Ethereum
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OMG · 17w

Earning Our Place - GO.Exchange - Medium

3. Community Burns

Other projects in the space have very vibrant communities due to their decentralized nature. As a centralized organization, we spent a great deal of time thinking about how to include our community in a meaningful way. We came up with an interesting mechanism that we call community burns, in which we allow our community to vote for which tokens they want us to burn with 50% of our transaction revenues. For those who may not know, burning cryptocurrencies refers to removing tokens from circulating supply forever.

Our first community burn will be OMG. For the first three months of launch, for our inaugural community burn, we will use 100% of our trading fees instead of 50% to burn OMG.

After the initial OMG token burn, the decision-making for the community burn tokens will involve our community. To conduct future community burns, we are introducing a reward token called GO.Exchange Token (GOT), to reward users for trading on GO.Exchange. GOT reward token is much like a loyalty point system on other platforms. GOT is obtained by transacting on GO.Exchange — the more volume a user contributes to the exchange by transacting, the more GOT that user will be rewarded. Although no votes will be held in the initial phase of our launch, early adopters can begin accumulating GOT from day 1. To be perfectly clear, we are not conducting an ICO or raising any funds through GOT.

Our community will be able to vote for tokens they would like to see burned by using GOT received as a reward token from transacting. We will set aside 50% of our transaction revenue to burn the top voted tokens voted by GOT holders. Although our opening community burn will be comprised of 100% of transaction revenue, burns thereafter will be 50% for the first year, 35% for the second year, and 25% for the third year and the years following. Through GOT, our community can vote to add a token burn mechanism to their favorite tokens listed on GO.Exchange. For inst...

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