After we disclosed the results of community referendum, BigONE has closed BIG / BTC, BIG / ETH trading pairs at 20:07:22 (UTC+8) on July 21th, 2018. And we will close the deposit of BIG at 22:00:00 (UTC+8) on July 22nd, 2018.
The plan has been chosen by community is as follows:
“Plan 1” Single Token: Gradually Convert BIG’s Rights into ONE, BigONE Platform Gives Back to Community
1、Destroy 125 million BIG tokens held by the platform
BigONE platform will destroy the 125 million BIG tokens which are holding by platform but not in circulation.
2、Set Up A Platform Development Fund
BigONE team will retain only 30 million BIG tokens and use the remaining 15 million BIG to set up a platform development fund. The fund will be used for operating expenses such as marketing & advertising, community operations, ecosystem development, and continuing buybacks ONE and so on.
3、BIG’s Rights Will transition to ONE
The trading pairs of BIG on BigONE platform have already closed forever at 20:07:22 (UTC+8) on July 21st, 2018, and at the same time take a snapshot for users’ BIG account balance. Based on this snapshot, the BIG holders will continue to obtain the airdrop form the ONE mained rebates. The platform will freeze all of BIG and airdropped ONE tokens during the transition period, but BIG holders will still obtain trading fee rebate by holding ONEs. 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.
4、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 accounts other than “Team account” and “Platform development fund” BIG accounts.
5、The disposal of very small amount of BIG tokens outside BigONE platform
A small number of BIG circulating outside of BigONE can be deposited on BigONE platform and BIG holders can obtain the distributed ONEs, trading fee rebates and continue to enjoy the relevant rights distribution after the time at 20:07:22 (UTC+8) on July 21st, 2018.
The specific steps that have been performed are as follows:
- BigONE platform has destroyed the 125 million BIG tokens which are holding by platform but not in circulation. Destroy address
- We have established a “BigONE platform fund”, the balance of this account is 1,500 BIG.
In the next week, BigONE will also do the following steps (all time is based on UTC+8):
- Based on the 4th rule, calculate the 29.412% of ONEs that received by platform holding BIG (the ONEs that destroyed in the “Early Bird Phase” is not included) and the 29.412% of platform trading fee rebates from 00:00 on June 22nd, 2018 to 20:28:10 on June 29th, 2018.
- Based on the 4th rule, calculate the 29.412% of the total ONEs that BigONE team received and 29.412% of the distributed of the rebates.
- We will take the snapshot of BIG holder’s account balance according to the time at 20:07:22 on July 21st, 2018 and will distribute the above two parts of ONEs and the trading fee rebates in equal proportions to the accounts holding BIG other than “BigONE Team Account” and “Platform Development Fund” accounts.
- There are still more than 280,000 BIG in circulation outside BigONE platform. After close the deposit of BIG, we will set up “Holding Account” for BIG tokens outside BigONE platform. This account will be used to collect future ONE and the trading fee rebates, after users deposit BIG into holding account, we will rebate the corresponding assets. The deposit of BIG reopen time will announce in the future.
July 22nd, 2018