In light of the growing interest in our upcoming Token Sale, we’re providing a brief rundown of our crypto-exchange proprietary token. The following can be found in detail in our Whitepaper. The below serves as an introduction for investors and traders on what they can expect.
What is a BCIO Token?
So, you might be wondering what exactly will be the blockchain.io coin and how it will be used. Blockchain.io coins are called BCIO Tokens. BCIO Tokens are utility coins, designed to provide a smooth and secure experience for cryptocurrency traders and users on our trading platform.
We are launching these tokens in like manner with other ICOs. This means you can look forward to an incentivization bounty program aimed at fostering liquidity on the exchange. We’ll provide more info on our bounty program in a follow-up article.
BCIO Tokens will be held in a wallet on the Exchange. Each user will hold a certain number of Tokens both for services and to perform operations on the exchange.
What are BCIO token usages?
As detailed in the graphic above, all exchange trades— including trading, borrowing, transfers, listing, ICO and other services — are subject to platform fees, with the exception of BCIO token “long” trades. Users have the freedom to pay associated fees in either BCIO tokens or another approved cryptocurrency .
All Services and Transaction fees paid in BCIO tokens or cryptocurrencies are automatically deducted from the user’s Wallet. If the user does not hold the required number of tokens or coins, the service will not be provided and the transaction will not be completed.
Concerning some of the benefits granted to BCIO Token holders, platform fees paid in BCIO tokens are subject to discounts, and such fees will be discounted in several ways. For instance, we’ve established a discount token tier system, thus some discounts will be granted according to the total amount of BCIO tokens held by a trader.
Discount percentages associated with each tier will be decided by blockchain.io management after the token sale and following a survey of BCIO token holders. We’re all in this together, people! We will provide an example of the proposed discount framework soon.
Survey participation rights
Concerning the aforementioned survey, we at blockchain.io want to build a vibrant, trustworthy community. As such, we will regularly organize surveys and polls to act as consultation among BCIO Token holders regarding the introduction of new platform features, the listing of third party tokens or other strategic decisions like buyback programs. Token holders will thus be able to contribute to the blockchain.io roadmap. Each user’s voting rights and weight will be proportionate to the number of Tokens held in the user’s Exchange Wallet.
Loyalty & rewards
To sum all this up, BCIO tokens will be used to incentivize platform use and reward external developers as well as existing Paymium.com users and early blockchain.io adopters and supporters. BCIO holders will also have priviledged access to ICOs organized by Blockchain.io, benefit from complimentary services and will be prioritized for airdrops.
The time to opt-in is upon us, and the sooner users adopt tokens and engage the exchange the better. We look forward to building the Internet of Value together with you.