The project's mission is to leverage on blockchain technology in creating a lucrative and robust financial structure characterized as an affordable peer-to-peer (P2P) cryptocurrency exchange that provides various functions to enable ease-of-use in initiating transactions such as trades, payments, and transfers.
The platform now prepares to release it's token that is said to have a proof-of-work and proof-of-stake concept for reward and will be tradeable on the platforms P2P exchange.
The GekoBox tokens are released according to the ERC20 standard on the Ethereum blockchain. The total number of supply is 21,000,000 GEKO. However, a minimum of 15% (excluding allocation from unsold token after ICO) will be put into GekoBox mine deposit.
http://gekobox.com/assets/images/GEKO_background
The founder of GekoBox, Kelvin Akpe in his opening statement,
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Now we have created GekoBox token which has a real industry and unique structure behind the blockchain and operates on a PoW & PoS reward concept. This will indeed create value for the token.
GekoBox token has a fine system of production, distribution and consumption; which keeps it highly valuable. GekoBox has arguably the best structure for token circulation and distribution.
Transparency is one of the main features of public blockchain that eliminates the need for trust. This makes the investment structure clear.
GekoBox structure combines the Proof of Work (PoW) and Proof of Stake (PoS) concept to reward users with new tokens.
This is a structure that creates mutual benefits between the exchange platform and the token.
Creating value for the exchange:
New GekoBox tokens are being issued through the mining concept, which involves creating new blocks by miners/traders.
When GekoBox users engage in trades in the P2P crypto marketplace, they simultaneously create new blocks, each containing 50 GEKO. On successfully creating a complete block, the 50 GEKO contained in the block is released and issued to the miner as a reward. This is the PoW concept applied within the platform for rewarding traders.
The rate at which a new block is created is calculated on a certain algorithm which doubles(2X) in difficulty rate whenever each quarter of the total mine deposit is mined.
After 50% of the total mine deposit has been mined, the algorithm also changes, reducing the total blocks mineable per day.
Amount of GEKO contained in a block = 50 GEKO/block
Maximum mineable blocks per day = 68 blocks per day
Max mineable block (after 50%) = 34 blocks per day
Creating value for the token (GEKO):
GekoBox exchange is responsible for the initial value given to the token.
After the tokens have been mined, miners must sell a minimum of 50% of volume mined to GekoBox exchange (which will be initially bought from miners at 2USD/GEKO). This will create a standard for the value of each GEKO in the market until there is a bigger market volume/capitalization.
Also, the GEKO P2P marketplace will allow users to buy and sell GEKO to one another using several available payment options. This will serve as a medium for the exchange of GEKO before it starts getting listed in external exchanges.
Value of GEKO after launch = 2USD/GEKO
Creating Smart Passive Income:
GEKO has attributes akin to "dividends token". This is a form of Proof-of-Stake concept.
GekoBox distributes 70% and 10% of the token bought/reacquired from miners as a reward to token holders and charity, respectively. This distribution occurs at quarterly intervals (every 90 days).
The token claimable by each wallet holding GEKO is allocated in the proportion of the volume held at the time of distribution. Beneficiaries will be able to claim their dividends from the network within 72 hours. All unclaimed tokens will be sent to GekoBox account.
This is a structure developed to yield value by creating an increasing demand for the token
GekoBox is also determined to empower the society with the values of a peer-to-peer decentralized financial system. This is why a part of our proceeds is dedicated to charity.
Follow this post to get more information on GekoBox token parameters, presale and ICO.