the market plummeted is the biggest reason that the BGOGO value dropped sharply and the liquidity also dropped from there. However, this is a common difficulty for all exchanges. It is difficult to confirm that no floor can maintain the trading volume as usual.
The second challenge, which is also of concern, is the appearance of two decentralized trading giants: Binance DEX and Nash Exchange. One side is the new development of the world’s no. 1 trading platform and one side is a great predictor potential from the NEO community as well as the cryptocurrency community. This can reduce the popularity of BGG if does not have the right strategy. It will be a big challenge for BGG
Psychology users are quite worried about using the service when the cases hacked with huge amounts of money to the centralized exchange. It is evident that users redirect to decentralized exchange. This is another major challenge for BGOGO
CONCLUSION
With the goal of BGOGO proposing “The exchange of the community, by the community, for the community”, this newness can bring a new wave to the market, when it is difficult to listing new token to the community. (depends on the listing fee and the exchange). With the trust of investment from large venture capital (21 super nodes currently) BGOGO can still achieve certain results, but with the market full of challenges and harshness, BGOGO needs to prove more to the community to see its vision and mission so that BGOGO is truly a community trading platform.
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