On July 9, the Singapore Cryptocurrency Exchange ABCC released its platform token (AT) with a total of 210 million coins, 40 percent of which will be generated using Trade-to-Mine (ToM) technology. What are the advantages of this system, and why did the developers of the exchange need their own cryptocurrency?
What Is ToM?
Trade-to-Mine is a model for obtaining tokens by conducting trading operations on a crypto exchange, in which coins are returned to a trader in the amount proportionate to the trading fees they contributed. That is, in this case, there is no need for classic mining because to earn revenue you simply need to make many trades on the platform. Despite this significant difference, however, the mechanism for generating ToM tokens is similar to that used by Bitcoin, since initially, the Bitcoin network generated rewards for miners in the amount of 50 BTC every 10 minutes. After two block reward halvings, the block reward for mining is now only 12.5 BTC. As the popularity of Bitcoin mining increases, mining becomes more difficult from a computational point of view, and the rewards are getting lower for each individual.
"Our platform will generate a block containing a strictly-fixed number of tokens four times a day. Every 120 days, their number will be cut by half. Coins from blocks will be distributed among traders depending on the volume of their transactions. Such an approach will ensure stable financial growth for users (especially for the first ones) and ensures that they will benefit from the mining process," as was said by the representatives of the ABCC exchange where the ToM approach is being implemented.
The founder of ABCC, former parliamentarian and businessman Calvin Cheng, and the project team provide users with the opportunity to earn additional AT tokens. At the moment, the ABCC exchange is starting to reform the referral program. Now, users who refer new users will receive interest from the calculation of their mining power. For example, participant A invites participant B, and participant B then invites participant C to register on the ABCC exchange. Participant B is counted as a referral of the first level, and participant C as a referral of the second level for participant A. In turn, participant C is counted as a first-level referral of participant B.
It turns out that all members (A, B, and C) of the Mining Referral Program will increase the share of their trading fees throughout the quarter.
The table of trade contributions before and after, and the total number of ATs for these contributions. Source
In addition, 80 percent of commission fees on the exchange will be distributed among the owners of AT tokens.
The function of the Singaporean exchange, according to representatives, will expand as the necessary licenses and documents for legalizing new operations are obtained. So far, such tools as trading services supporting fiat money, margin trading, trading in futures, options, and investment portfolios have been announced. Also ABCC is a main sponsor of Delta Summit together with Binance and Okex – aiming for licence in Malta. Also ABCC planned to list aelf tokens on exchange next week.
You can buy AT from the next week. Also there will be a competition with a special prize – participants will need to specify the initial price of the AT token.
A group has been created on Telegram for constant communication with users, in which users can pose questions and communicate with the ABCC community in real time. You also can find more information about ABCC on Facebook and VK. Become a new platform user here and be among the first to learn about new exchanges in the news section.