[Announcement] DAY Policy Reform
2019-08-23 16:01:39 +0900
Hello, This is Daybit.
Daybit is excited to announce the DAY Policy Reform.
1. End of DAY Reward Program(Trade Mining)
Currently, DAY applies Trade Mining to provide DAY as a reward based on the volume of transactions per hour.
DAY Reward Program was designed to Promote Transactions → Increase of Trade Mining Rewards → Rise in DAY's Price; however, this model also could bring negative effect by increasing number of the DAY's circulating supply.
In particular, Daybit is aware of the possible situations where some users can monopolize mining and DAY investors can face negative effect by the increasing number of DAY's circulating supply.
Therefore, Daybit has decided to end the DAY Reward Program to protect DAY investors.
2. Token Burn of the Daybit's DAY reserves and Locked DAY
Daybit shares transaction fee revenues to DAY holders.
Daybit set a category of "Operating Fund" in DAY allocation in order to run the business.
However, "Operating Fund" is tied to DAY Reward Program, and selling DAY to raise fund for business can bring result of increase in number DAY's circulating supply.
Daybit decided to burn all the Daybit's DAY reserves and locked Day in an effort to prevent anxiety over the selling in the market and concerns about increased DAY's circulating supply.
The total number of the DAY token burn is 1,500,000,000 DAY, and please check the table below for the details about the quantities.
※ Currently, Daybit has never sold DAY in the market.
3. Adjustment of the BTC Reward Program
After Daybit burns all the DAY that the company holds, Daybit will not have any source to obtain funds to operate the business. Therefore, Daybit decided to adjust BTC Reward Program.
Before) BTC reward: 100% of the transaction fee revenue of Daybit is distributed(http://bit.ly/2SG3AjM) to users by their contributions
ex) when total transaction fee of a day = $3M, total $3M is distributed as a reward
→ Users receive $2M
→ Daybit receives $1M(Daybit holds 50% of DAY's circulation supply)
After) BTC reward: 66% of the transaction fee revenue of Daybit is distributed to users by their contribution
ex) when total transaction fee of a day = $3M, total $2M is distributed as a reward
→ Users receive $2M
→ Daybit receives $1M for operating funds
4. Adjustment of DAY's Max Supply and Purposes
2,000,000,000 DAY of DAY's total supply with Daybit's reserves and locked DAY are adjusted to 50,000,000 DAY, which is the 97.5% decrease.
2,488,881 DAY will be remained to Daybit for the purposes of business development and partnership.
In the future, when Daybit uses all the 2,488,881 DAY, Daybit will cover the quantity through buybacks from the market.
5. Adjustment in Quantity of DAY
|Purpose||Status||Initial Supply(Planed)||On 7/26||After 8/11||Note|
|Reward Pool||Locked||1,000,000,000||958,740,881||0||End of Trade Mining and Token Burn of Entire Quantity|
|Marketing||Locked||100,000,000||93,748,000||2,488,881||Purposes of Business Development and Partnership|
|Unlocked (user)||0||6,252,000||6,252,000||Distributed through Sign up Events and Trading Events|
|Operating Funds||Locked||900,000,000||414,500,881||0||Token Burn of Entire Quantity|
|Unlocked (daybit)||0||35,499,119||0||Token Burn of Entire Quantity|
*) Daybit Initially supplied 900,000,000 DAY, but 50%(450,000,000 DAY) of the operating funds was burned on 2019.02.15(http://bit.ly/2GuMkJB)
DAY policy will be reformed on 2019.08.11(KST). This policy change has greatly reduced DAY's total supply and circulating supply. Daybit will use this opportunity as a stepping stone to protect investors.
In addition, Daybit is always open to take all the opinions from users to make better day with Daybit.
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