Gate.io POINT Launch and GT Distribution Rules (for individual users only)
GT will be distributed 100% fairly and transparently through our platform on gate.io 💯How can you get GT? Read this GT Distribution Rules, you can find out all the answers you were looking for. See announcement: https://www.gate.io/article/16810
Gate.io has officially announced the launch of new products, including Gatechain, Gatechain Token(GT), and POINT . We will be giving away 300 million GT with the sales of POINT within a limited time. Our news has drawn much attention, with more people getting to know our principles, achievements, and vision of the blockchain industry. We are beyond excited to share that after the release of the announcement, the amount of our web visits has tripled, the number of daily new registered accounts has increased by 10 times, and the spot trading and contract trading volume has soared to 400 million USD.
Many users have raised concerns about not being able to get GT rewards. We also have noticed that recently, certain teams are planning to grab GTs by using bots or programs, some even charge fees to help individuals get GTs, which brings considerable risks to users.
Therefore, we would like to announce the following details that enable individual users to purchase POINT and get GT rewards. We will ensure that everyone can participate in the distribution and that the process is entirely fair and transparent. Using bots or other malicious ways to get GT has no advantage in the distribution. We highly recommend users to participate in the distribution by themselves. Please do not transfer your property to any third-party institutions or individuals that claim to be able to get GTs. Be aware of the scams we have mentioned above.
1.Gate.io POINT sales and GT reward Rules
(1) The sale of POINT starts at UTC 4:00, April 8, 2019, and there are 3 phases of it. Please click here to check the previous announcement regarding the reward daily supply limit, price and other relative information for the sale.
(2) In the first phase and second phase, users can place orders to purchase POINT from UTC 4:00 to UTC 6:00 every day during the distribution. Order placed by qualified users within these 2 hours will be treated the same.
(3) To become a qualified user to purchase POINT, your user account balance should not be smaller than the value of POINT you are purchasing.
(4) Each user can only use one account, and the purchase limit is 10 plans per day. Users who violate this rule will be disqualified, and the payments will be refunded.
(5) Users can place orders using other coins (we take USDT，BTC，ETH，EOS，BNB，HT). Each order can only use one type of coin, and each type of coin can only be used once per day.
(6) Before UTC8:00, users need to ensure there is sufficient balance in accounts for the purchase after placing the orders. An insufficient balance will result in the cancellation of the purchase order.
(7) Users can purchase POINT on any specific day or several days during the distribution (please note that the amount of GT reward will reduce over time). After UTC 6:00, we will collect all the qualified orders and distribute the POINT and GT reward according to the individual purchased plans: total purchased plans ratio. The final result will be announced at UTC 8:00 each day.
(8) The distribution calculation rules are as follow:
F (reward ratio) =GT reward daily supply limit÷ordered POINT GT reward total
P (actual individual purchased POINT) = F×qualified individual ordered POINT
G (actual individual GT reward) = F * qualified individual ordered POINT GT reward
M (actual payment amount) = F×qualified individual ordered POINT payment amount
E.g. GT reward daily supply limit is 10 million. The ordered POINT GT reward total is 20 mllion. User X has placed an order to purchase 10 thousand POINTs which comes with 23 thousand GT reward. Thus:
F (reward ratio)= 10,000 ÷ 20,000 =0.5
P (actual individual purchased POINT) = 0.5 × 10,000 = 5,000
G (actual individual GT reward) = 0.5×23,000 = 11,500 GT
M (actual payment amount) = 0.5 ×9200 USDT = 4600USDT
(9) The Gatechain Token (GT) distribution is entirely public and transparent. There is no ICO, no private sale no distribution to the team, no pre-order, or reservations for institutions. Please be aware of scams. Click the only official link below to get GT：https://www.gate.io/point_gt_reward
10. Users in the United States, Canada, Japan and other restricted countries cannot participate in this POINT purchasement.
2.The FAQ of GT and POINTs
1) what is GT?
