Gojoy

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KEY METRICS [as of 10 July 2019]

Gojoy Introduction

Project Overview

  • Gojoy is an ecommerce platform where our community of shoppers buys directly from manufacturers. Our consumers get a percentage of their purchase in Gojoy coins. We give 50% of our profits back to our community. Every hour, Gojoy coin owners enjoy dollar rewards based on the performance of the entire platform.
  • This mechanism eliminates the costs of costumer acquisition and retention. It also results in brand loyalty (customers are making dollars, every hour) and word-of-mouth organic promotion.
  • With zero investment in advertising, the Gojoy community is 30,000 strong in just five months of testing its MVP. Gojoy has distributed more than $2.7 million dollars to the community and generated +$14 million in revenue.
  • Moreover, It’s an ecommerce platform where our consumers can buy household goods, gadgets, toys, makeup and all kinds of products. They get great prices and earn JOY token on every purchases by contribution fiat profit.
  • Gojoy is the biggest ecommerce platform in the world by number of users. The decade following 2019 saw ecommerce in emerging economies in Africa, Latin America and India growing at double digits. Our unique business model that empowers everyone made it impossible for the incumbent competitors to expand their operations in these countries. Cheaper prices and giving regular people the chance to own an asset and profit from it, has earned us a bulletproof brand loyalty among our community.
  • The Joy coin entitles you to enjoy hourly dollar rewards. Anyone shopping gets to enjoy the growth of an ecommerce giant, something that before was centralised in the core group of founders and investors. Decentralising financial assets and enabling the global community to enjoy rewards is guaranteed by our smart contracts.
  • Gojoy’s marketing strategy is also decentralised. Unlike traditional platforms, which control traffic coming in and then resell it to its vendors (who then pass on the cost to the consumers), Gojoy empowers our community to do the marketing in their own social networks, unlocking extra earnings from ALL FUTURE purchases their friends make. Gojoy invests zero on advertising; it rewards the members who bring in revenue. It is a decentralised and straight-forward proposition.
  • The JOY coin is no limit technically but the system is designed so that every time members shop, they get JOY. When the platform reaches 10s or 100s of millions of users, new tokens will be going into the hands of millions every day.
  • Using fractional business model. In a fractional business model, consumers and staff do actions that make the company grow. Then, everyone gets rewarded. When consumers and staff get the same reward, their objectives are aligned. Gojoy’s fractional business model is feasible and so far, we can testify that it runs in turbo mode.
  • Gojoy has never made a public offer, no ICO, no STO nor any other type of token sale.

 

 

  • Gojoy+ is a plug & play solution to convert traditional business into fractional business. It has a clear offer to companies: move your user acquisition and retention costs towards
    zero; and by doing so, get lifetime brand lovers.

Token (JOY & JUSD)

  • Gojoy is POA (Proof of Authority) Consensus based
  • Use ERC223 (JRC223) token standard for JUSD and other future tokens
  • Having token templates so that businesses enrolled in Gojoy Launchpad can easily create tokens
  • Having a smart contract based on Proof of Transaction, Proof of Investment, and Proof of Contribution Mechanism to lock up the Joy coin

Gojoy+

During the Gojoy+ launchpad process, we generate 1 billion of your company tokens. The 1 billion tokens you get are non-dilutable (you can’t mint any more tokens afterwards). There are four types of your tokens depending on how they can be acquired.

Proof of Transaction are the tokens you give your consumers to incentivise them to purchase or do any specific action. They will eventually exhaust, but by that time you will have access to your own customers, and you won’t be paying for user acquisition and retention anymore.

Proof of Winner is a pool of tokens at the company’s disposal to raise additional funds. The company can sell these tokens directly to private buyers, can conduct an auction or come up with a game. We can help companies organise their first sale on our platform to guarantee the company has more potential buyers. This initial round can have a maximum of 30 million tokens sold.

Proof of Contribution is a pool designed to distribute among company staff and contributors. These reduces your costs in fiat. Gojoy+ fee comes from this pool.

Company Preferred are tokens that belong to the company and do not participate in the hourly cash rewards. They are locked for five years. After that, the company can sell them like any other asset.

Joy Coin (JOY) Model

Gojoy Chain is the backbone of the Gojoy ecosystem. Our ultimate goal is to provide an unstoppable computing platform that is capable for empowering fractionalised businesses.

Currently, Gojoy Chain is adopting an Ethereum blockchain architecture. To solve the scalability issue, we are using Proof Of Authority (POA) instead of Proof Of Work (POW). This allows a 3 seconds block time with thousands of TPS.

Gojoy’s future-income-sharing mechanism (distributing 50% of the income) is made possible by our Joy coin (JOY, native) and the Joy Dollar (JUSD, stable coin).

