Cryptocurrency exchange ABCC recently announced the issuance of its native token, the ABCC token (AT), which is foremost designed to reward its platform members.
Set to be issued on July 9th, 2018, AT is an ERC20 token issued on the Ethereum blockchain with a fixed total supply of 210 million.
Its initial price will be set at USD $0.4 per token. API users will be excluded from early stage trading in order to maximize benefits for individual users.
“Trade-to-Mine”
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% is saved for the platform, team, and investors. Out of the 50% for users, 40% will be used to reward those 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 fees.
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 exchange two to three weeks after the mining activation, when its circulation reaches 5-8% of the total supply to stabilize price and avoid manipulation.
Mining Referral Program
ABCC 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:
– 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 comprises the Bitcoin mining philosophy and applies this to its AT mining rules. Taking into consideration Binance Coin (BNB), the most successful exchange token to date was issued at $0.1553 and is now valued at $14.16 at the date of this publishing, the ABCC team believes AT has bright potential but a long way to go.
Also worth note, ABCC recently announced an airdrop program for previous exchange users. ABCC will airdrop 10% of the total AT supply to all users who have traded on ABCC before June 27th, 2018 in proportion to their cumulative trading volume between the exchange’s start date and the end of June 27th.
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.