SINGAPORE -- Gaungriau.com -- ABCC, the world-class cryptocurrency exchange, recently announced the issuance of its platform token, ABCC Token (AT), to reward its platform members. The project guideline outlined the detailed mechanism.
Set to be issued on 9 July 2018, AT is an ERC20 Token designed and used solely on the Ethereum platform with a fixed total supply of 210 million. Its initial price will be set at $0.4 per token. API users are excluded from the early stage trading in order to maximise the benefits for individual users.
ABCC adopts a mechanism called "Trade Contribution + Simultaneous Release" to issue its AT, i.e. 50% of the total AT supply will be rewarded to users, while the remaining 50% are saved for the platform, team and investors. Out of the 50% for users, 40% will be used to reward users who trade on ABCC via the Trade-to-Mine (ToM) mechanism. Users will mine AT via trading activities and receive AT as rewards in proportion to their trading fee.
AT Release and Trading
Inspired by Bitcoin Mining, AT mining rules follow a half-life decay pattern. There are six half-life periods in total with each period being 120 days. Within each half-life period, each "block" will be generated every six hours, while the same amount of AT will be released for each block within the same half-life period. In the first 120 days after mining activity starts, 87,500 AT within one block will be released every six hours.
Following common practices of the financial industry, AT will start trading on the platform two to three weeks after the mining activation, when its circulation reaches 5-8% of the total supply to stabilise price and avoid manipulation.
Mining Referral Program
ABCC has launched its Referral Program a week ago. It will be upgraded to Mining Referral Program after mining activation. All users who participate in the Mining Referral Program will enjoy additional rewards as follows:
Earn 20% of rewards received by invited friends who ToM on ABCC;
Earn 10% of rewards received by friends of friends who ToM on ABCC;
Friends who have been invited will receive extra 10% rewards when they ToM on ABCC.
ABCC embraces the Bitcoin mining philosophy and applies this to its AT mining rules. Taking into consideration that Binance Coin was issued at $0.1553 and valued at $14.16 at the time of writing, AT has a long but bright way to go.
In the lead up to the AT issuance, ABCC is recruiting 2,000 Genesis Miners who will enjoy exclusive rights to mine the first few blocks when ToM starts. Registration is still open via http://t.cn/RBFed5S.
ABCC is founded by Calvin Cheng, a technology and media magnate, and other co-founders with a broad range of experience and track record in Internet, financial services, and management consulting. Its advisor team includes Dr. Michael Frendo, Former Minister of Foreign Affairs of Malta, Zhang Lei, the CEO of Yee and YeeCall, Forrest Chen, CEO & founder of NewsDog, and Weixing Chen, Chairman of the Board at Funcity Holding and Funcity Capital, founder of Kuaidi Dache.
ABCC is a world-class cryptocurrency exchange, aiming to provide a frictionless, user-centric trading experience. It embraces the philosophy of blockchain --open, frictionless and participatory. ABCC was founded by Calvin Cheng, a technology and media magnate, and other co-founders with a broad range of experience and track record at some of the most successful Internet, financial services and management consulting firms. The advisor team includes Dr. Michael Frendo, Former Minister of Foreign Affairs of Malta, Zhang Lei, the CEO of Yee and YeeCall, Forrest Chen, CEO & founder of NewsDog, and Weixing Chen, Chairman of the Board at Funcity Holding and Funcity Capital, founder of Kuaidi Dache. It was also invested by Funcity Capital, Dream Seeker Capital and BlockOrigin.**(MOR/Gaungriau)