Piconbello Governance Token Announcement
Hello ICONists,
We have major news for you. Ever since we founded Piconbello, we have been a community-oriented group. We tried to understand what the community needs and tried to create products that meet the demands. We tried to gather input from you by utilizing our social media channels and ICONVote. This approach worked to some extent until now, but it lacked the interactiveness we desired. We want to ease this process of using your ideas to shape our products, hence we want to make a big leap towards our goal by issuing our own token: Piconbello Governance Token(PGT).
As we are avid followers of the blockchain sphere, we saw the rise of the Governance tokens. These tokens have an intrinsic value of shaping the ecosystem that they represent, how the system works and how it can be improved. We thought it would be a great idea to issue a token for our own group since it would provide a meaningful way for you to interact with us, as well as have some voting power in our decisions.
Our governance token, PGT, will be distributed to our voters each day. Token has a maximum supply of 1M, and a daily token distribution rate of 1000. We will create an additional Telegram group in which speech rights are given by holding PGT in Tipicon, our Telegram bot. In this group, you will be able to vote on surveys about our products and releases and your impact on the voting will depend on the amount of PGT you hold.
Governance tokens are great, but is there any additional benefit to holding PGT? We are also making this token kind of like a share of Piconbello. We will create a pool of ICX. This pool will be filled by 20% of our daily i-score converted to ICX each day. With the upcoming release of HiLo on Iconbet, we will also put 20% of the daily revenue into the pool as well. Any upcoming release of ours that will give us daily income will also be added to this pool. Each PGT will be entitled to a part of the pool in terms of the value. For example, if the circulating supply of PGT is 200 and our pool is at 1000 ICX, each PGT will have a value of 5 ICX. You will be able to redeem this ICX value from Tipicon with our burn function, in which you will permanently burn your PGT and get the ICX rewards. Early adopters will benefit the highest, so don’t miss this opportunity.
With the release of CPS, ICON development style will change dramatically. Developers will come to P-Reps for grants and P-Reps like us will vote on who should get the delegation and sponsor that proposal. With each successful proposal completion, P-Reps that sponsored them will get rewards. With this new concept, we will allow PGT holders to decide who should we sponsor, as well as who is worthy of support. PGT holders in total will have 80% of the voting power upon the selection of projects that we will support. Also, whenever a project is completed with CPS, the sponsor will get 10% of the initial support as a reward. We will airdrop this reward to PGT holders directly. Like ICONPool, a great developer group that we onboarded to ICON, we expect to onboard many new developers to the ICON ecosystem and assist them in shaping the ecosystem with our expertise. We will try to improve the usability of PGT by having exclusive offers to PGT holders as well, so stay tuned.
We believe PGT will enable our voters a great way to increase their yield, as well as participate in the governance of our group and products. Our voters will get PGT as an additional token to their i-score distribution, which should increase their income drastically. We hope you are excited about PGT as much as we do and we hope to see many of you in our governance Telegram group.
