BGOGO — 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 most high quality and promising digital assets.
Mine BGG tokens whenever you trade with us and earn a 105% trading fee rebate. Bgogo performs a daily buyback of BGG tokens.
In Bgogo system, the founding supernodes means the entities who are chosen to participate in BGG token private sale. There are 21 BGG supernodes in the system. These founding supernodes and the next generations of supernodes play a key role in the ecosystem to pick the cryptocurrency to be listed on BGG exchange so that users of Bgogo exchange will be able to trade these coins. Then 20% trading commission from the coin will be paid to the supernode that nominated it. Each tenure of supernodes lasts a quarter. Each quarter, new supernodes are re-elected. After the first generation, the next generation is elected as the top 21 BGG holders that pass KYC. The snapshot of all individual accounts at 00h00 (UTC + 8) everyday will be used to produce the ranking of the top BGG holders.
The privileges that supernodes have are as follow:
- Have the “One Vote, One Listing”: Each supernode owns the authority to nominate a cryptocurrency which is legally qualified and agreed by the team to be listed on Bgogo exchange. In case more than one supernode choose the same cryptocurrency, the project team will decide which supernode can nominate them. This means during each tenure of a quarter, 21 coins picked by supernodes are listed.
- 20% per trade commission: When the nominated cryptocurrency is traded on the platform, 20% of the trading fee that users paid to trade it is given to the supernode who has picked the coin to be listed on BGG exchange.
The first-generation of supernodes includes 21 top-tier blockchain organizations around the world: Pantera Capital, ICODrops, DHVC, Node Capital, BlockWater Capital, Micheal Arrington (XRP capital), 8 Decimal Capital, PreAngel Fund, FreeS Fund, Genesis, Metropolis VC, Dfund, DKB Fund, Block VC, Sky9 Capital, Utopia Capital, DFG Capital, Amber AI and more supernodes are joining. Each supernode holds 33,333,333 BGG.
Bgogo in comparison?
Bgogo exchange platform joints the new trend of the cryptocurrency-exchange platform which returns trading fee to users by their token, known as “mining through trading” that is the main difference compared to that of the conventional cryptocurrency-exchange platform such as Bittrex, Poloniex, Bitstamp.
Currently, there are several exchange platforms based on “trade-driven mining,” especially, Binance, Okex, Huobi, CoinEx and Fcoin platform. The below table gives the detailed comparison of 5 “trade-driven mining” exchange platforms.
The most distinctive characteristic of Bgogo platform is 21 “Supernodes.” First time in the history of cryptocurrency, the coin listing right is given to strategic investors who hold the most proportion of BGG token. Secondly, 100% of trading fee revenue will be used to repurchase BGG token, and it will be lifetime while other exchange platforms use only a fraction of up to 20% of trading fee revenue.
The Supernode will eventually become Market Maker for new listing coin since one of Supernode’s sources of income derived from the trading fee. It encourages the Supernode to stake more BGG token to remain Supernode position and therefore increase the value of BGG token.
Bgogo supernode and mining system are designed to differentiate Bgogo platform on the market. While other leading exchanges use the tactic of fee rebates as a tool of making fake volume, giving incentive to a pump and dump practice, Bgogo exchange platform encourages a much healthier trading practice when BGG applies a cap of $1,000 to fee rebates for every individual account. However, the 20% share of the trading fee will have a negative impact on the fairness of the BGG contribution between Supernodes. At the start, Supernodes that list high volume trading coins such as Bitcoin, Ethereum, Neo, EOS,… will have advantages over supernodes that do not list Bitcoin or Ethereum. The differences in daily volume of top 3 coins with other top 10 currencies are, and a 20% flat rate will bring immense benefit to Bitcoin supernode and Ethereum Supernode. It will eventually discourage supernode to list new promising coins. If Bitcoin supernode stake enough BGG over the time to pitch for a new supernode, the idea of a decentralized VC will be finish in 3–6 months because the lower volume trading supernode cannot compete with other higher volume trading supernote. A mechanism in places such as lower the fee rebate when user trading BTC or eth, for example, only 20% of fee rebate will be given to top trading pair BTC/USDT or BTC/BGG will slow down the speed of centralization of supernodes. Ultimately, there must be a mechanism to adjust the rate of high volume trading pair at the start. In this way, BGG can remain the fairness among supernodes.
The supernode unfairness design can lead to the negative consequence of centralization of the supernode, and new listing coins will have to pay a bunch of listing fee to the dominating supernode. Also, the concentration of supernode will also bring back the fake volume trading plague, and it is against the aim of BGG team.