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KGO burn Schedule

May 24, 2021

KGO TOKEN BURN SCHEDULE AND DETAILS 2021-2023

Scope and Background

KiwiPay Pte Ltd is a Singaporean company created after the merger of Kiwi Pay Group (Hong Kong) and Meal Temple Group (Australia). The company operates around the globe and is fully compliant in obtaining the necessary payment solution provider licenses in 20+ countries from their respective Central Banks across Africa and Asia.

KiwiGo is a super-app for frontier markets that provides a wide array of services empowering local businesses and individuals in their daily lives, from e-wallet, ride-hailing, food and grocery delivery, last-mile delivery...

As a payment processor, KiwiGo supports 50+ fiat currencies and is integrated with a dozen of commercial banks and the most well-known mobile money providers including Alipay, WeChatPay, Paytm, True Money, OrangeMoney, Airtel, MTN to name a few.

KiwiGo has launched the $KGO to tokenize the way local businesses work in these markets, allowing them to create their own ecosystem and bring their own value and ideas to the local economies. The KiwiGo app and KGO token will be used for payments, loyalty and cashback systems, multiple cryptocurrencies, OTC & Decentralized Exchanges, Logistic Tracking, and Smart Contracts to provide opportunities for every business and individuals living in the most challenging economies.


Context

At its inception, KiwiGo issued 1,000,000,000 KGO tokens on its official launch on 22/02/2021. The KGO token was designed to support a maximum of five decimals. On March 24, 2021, 95% of the supply or 950,000,000 KGO was locked in a dedicated smart contract named Kiwigovault. The Kiwigovault contract has been subsequently audited and deemed true and compliant by the security blockchain auditor Certik.

The proposed burning program involves the KGO tokens once unlocked by the Kiwigovault smart contract and the destruction of KGO tokens every six months to reduce the total supply. The token burning process will be exclusively done using the tokens unlocked by the Kiwigovault based on the following release schedule:

Kiwigovault is designed to release the KGO token supply as follows:

  • September 2021 - 50,000,000 KGO token will be released
  • March 2022 - 50,000,000 KGO token will be released
  • September 2022 - 50,000,000 KGO token will be released
  • March 2023 - 800,000,000 KGO token will be released

Number of tokens to be burnt:

The KiwiGo team does not intend to flood the market with a large number of KGO tokens. Therefore, every time the Kiwigovault will unlock KGO tokens, 95% or 100% of the supply will be burnt. The number of tokens to be burnt are as follows:

  • September 2021: 47,500,000 KGO or 50,000,000 KGO tokens will be burnt
  • March 2022: 47,500,000 KGO or 50,000,000 KGO tokens will be burnt
  • September 2022:  47,500,000 KGO or 50,000,000 KGO tokens will be burnt
  • March 2023: 760,000,000 or 800,000,000 KGO tokens will be burnt

The proof of burn will be communicated at each burning event on KiwiGo’s website and social media accounts.

All the KGO tokens burnt will be stored on the Binance Smart Chain’s dead wallet address: 0x000000000000000000000000000000000000dead

How the number of tokens to be burnt will be decided:

The KiwiGo team intends to burn a minimum of 95% of the total supply locked in the Kiwigovault smart contract. Therefore, the KiwiGo team will create a DAO voting session for its holders to decide whether to burn 95% or 100% of the unlocked tokens.

Before each voting session, KiwiGo’s team will propose a potential action plan and project structure for the remaining 5% of the token: leaving it to the community to decide if those tokens will be burnt or not depending on the popularity of the said project. Those projects could range from direct investments in infrastructure, technologies, startups, or even charity actions. This leaves the door open for new interesting and innovative ideas that might require funds.

DAO voting schedule:

To reduce price volatility before every token burning event, the KiwiGo team will create a DAO voting session three months before each burning event. During the DAO voting, holders will have the opportunity to vote between two options: burning 95% with a project for the remaining 5% or burning 100% of the unlocked tokens. The DAO voting will be done during the following months:

  • June 2021
  • December 2021
  • June 2022
  • December 2022

Note: KiwiGo team reserves the right to cancel the DAO voting sessions. This would mean the KiwiGo team has decided to burn 100% of the tokens unlocked by the Kiwigovault.

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Burning Tokens

"Burning" a token, refers to sending a usable token to an unusable wallet (dead wallet). The act of burning effectively removes tokens from the available supply, thus increasing its relative scarcity.

The standard Binance Smart Chain’s dead wallet address is: 0x000000000000000000000000000000000000dead

Token decimals

Decimals refer to how divisible a token can be, from 0 (not at all divisible) to 18 (pretty much continuous) and even higher if required. Technically speaking, the decimals value is the number of digits that come after the decimal place when displaying token values on-screen.

DAO

The acronym DAO stands for Decentralized Autonomous Organization. In simple terms, a DAO is an organization that is governed by computer codes and programs. As such, it can function autonomously, without the need for a central authority.

Using smart contracts, a DAO can work with external information and execute commands based on them – all this without any human intervention. A DAO is usually operated by a community of stakeholders incentivized through a token mechanism. The DAO would then provide the token holders voting rights on the project.

Certik

CertiK is a security blockchain auditor that conducts informational security checks on blockchain protocols, wallets, DApps, and smart contracts. CertiK is a partner company of Binance and one of the biggest blockchain security auditors with more than 500 clients, 30 billion dollars, and 400 thousand lines of code secured.