To cope with changes in the market, TOP.ONE is about to launch the optimized and healthier model of “Trans-Fee Mining” on June 29, 2018 15:00 (UTC+8). Besides, it will also introduce a new platform token - ONE, which will work in parallel with the original platform token TOP for mutual survival and win-win.
Explanations about these two tokens are shown as follows:
The total quantity of ONEs will be 10 billion, including 6 billion to be mined in the Mining Zone and 4 billion to be released proportionally.
Users will produce relevant quantity of ONE by making transactions in the Mining Zone or inviting transaction-based mining.
For every six ONEs which are mined by users and enter the circulation market, 4 ONEs will be released into the circulation market proportionally. Only those mined or proportional released ONEs are qualified for token holding-based sharing of Mining Zone trading fee (distribution of income).
20% of income from Mining Zone trading fee will be used for development and operation and maintenance of TOP.ONE.
80% of income from Mining Zone trading fee will be distributed to the accounts holding mined or proportional released ONEs by proportion on TOP.ONE exchange.
ONEs will be distributed as follows:
|To be mined in Mining Zone:||60%||The Production of Trading within Mining Zone or Invitation Trading;|
|Released proportionally：||25%||TOP Community (Locked till the end of mining cycle);|
1. Mining Zone Trans-Fee Mining Mechanism – [Market Price-based Token Production Model] and [Limited Token Production Model]
The Mining Zone will be established for TOP.ONE. Besides, the mainstream currencies with high market value and circulation and large exchange platform currencies will go live. This will guarantee miners’ initiative for mining and reduce mining risks. Only transactions in the Mining Zone are qualified for participating in mining for sharing ONEs. Trading fee income from the Mining Zone will be allocated to the accounts holding mined or proportional released ONEs on TOP.ONE exchange by proportion.
A. [Market Price-based Token Production Model]:
Current-date individual’s Mining Zone trading fees / current-date average price of ONE = quantity of produced tokens through the individual’s mining
(Mining period is determined by the market)
B. [Limited Token Production Model]:
Current-date individual’s trading fees in Mining Zone/total current-date trading fee in Mining Zone * 2,000,000 ONEs = quantity of produced tokens through the individual’s mining
(Mining period is about 1500 days)
1. The first 3 billion ONEs will be mined according to the [Market Price-based Token Production Model] and the latter 3 billion ONEs will be mined by following the [Limited Token Production Model].
2. 0.03 USDT will be taken as the initial price of each ONE in the first few days as of creation.
3. The ONEs which are mined on current dates will be calculated and issued to accounts on the next day. Only those ONEs stored in exchange accounts will be snapshot, so the ONEs mined on current dates will participate in token holding-based sharing of trading fee (distribution of income) form the next day.
2. Mechanism of Token Holding-based Sharing of Trading fee in Mining Zone (Distribution of Income)
A. 80% of income of daily trading fee in Mining Zone will be distributed to the accounts holding mined or proportional released ONEs by proportion on TOP.ONE.
B. The ONEs in each account will be snapshot at 23:59:59 on current dates and the trading fee in Mining zone which are distributable by proportion will be issued to each snapshot account on the next day. In principle, Mining Zone trading fee will be distributed as received.
3. Invited Mining Mechanism
A. The platform will reward inviters with additional 50% of ONEs based on the ONEs which are mined by invitees on current dates.
B. Rewards for invited mining will be issued at the same time as that for mining.
C. The time of commencement, adjustment or completion shall be subject to official announcement.
The total quantity of TOPs will be 2 billion, including 0.8 billion held by the team and 1.2 billion held in the market in the early period of token issuance.
Users will receive relevant quantity of TOPs through token issuance.
1. Buyback for Destruction Mechanism
- TOP Community will own 25% ONEs jointly. If all of these ONEs are mined, 1 TOP is equivalent to 1.25 ONEs.
- Because ONEs are released proportionally along with mining, in order to guarantee fairness of distribution of ONEs, the ONEs jointly owned by the TOP Community will be locked in position until the mining period ends.
- The income from distribution of ONEs locked in position will be used for buying TOPs back for destruction within 24 hours. This means that quarterly buyback for destruction as planned in the White Paper will be changed to daily buyback for destruction.
- Upon completion of mining of ONEs, the TOP Community will initiate voting to decide how to distribute the ONEs of the TOP Community.
- 20% of non-Mining Zone trading fee income will be used for buying TOPs back for destruction each quarter. The remaining 80% will be used for promotion campaigns and rewards in non-Mining Zones (including but not limited to air drop, qualifying sessions, etc.)
- The token of TOP will feature implementation of more unique application scenarios in the ecosystem of TOP.ONE. Some scenarios which have been implemented gradually so far or are about to be applied officially include:
A. Token listing through voting
B. Private offering privileges
C. VIP interests
D. Advertisement costs
E. Node earnings
F. Negotiable currencies necessary for subsequent new functions
Do not forget the beginner's mind, and you will reach the bright end. Thank you for your support for TOP.ONE as always.
We will always follow the positioning and value distribution of the tokens of TOP and ONE throughout the development of the platform and give them reasonable value support so that both of them will have their own uses and investors will have gains from them, respectively.
Adjustment will be made according to actual conditions during execution. Details and time of such adjustment shall be subject to announcement made by TOP.ONE officially.