What is ABCC
ABCC Digital Asset Exchange will issue ABCC Token (AT) on July 9th 2018 (UTC+8) as part of our User Incentive Plan.
1. What is ABCC Token?
ABCC Token (AT) is an ERC20 Token to be issued by ABCC Digital Asset Exchange. The total supply of AT is fixed at 210 million without any future offering.
2. Benefits of AT
AT is a blockchain-based token native to ABCC Digital Asset Exchange. Members holding AT will be able to get access to a wide range of benefits including but not limited to—
Using AT for various products and services on ABCC. For example, members can purchase other digital assets, pay transaction fees and gain preferential access to premium services with AT.
Participating in various activities and campaigns on ABCC. ABCC will reward members who meet certain criteria. For example, members holding AT will share in 80% of trading commissions collected by ABCC.
Participating in various activities such as community building, interaction between members and ABCC, proposing suggestions to ABCC and others.
3. Initial Allocation
Below is a breakdown of the initial allocation of AT.
We will adopt a mechanism called “Trade Contribution + Simultaneous Release” to issue AT.
4.1 Trade Contribution
In order to encourage our users to trade on ABCC, we have decided to reward our members with 50% of the total supply of AT.
Of the 50% rewarded to users, 4/5 (i.e. 40% of the total supply) will be used to reward members who trade on our exchange platform via the “Trade-to-Mine” (ToM) mechanism. The other 1/5 (i.e. 10% of the total supply) will be granted to users who traded prior to the issuance of AT.
4.1.1 Trade-to-Mine (ToM)
40% of the total supply of AT will be used to reward members who trade on our exchange platform via the “Trade-to-Mine” (ToM) mechanism.
Drawing inspirations from the Bitcoin mining model, we have adopted a similar inflation model for AT. In particular, the ToM mechanism includes two steps, i.e., “release” and “distribution”.
The release of AT follows a half-life decay pattern. There are 6 half-life periods in total with each period being 120 days (roughly 4 months). We will release half of the total supply of AT in the first 120 days. The number of AT to be released in the following half-life period will be halved, and so on. Please see details of AT release schedule below.
Within each half-life period, one “block” will be generated every 6 hours. The same number of AT will be released for every block inside the same half-life period. For example, the number of AT to be released for one block in the 1st half-life period is calculated as follows.
The total number of AT in the 1st half-life period: 42,000,000;
The number of days in the 1st half-life period: 120 days;
One block will be generated every 6 hours;
The number of blocks to be generated every day: 24 hours / 6 hours = 4;
Therefore, the number of AT to be released for one block in the 1st half-life period: 42,000,000/120 / (24 hours / 6 hours) = 87,500.
We will distribute AT released in a block to members per the percentage of their trading fees within that block.
If it so happens that there are no members eligible for the rewards in a certain block, the released AT assigned to this block will be distributed in the next block.
4.1.2 Reward for Historical Trades
10% of the total supply of AT will be used to reward eligible existing users. We will distribute the rewards to the eligible users based on their cumulative trade volume contribution ending 24:00 June 27th, 2018 (UTC+8). The rewards will be frozen for 180 days after the launch of AT.
4.2 Simultaneous Release
AT will be released to the platform, team and investors in proportion to the number of AT released and distributed to members via Trade-to-Mine (ToM).
The number of AT released via Simultaneous Release = the number of AT released and distributed via ToM * (50% / 40%).
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