BGEO is the native coin of the proprietary Layer 1 BGEO network and will serve to facilitate the future of the BGEO ecosystem, with plans to be used for a variety of applications including governance and gas bills. The total issuance volume of BGEO is 105 million and the consensus algorithm is PoW, where new BGEOs are issued by mining.
The BGEO is designed to generate one block in approximately one minute, and currently 25 BGEO are issued for every block generated (approximately 36,000 new BGEO per day).
Mining will continue under current conditions until the initial 2,100,000 blocks are generated; by that time 52.5 million BGEOs will have been issued. The new BGEOs issued are designed to be halved for every 2,100,000 blocks generated (approximately every 4 years), and after 34 halving cycles, there will come a time when all of the 105 million BGEOs will have been issued.
More information on BGEO mining will be released at a later date.
Currently, BGEO mining is closed to the public and only the BGEO Foundation and related companies participate in mining. For the safety of the BGEO blockchain, the BGEO hash rate will be managed in a centralized structure while the BGEO hash rate is small. The plan is to gradually move to decentralized management and eventually open mining to the public, aiming for a fully decentralized management system.
BGEO uses the POW mining model, with a new issue for every block generated. Currently mining is not open to the public and only the BGEO Foundation and related companies participate in mining. According to the BGEO Explorer (beta version), as of October 24, 2024, the number of BGEOs issued is approximately 16 million. (The reference URL is: https://scan.bgeo.app/) At the moment, the BGEO Foundation is the controlling authority for all of this.
Of the BGEOs issued through mining, the BGEOs managed by the Foundation will be systematically distributed to the market. In order to maintain transparency and fairness to BGEO holders as the BGEO ecosystem grows, we plan to publish regular reports showing the actual use of BGEOs by each sector and the quantity of BGEOs. We will also use our blog, social media, and regular reports to communicate with the holders when each sector has decided on a release schedule.
BGEO is deeply embedded in the BGEO ecosystem to provide value to all stakeholders. The following are examples of how BGEO will be used.
Governance
We plan to allow BGEO holders to participate in DAO governance of the BGEO ecosystem in the future. In the future, BGEO holders will be able to participate in the DAO governance of the BGEO ecosystem by staking their BGEO holdings to participate in decision-making votes on new app rollouts and budget approvals.
Early Access to Premium Features ＆ Rewards
BGEO holders or stakers will have early access to special features and receive special rewards. Exclusive preferences are increased, and user feedback is encouraged for continuous improvement.
Payment
Holders can use BGEO as a means of payment for services and products that have partnered with BGEO.
Ecosystem Airdrop
As the BGEO network expands and new services and products are launched in partnership with BGEO, holders will receive an airdrop for the use of products.
Partner Airdrop
Holders receive airdrops from partner companies and projects that value the BGEO community.
Boosted Rewards
Holders receive service rewards for using the services of the BGEO ecosystem. Holders will also receive higher rewards as they accrue.
Gas Fee
BGEO is the native coin of the BGEO blockchain and can be used to pay for gas fees (transaction fees) incurred when using the BGEO network.