Since BigONE started “Trade-Mining” section, we have received widespread attention and heated discussion among our user community. Many users have proposed constructive suggestions for the platform’s long term healthy growth. BigONE has also received feedback from long-term users in our community who believe that the distribution and rebate mechanism of ONE has influenced the rights of original BIG token holders.
In order to publicly, fairly, and transparently settle the relation between BIG and ONE tokens, BigONE has collected and sorted through a large number of community suggestions to produce several candidate plans. We plan to support a vote by BIG holders in the BigONE community and publicly post the results. This will be the first major vote of the BigONE community where all BIG Token users have a voting stake at a ratio of one vote per token. Because the platform itself holds nearly 85% of BIG tokens, it will abstain from voting in order to allow the community to determine the policy. We kindly ask all holders of BIG to carefully consider the options and actively participate in the vote.
The community raised suggestions are as follows:
“Plan 1” Single Token: Gradually Convert BIG’s Rights into ONE, BigONE Platform Gives Back to Community
Destroy 125 mln BIG tokens held by the platform
In order to resolve concerns in the community that BigONE platform holds the vast majority of BIG Tokens (currently about 170 mln but did not use nor distribute them), and to increase the reasonable interests of BIG holders, BigONE will preserve 45 mln BIG while destroying the remaining 125 mln (62.5% of total current number of BIG tokens).
Set Up A Platform Development Fund
Of the remaining 45 mln BIG tokens, 30 mln (or 40% of the total remaining tokens) will be held by BigONE team members and 15 mln will be used to create a platform development fund. The fund will pay operating expenses such as marketing & advertising, community operations, ecosystem development, and continuing buybacks of ONE tokens.
BIG’s Rights Will transition to ONE
BIG will continue to trade freely until 20:00:00 (UTC+8) July 21, 2018. After which, all trading of BIG will stop to take a snapshot of all holdings. ONE will be continuously airdropped in to BIG holders according to their holdings at the time as ONE is mined. The platform will freeze all of BIG and airdropped ONE tokens during the transition period, but BIG holders will still enjoy ONE-based rebates for trading-mining fees. After ONE is finished mining, all BIG tokens will be destroyed and the ONE tokens given to the holders of BIG will be preserved and unfrozen in stages. The details of how and when the assets will be unlocked for trading will be posted at a later date.
BigONE Platform to Give Back Partial Revenue from the Early Stage to The Community
The platform will give back 29.4% of its own trading fee rebate (by holding ONEs) and give back 29.4% of ONE by holding BIG from the “early bird mining phase” (June 22 00:00 UTC+8 to June 29 20:28:10 UTC+8) and ONE’s reset (July 5 00:00 through the stopping of BIG trading), to conduct an airdrop of a basket of crypto assets to BIG holders based on the user trading positions at the cessation of BIG trading. Through this adjustment, BigONE will only hold 60% of BIG holding position with the rest held by the community. [Note: 29.4% is the target user proportion minus the current proportion divided by the amount held by the platform; (40%-15%) / 85%]
A small number of BIG circulating outside of BigONE can be destroyed after charging on the platform. At which time, the users will receive the same allocation of ONE and trading fee rebates as determined at the cessation of BIG trading.
“Plan 2” Dual Token: Preserve Both BIG and ONE, While Platform Takes Partial Revenue to Buy Back BIG
BIG will remain as is, but the BigONE platform will restart a BIG buyback plan at regular intervals. BigONE will use 40% of the trading fee rebates obtained by holding ONEs got from the BIG tokens it holds (currently 170 mln) as the assets for the buyback. BIG will continue normal trading, but ONE received in exchange for BIG will be subject to a trading freeze. The freeze will be lifted in stages after mining is completed. Details of that plan will be announced at a later date.
“Plan 3” Continue current state with no changes to the rules
“Plan 4” Disagree with all of the above plans
If you have a different or better suggestion than any of the above plans, please contact us at email@example.com with the subject line: “BIG Plan Suggestion”. We will take it into consideration to make adjustments before the formal vote.
The vote will be held (estimated) between July 19 20:00:00 and July 21 20:00:00 (UTC+8)
1. The platform will take a snapshot of BIG trading positions at 16:00:00 (UTC+8) on July 19 in order to determine the number of votes for each user.
2. The plan with the highest number of votes will be adopted as the best plan chosen by the community.
3. The approximately 170 mln BIG tokens held by the platform will not participate in the vote.
4. No results will be displayed during the voting process. Within 24 hours of the end of voting, detailed results including the votes of every BIG holder (encrypted email address) will be announced for verification.
5. BIG trading will be suspended on July 21 at 20:00:00 (UTC+8). After the election results are decided, there will be another announcement as to whether trading will be resumed.
July 18, 2018