Joy coin (JOY) is the mainnet token of Gojoy Chain. It has 1 billion fixed total supply. Gojoy are mined (minted) through three smart contracts: Proof Of Transaction, Proof Of Investment, and Proof Of Contribution. JOY is the gas fee of running a fractional business. Joy coin represents ownership of the entire blockchain’s future-income.

Joy Dollar (JUSD) is a JRC223 standard token issued on Gojoy Chain. JUSD is pegged to the USD. When users deposit USD, the token contract will mint the same amount of JUSD. When users withdraw USD, then the token contract will burn the same amount of JUSD. Joy Dollar is the coin used across all applications in the Gojoy+ ecosystem. Having JUSD as a common denominator makes it easier for consumers to spend the hourly rewards they are getting.

The Gojoy chain will have thousands of tokens when more companies join Gojoy+ and launch their own tokens, and when we launch the PROD tokens (for products) and FUND products (for bundles of products)—both used for funding inventory in the Gojoy Shopping Mall.

Joy Coin Mining Model

There is a total of 1 billion Joy coins, non-dilutable, which are allocated to serve different purposes:

  • 500 million JOY (50%) are used to incentivize consumers to buy products on Gojoy Shopping Mall. Consumers generate income for the entire platform by paying the platform fee of 20% that is included in the item’s price. The smart contract used is Proof of Transaction.
  • 200 million JOY (20%) are allocated to fund the company. Three million are released every month for 66 months. The company can sell the coin in whatever format it wants. We have selected a Dutch Auction format. Whatever mode the company decides to sell its coin, 50% of that income goes to the community in a massive hourly reward known as Pay Day. The smart contract used is Proof of Winner. This JOY pool gives companies joining Gojoy+ an additional source of funding that will boost their finances for a few years.
  • 100 million JOY (10%) are used to incentivize the management and staff who work for the company, as well as strategic partners. The smart contract used is Proof of Contribution.
  • 200 million are owned by the company. These coins are locked for 5 years and do not enjoy hourly rewards.

Companies entering Gojoy+ have the same token structure. The only difference is that 30 million of their Proof of Contribution are given to the Gojoy chain as service fee—half of the rewards from these tokens go into Gojoy’s hourly reward pool. The future-income-sharing mechanism applies only to the first three types, the JOY belonging to the company does not enjoy hourly rewards. For the consumer, the user experience is very simple: they buy with fiat and get the Joy coin; with Joy coin, they get JUSD every hour.

Supply & Demand Model

The supply and demand mechanism behind the Gojoy Chain is meant to allow for a sustainable growth of Gojoy’s Shopping Mall revenue and a down-to-earth Joy coin price valuation. Growing the ecommerce platform into a global brand and creating a Gojoy+ ecosystem with a billion members are projects that will take years. The supply of JOY represents this need.

Proof of Transaction JOY: Purchases

The supply of the Proof of Transaction JOY used to incentivise purchases is set at 30% of the price of your purchase in JOY coin at today’s JOY price. However, the amount of JOY a consumer can get is capped at 10 JOY per day, and 15 JOY for our Turbo Membership. This is meant to protect small buyers and give everyone the opportunity to get Joy coin, otherwise only people with deep pockets would get all the coin.

For referrals, it is 20% of the amount of JOY your friend got. The 20% does not come from your friend’s reward but from the daily JOY supply pool.

The Proof of Transaction JOY has a further valve: there is a daily supply capped at 400,000 JOY, which are distributed evenly every hour. If shoppers go crazy and mine out all the 400,000 JOY before the day is over, purchases would not be rewarded until the new 24- hour cycle begins.

This scenario is unlikely to happen because the more JOY continues to appreciate, the smaller amount of JOY shoppers will get for their purchases. It would still be 30%, but less Joy coins. So, if shoppers are buying a lot, that means that the hourly rewards would be high, and that would attract people to hold JOY, therefore rising the price of JOY further to stabilise the supply and demand.

Proof of Winner JOY: Auction

The Proof of Winner in Gojoy is determined by a monthly auction where 3 million JOY are offered via a third-party exchange. The high ROI of JOY with a relatively small monthly supply from purchases generates scarcity. Those customers with deeper pockets who want to get more JOY, as well as investors, can participate in the Joy Auction.

The maximum amount one person can bid for is 100,000 Joy coins. Minimum 30 people will get all the 3 million JOY auctioned—if they all bid for 100,000. The Gojoy community has over 150,000 members and this number will be increasing in the foreseeable future. On top of that, we add the demand from investors, and those two forces combined sustain
the JOY price.

