ABCC Token (AT) is a platform token issued by ABCC.
AT will be issued on July 9th 2018 (UTC+8) and distributed to users via the Trade-to-Mine (ToM) mechanism. The total supply of AT will be fixed at 210 million tokens with no additional offering. When the number of released AT reaches 5 to 8 percent of total supply (approximately 2-3 weeks after launch), AT will start trading on the platform. The initial price of AT is estimated to be set at $0.4 USD per token.
Distribution via ToM
Drawing inspirations from the Bitcoin mining model, we have adopted a similar inflation model for AT. Within the time frame of every block, users with ABCC memberships will receive AT tokens proportionate to the trading fees they contributed to the total trading fees collected by ABCC during the duration of that block. For the time being, ToM will only be open to non-API users in order to give every user a fair chance of mining.
AT amount distributed to Member A during Block n = total AT released during Block n * (total trading fees contributed by Member A / total commission collected by ABCC during Block n)
The Pre-mining Privilege calculation is as below:
AT earned by a Genesis Miner = AT released in the block * (individual trading fee generated within the block/ total trading fee generated by Genesis Miner within the block)
The Genesis Blocks will only be open to Genesis Miners after AT is issued.
80% of the total trading fees collected by ABCC will be redistributed to members, in this case, who hold AT on the platform. According to the snapshot of the previous day 24:00 (UTC+8), the proportional rewards will be distributed to AT holders in BTC, ETH, and USDT.
The Rewards Distribution Formula
Member A rewards = Total trading fees collected by ABCC exchange * 80% (Amount of released AT held by Member A as of previous day 24:00 (UTC+8) / Total AT released)
Rewards for Historical Trades
According to AT mining rules, 10% of the total supply of AT will be used to reward eligible existing users. We will airdrop AT to eligible users based on their cumulative trade volume contribution ending 24:00 June 27th, 2018 (UTC+8).
The airdrop will finish on July 10th, 2018 and be unlocked 180 days after the launch of AT. Users who receive airdropped AT will need to complete the KYC process within this 180-day period, or else the airdropped AT will be returned to ABCC.
June 30th, 2018