SEOUL, South Korea, Aug. 1, 2018 /PRNewswire/ -- On July 31st, DGE (CEO Captain Kwag), developer of cryptocurrency TMTG (The Midas Touch Gold), announced the plan to introduce a payback system on its cryptocurrency platform, Digital Gold Exchange.
DGE is a South Korea-based blockchain developer of the Ethereum-based cryptocurrency TMTG. TMTG can be used to buy MDG (Midas Digital Gold), which can be exchanged with actual gold bars.
In addition to TMTG, DGE is currently developing "Crypto Dino," a crypto game that uses TMTG.
DGE's Payback System aims to return a portion of transaction fees to the users. DGE decided to implement this system to create an ecosystem that benefits both the developer and users.
DGE announced that, "Because the current platform is still being developed, the actual payback rate cannot be disclosed at this point. However, the payback will be shared from the net profit."
In this system, the users will be charged with a transaction fee first and the payback rate will be determined by the conditions set by DGE. The payback will be made to users' accounts in TMTG.
70% of payback will be made in installments to all the users who hold TMTG in their accounts. The payback rate will depend on the balance of each account. 30% of the payback will be made in installments based on a referral scheme.
However, the condition for the referral scheme is still in the process of finalization. DGE's policy developer stated, "Not all referrals will be eligible for payback. We will set minimum requirements, such as at least one or more transactions made by the referred."
DGE further explained, "Our payback system is more than just a promotional event. It will be set as one of our company policies. We will continue to develop policies that benefit us and the users."
TMTG began its listing on cryptocurrency exchanges, starting with IDCM, on August 1st and is expecting its listing on Coinsuper on August 16th.
SOURCE Digital Gold Exchange (DGE)