Joy Coin Valuation Model

Being on a public exchange, the price is affected mainly by two factors: the auction price and the monthly per token JUSD rewards received. Unlike other crypto investments, where you only profit form the price going up, the Joy coin yields hourly JUSD rewards. Determining how much you are willing to pay for a Joy coin is not about guessing what its price is going to be 2 years from now and crossing your fingers. It is about comparing what other assets give you better monthly ROI in cash, and then, if there is actually something with higher ROI, factoring in whatever potential price increase you see.

Joy Coin Mathematical Model

JOY Coin price is subject to 2 major factors:

  • Monthly cash rewarded
  • Future growth expectation

We can value JOY coin using 2 model:

  • Rational Financial Model
  • Irrational Scarcity Model

Joy Coin Market Demand Drivers

The demand for Joy coin is governed by two forces: scarcity and the gas fee. The mining by shopping will always be a welcome gift, but for someone who wants to own JOY, not the product, this method is too slow and cumbersome, having to order items every day. The auction caters to this crowd, but with only 3 million coins per month, getting your hands on JOY becomes a race, exciting but uncertain of the outcome.

Joy coin is used to pay for the gas fee across all companies that join Gojoy+. The more enterprises join the ecosystem, the more members in the community, and the more demand for JOY.

While the gas fee is minimal, when Gojoy+ reaches a community of hundreds of millions of members, the coin model has a certain degree of circulation that could extend the Proof of Transaction supply for a couple of years. Basically, customers buy and get JOY, then pay gas fees with JOY, which is recycled into the Proof of Transaction pool.

There is only one billion Joy coins. After 7 years (or so), the Proof of Transaction would run dry, but the owners of Joy coin will continue to enjoy the growth of the platform forever. That is likely to create a scenario where, in the first 3.5 years, people fight to get early (get JOY at low price). Then, in the next 3.5 years, they are scared that they won’t get Joy coin
because it is depleting.

Joy Coin: A Utility Coin

Joy coin is a utility token. JOY is used to pay the gas fee of a blockchain. It will be used by an X number of apps built on the Gojoy Chain. Gojoy+ has launched with a few companies on board already, and as it grows it will attract thousands of companies that will all use JOY for gas fee. Just like Ether, one cannot say it is a security.

Joy coin is not a security token because it does not represent the assets of a company; it represents the income of a blockchain with a multitude of enterprises. The blockchain belongs to the community. They together own 30 million (3%) of the 1 billion tokens of each company that joins the Gojoy+ ecosystem.

Each brand creates a separate revenue channel for Gojoy members where it provides its service or product at retail price. The difference with the shelf price is the income, which is split between the brand and the hourly rewards it shares with its coin holders.

Since Gojoy Chain owns 3% of the brand tokens, the blockchain gets income from all the brands in the ecosystem which it automatically redistributes among JOY holders. The chain does not accumulate assets, it distributes every hour.

Joy coin is linked to many companies, one day hopefully in the thousands, not to the company operating Gojoy Shopping Mall. Gojoy Chain is not a legal entity, it is a decentralised entity governed by smart contracts. There is nothing that JOY can be a security off.

The opposite argument, that the Joy coin is a security because its holders enjoy hourly cash rewards, is flawed because it oversees one key aspect: the rewards are not dividends or profit distribution; they are rewards for actions that market, advertise or make Gojoy grow. The way we see it is this: a traditional ecommerce business sells products; it generates an X amount of revenue; and after deducting the cost of the products, the company gets its income. From there, it pays for advertising, among many other costs.

The future-income mechanism does just that: it takes the income and allocates a part for marketing and advertising costs. In Gojoy, this money is distributed every hour to its customers, as opposed to passing on a big check to a tech giant every month. When the consumers buy, they inject fiat into the ecosystem and in return they get Joy coins. For its part, the platform makes a profit in fiat. When our members make transactions, they pay a gas fee in Joy coin—so the coin returns to the chain.

The system works as long as the consumers keep injecting fiat into the ecosystem. Here is where it gets tricky: in the competitive environment we live in, acquiring and retaining
customers represent a good chunk of the price. Brand loyalty is more elusive these days of pocket-tightening for the middle-class. We could say that the ecommerce platform therefore pays a traffic fee (rewards) to its members (i.e. the advertising and marketing costs of acquiring traffic & sales) for using the social networks upon which Gojoy expands. At the end of the day, Gojoy is social ecommerce, relying on word-of-mouth to harness viral effects. This traffic fee is paid to close the circle in this symbiotic relationship.


Road map

Q3 2019: Expansion in China, open for global sales; reach USD1 million per day in sales

Q4 2019: Test Expansion in Kenya, Soft launch quantum-proof products

Q1 2020: Launch India, Launch Africa

Q2 2020: Launch Latin America, Soft launch Gojoy Bank

Q3 2020: Launch SE Asia

Q4 2020: Launch US & Europe


For more information, please visit Gojoy and whitepaper.

Also, you can check the block information on gojoychain.

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