Hello, this is DAYBIT team.


We apologize for any inconvenience to you due to calculation method of BTC Reward Contribution.

 

Through this announcement, we will disclose the calculation method of BTC Reward Contribution transparently to prevent further confusion. Please refer to this content before you decide to participate in BTC Reward program by understanding the reason for the problem below, how to fix it, and how to improve it.

 

[Reason]

In the early days of opening, we assumed that only minority of traders will have the most of DAY since DAY Reward rate is very high while transaction volume is very low. In order to prevent the abnormal concentration of BTC Reward, we used an arithmetic average to the contribution by doubling the contribution of transaction ratio.


In this context, BTC Reward has been paid based on 

Contribution = [2 x Transaction ratio + Holding ratio + sqrt (Transaction ratio x Holding ratio)]/4.

This is the same as the amount you can check in the My Page> Transactions> BTC Reward.

 

On the BTC Reward screen, however, we incorrectly calculated the above contribution as (Transaction ratio + Holding ratio)/2.


However, if you calculate Contribution = [2 x Transaction Ratio + Holding ratio + sqrt (Transaction Ratio x Holding ratio)] / 4, the BTC Reward screen will display lower than the value applied when you received BTC Reward. This is a problem when you sum the sqrt terms of all users. So the sum of all users' contributions is corrected to 1, which has not been. For example, the contribution on the screen was 0.0087, and the contribution of the Reward paid at 9:00 am is 0.0095.

 

*The reason for the original sqrt term was the incentive for users who have both traded and held DAY.

 


[Solution]

First, we confirmed the problem of expressing the contribution rate = (transaction rate + Holding ratio) / 2 yesterday morning, and urgently revised it. We sincerely apologize for any confusion that has been corrected before this notice. Currently, both contribution formula on Contribution of BTC Reward Screen and actual payment will be the same as [2 x transaction rate + retention rate + sqrt (transaction rate x retention rate)] / 4. However, at the time of BTC Reward settlement, the contribution will be slightly increased because the total sum is corrected to 1.

 


[Improvement]

We apologize for the confusion caused by the BTC Reward formula and will change the BTC Contribution formula from 9am tomorrow to provide more benefits for DAY holding. 

 

Objective: We want to increase the BTC Reward benefit of having DAY, and make sure that the contributions shown on the screen are consistent with the actual Reward to be paid.

 

Changes:

 

1. Geometric averages (root terms) have the problem of making the contribution shown on the screen appear to be lower than the contribution value when paying the actual BTC Reward. (Eg, the total customer contribution should be 1, but it appears about 0.8 to 0.9 just before being paid).

 

2. Contribution = (transaction rate + 2 x Holding ratio)) / 3.

 

3. The modified contribution formula will be effective from 9:00 am on October 18, 2018. Therefore, on October 19th, you will receive a Reward calculated according to the changed contribution formula.

 


[Result]

1. The BTC Reward calculation has been corrected and corrected on the Reward screen.

2. The formula of BTC Reward calculation changed as follows.

 


Contribution of BTC Reward Screen

(Reward Program> BTC Reward)

Contribution in actual payment

(My page> Transaction > BTC Reward)


Previous (after opening to present)

(Transaction ratio + Holding ratio) / 2

[2 x transaction ratio + Holding ratio + sqrt (transaction ratio x Holding ratio)] / 4

 Today

[2 x transaction ratio + Holding ratio + sqrt (transaction ratio x Holding ratio)] / 4

Tomorrow morning at 9 am

(Transaction ratio + 2 x Holding ratio) / 3


We apologize for any confusion caused by the change and misrepresentation of the calculation method again.

 

We promise to provide better service on the basis of this lessons learned,  

We would like to ask for your consistent support to DAYBIT.


Thank you.

 

- DAYBIT Team

 

* DAYBIT User Group (https://open.kakao.com/o/gbWDMW0)