The main feature of the service will be the use of supernodes with the authority to make decisions on the inclusion of new digital assets in the list of traded. Users will be able to get a discount of 105% from the trading Commission in BGG tokens. All fees charged by the exchange for transactions will be used to buy back the BGG coins and then destroy them. This will ensure the value and stability of the exchange’s internal cryptocurrency.
The core of the team working on the project consists of professionals with experience in such giant companies as Google, Facebook, Twitter and IBM. The concept is based on a fully secured and hassle-free platform, implemented under the management of Jang Yibo, who has been working in the field of asset management, direct investment and other financial areas in Hong Kong and mainland China for more than 12 years. In addition, Bgogo is supported by the investment blockchain giant Pantera Capital, which officially announced strategic investments in this project.
The main development team consists of 35 people and includes several winners of major programmers competitions:
Maximilian van (CEO, received a master of computer science degree from the University of California at San Diego, a former software developer (SW) at Facebook, and founder of the Facebook crypto syndicate, is a senior blockchain technology researcher and Advisor, has been involved in promoting several popular blockchain projects in Silicon valley, such as QuarkChain).
Nicholas Chen (technical Director, received a bachelor’s degree at the Shanghai University of transportation, winner of student’s competitions on programming ACM-ICPC International College Student Programming Competition Regional Champion, previously worked at the headquarters of Facebook in the United States, where he was responsible for maintaining network security in the social network, WhatsApp and Instagram).
Oscar song (chief operating officer, bachelor’s degree from Renmin University of China, former head of operations at Huobi and co-founder of Gukebao).
Ciara San (chief security Director, previously worked at the Boston Consulting Group and Deloitte Advisory, has a wealth of experience in the field of financial analysis, strategic consulting and corporate governance, the winner of the competition “2018 Blockchain Consensys without Borders Summit Project”).
The list of investors of the project includes a number of well-known venture funds:
Main features of the project
In fact, Bgogo is a cryptocurrency exchange that uses the so-called TRANS-mining or intelligent trading to create a user base. The business model built into it encourages large investors to accumulate the necessary amount of BGG tokens to become a supernode. Owners of such nodes can participate in the selection of digital assets that will be included in the lists of traded on Bgogo. This will allow them to earn 20% of the Commission charged by the exchange for trading with this token. This passive income privilege is perpetual.
Unfortunately, the technical documentation does not provide any details about the technologies used, but describes some aspects of The economic model of the bgogo exchange.
One of them is the long-term concept of the development of the trading platform. After creating the user base, the platform will be used to incubate and create a list of new ICOS created on the platform. This explains the fact that the project is not profit-oriented.
The owners of the tokens BGG will be eligible for pre-allocation ICO, developed on the platform.
Exchange Bgogo first marketplace using supernode to compile a listing of tradable digital assets.
The platform provides 21 supernodes. The bulk of them include leading encryption institutions around the world. These facilities will participate in the private sale of the BGG token. Playing a key role in the bgogo ecosystem, each supernode will be given the right to “one vote, one list”, as well as the advantage of a “lifetime” deduction of 20% of the Commission for coins accepted to the list of tradable assets.
Each supernode will function for about 90 days. At the end of each quarter, a new list of nodes will be re-elected from among the 21 best accounts in the BGG ranking. Their owners will be required to pass the KYC check, and if necessary, the platform team members will be checked to get the qualification. This is to protect against possible violations of the law.
One vote, one list
Every supernode has the right to powers that the authors of the project called “one voice, one list”. This privilege gives the holders of this status the right to choose the cryptocurrency for registration on The bgogo trading platform during the entire period of the status.
This is due to the fact that the selected cryptocurrency is tested and approved by the members of the exchange team. In the event that several supernodes will compete for inclusion in the list of traded assets of the same coin, the administration of Bgogo reserves the right to choose a supernode, which will be given such an opportunity. This scheme will allow to add 21 new coins to the list of traded assets during each quarter.
Deductions from trade Commission
A fixed rate of 20% of the trading Commission received from transactions with the supernode coins in the list presented on the exchange will be paid to the owner of the site “for life”.
Supernodes re-selection mechanism
Every day at midnight, a list of all individual accounts on the platform will be compiled, on the basis of which the supernodes will be re-elected. Daily weighted calculation of account positions by the number of BGG tokens will allow to make a rating of all coin owners at the end of each quarter.
The first 21 accounts from this list that have been verified by the KYC will be eligible for supernode status in the next quarter. If the nominee does not have the right to do so or waives this privilege, it will be given to the next BGG token holder on the list.
Duties and responsibilities of supernodes
Owners of such nodes must comply with two basic rules:
All supernode with the exception of first generation nodes should block your balance in tokens BGG for the period of granting the status.
Supernode owners should exercise due diligence and guarantee the authenticity, reliability and legitimacy of those cryptocurrencies that they offer to be included in The list of traded assets of the bgogo exchange. They are required to verify the information they receive about digital tokens for false data and fraud, including financial pyramids and Ponzi schemes.
If after the registration of a new token on the trading platform, the resource administration reveals any violations of this plan, it reserves the right to exclude this crypto currency and disqualify the supernode.
Mining through trading
Half of the BGG tokens (50% of the total volume) will be reserved for users and intended for mining, which will be carried out through trading on the Bgogo platform. The amount of BGG tokens equivalent to 105% of the trading amount will be transferred to the user 30 minutes after the transaction is completed.
The reserve Fund has the right to adjust the discount rate as the exchange develops, but the authors of the project promise that the minimum discount will be 100%. BGG price will be determined by the market at the time of completion of trading. In total, the exchange will operate two markets: BTC and ETH. For all other coins, these cryptocurrencies will play the role of the main ones when forming currency pairs.
BG mining table
Anti-fraud functions and monitoring compliance with trading rules:
In order to avoid premeditated trading by making trades to cheat the trading volume, the number of BGG tokens available for mining will be limited to the daily limit. Any transactions after the daily background is exhausted will not be able to qualify for discounts.
The total production of BGG will be limited daily for four years after the launch of the platform. Daily rewards will be distributed evenly throughout the day. Every hour will be allocated to 1/24 from the amount reserved.
In order to prevent deliberate trade transactions, the Bgogo system will monitor the daily limit of $1 million, which will be subject to the right to a discount.
After the daily limit is exhausted, traders will no longer be able to receive BGG tokens until the next day.
Bgogo the administration reserves the right to modify or discontinue the discount program on mining until the completion of the events of Genesis Mining, depending on the market situation.
Advantages and disadvantages of the project
The strengths of cryptocurrency exchanges Bgogo include:
the combination of super nodes and trading commissions for redemption and burning of BGG tokens should create a solid Foundation for the stability of the coin price;
the project attracted a large number of supporters thanks to the program proof-of-care.
Disadvantages of the project can be considered:
no description of the business model, technology and roadmap in the White paper;
lack of experience of the project team in the creation or management of the trading platform;
the issue of exchange management also remains open, as the technical documentation does not contain exhaustive information (based on the information provided, there is no way to know whether the trading Commission system and BGG tokens will be used, as the authors of the project promise);
there is no unique offer or feature that could allow the bgogo exchange to win its due place in the market among many other trading platforms.
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