GoMining Launches New VeTokenomics, Empowering DeFi Users
ROAD TOWN, British Virgin Islands, Aug. 23, 2023 /PRNewswire/ -- GoMining, an advanced bitcoin mining initiative, has utilized its extensive expertise since 2017 to provide seamless service to its customers. The highly anticipated liquid bitcoin hashrate (LBH) protocol, which has been widely discussed on the company's social media networks, has been successfully implemented and is now accessible to all GoMining users. As stated by CEO Mark Zalan, this decision will have a profound impact on the infrastructure, granting users access to actively influence its development through the veGomining governance model. "Governance plays a critically important role in blockchain systems to ensure the presence of proper incentives, foster growth and success, and significantly influence decentralization," says Zalan.
The concept draws inspiration from the Liquid Staking narrative, allowing users to freely engage in mining while utilizing tokens that represent their locked stake in the network validator. The bitcoin hashrate transforms into a liquid and tradeable asset on the Ethereum/BNB chains, taking the form of non-fungible tokens (NFTs). The liquid bitcoin hashrate (LBH) operates as follows: the physical mining equipment and its associated hashrate work within a data center, while the user owns an NFT that symbolizes their ownership of the hashrate position.
GoMining's tokenomics incorporates three key elements, that is, the discount token, the burn and mint equilibrium (BME), and the aforementioned veToken governance model. By combining these elements, GoMining holders can enjoy various utilities, including receiving discounts on electricity fees paid to service providers, obtaining governance rights for protocol management, and earning yield as rewards for participating in governance activities.
LBH token owners can utilize GoMining tokens for settling electricity charges with service providers. All tokens used for payments are burned, initiating the burn and mint equilibrium (BME) model. After burning, service providers receive their electricity payments through token minting, ensuring automatic balance within the ecosystem. This approach maintains the stability and integrity of the token economy.
In just a little over two years, GoMining has made significant progress, paying out more than 2,000 BTC to holders, issuing 20,000 NFTs, and selling over 13,000 NFTs.
GoMining's v2 update represents a pivotal moment in the bitcoin mining process. By underscoring accessibility, transparency, and diversified yield options, GoMining is taking serious strides in the realm of DeFi systems. This update grants holders the ability to actively participate in decision-making processes that contribute to the advancement of the infrastructure.
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