GT stands for Gatechain Token, it is the base currency of Gatechain’s public chain, supporting the infrastructure of the Gatechain public chain. GT is the main network fuel of Gatechain, paying the network transfer fee. Gatechain encourages GT holders to protect the network health through PoS equity mining. Gate.io will also adopt GT as part of its eco.
2) How to Get GT?
GT can only be acquired via Gate.io. We will give away 300 million GT to users in the initial stage of the POINT launch. The GT distribution starts at UTC 4:00, April 8th, 2019. There is no ICO, no private sale. Please be careful of scams.
Purchase POINT and Get GT (for WEB only, mobile users, please use the browser)：https://www.gate.io/point_gt_reward
3) In the initial stage, will there be ERC20 based GT on Ethereum?
NO. The alleged ERC20 based GT is a scam. GT can only be gained on Gate.io. The deposit and withdrawal of GT will only be available when the Gatechain Mainnet is launched in Q4 2019.
4) What is the core value of Gatechain and why is it different?
Other than the DEX it provides, Gatechain creatively solves two safety issues, including 1) how to recover stolen digital assets and 2) how to find lost private keys.. Gate.io will reveal more details when the Gatechain Mainnet is launched. Gate.io will also make it open source to benefit users and the community.
5) Why is the initial amount of GT 300 million, but will end up being 1 billion after ten years?
Users have raised doubt about our supply and distribution mechanism, regarding our large max supply and low circulating supply in particular. Though this design is not quite like the others, we believe it can benefit both our platform and users in the long run. The 300 million GT will be entirely distributed to users, with no ICO or private sales, and no distribution to the team, meaning the distribution is entirely fair. The remaining GT will be locked for 12 months and vested for 10 years so that the funds can be slowly released to support our projects throughout the future.
6) What is the POINT?
POINT is a new . That can be used to deduct trading fees. 1 POINT equals 1 USDT fee. Users can get further handling fee discounts by purchasing a prepaid plan.
7) How can users use POINTs?
Initially, POINTs can be used to deduct trading fees in Markets and margin trading. In the future, POINTs can be used to deduct trading fees in other sections such as Fiat trading, Fiat lending/borrowing and contract trading, else.
8) Will I purchase POINT plans without getting the GT rewards if all the GT has been given away that day?
No. During the distribution, if the daily GT supply is all distributed, POINTs cannot be purchased. The sales of POINTs will be resumed the next day. Users will not purchase POINT plans without getting GT rewards. Users will be notified via announcements if all the GT are given away and when the POINTs do not come with GT rewards.
9) Can POINTs be transferred?
Initially, POINTs can only be transferred within a certain period of time. However, users have raised concerns about not being able to transfer POINTs in time or at a reasonable price. To address users needs, we have now decided that users can transfer their POINTs. However, Please be aware of the risk during transfers.
10) Can GT be pre-ordered? Is there any private sale? Is there a reservation for institutions?
The 300 million GT will be awarded to users with the POINTs purchased publicly. We have announced all the supply and distribution rules to ensure fairness and transparency. There is no ICO, no private sale, no distribution to the team, no pre-order, and no reservation for institutions.
11) When will GT be listed for trading?
After the second phase distribution, GT will be listed on Gate.io for trading. GT deposits and withdrawals will be enabled after the GT mainnet launches.
3. GT distribution Timetable
- GT Reward Phase 1 Details, starting from UTC 4:00, April 8, 2019
Each day supply limits
Day 1 40,000,000
Day 2 30,000,000
Day 3 25,000,000
Day 4 20,000,000
Day 5 15,000,000
Day 6 12,000,000
Day 7 8,000,000
2) GT Reward Phase 2 Details, starting from UTC 4:00, April 15, 2019
The reward for old users:
3) The reward for VIP users, starting from UTC 4:00, April 18, 2019
Note: The distribution details might be fine-tuned during the distribution phases. Please refer to Gate.io Launches the Next Big Thing and Distributes 300 million Gatechain Tokens (GT)
See details: https://www.gate.io/article/16810
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