Who issued EGO?

The Egretia Foundation issued EGO, the native token of the Egretia blockchain, through an ITO and ongoing block rewards.

Dec 04, 2024 at 09:37 am

Who Issued EGO?

Introduction

EGO is the native token of the Egretia blockchain, a platform designed specifically for the gaming industry. It plays a crucial role within the Egretia ecosystem, serving various functions such as facilitating transactions, providing rewards, and enabling governance.

EGO Issuance

EGO was issued in a two-phase process:

1. Initial Token Offering (ITO): The ITO took place in 2018, with a total of 10 billion EGO tokens created. 5 billion tokens were sold to the public, raising funds to support the development of the Egretia blockchain.
2. Ongoing Token Generation: After the ITO, EGO tokens continued to be generated through a process called block rewards. Miners who contribute to the security of the Egretia blockchain earn EGO tokens as a reward, ensuring a steady supply of new tokens.

Distribution of EGO

The distribution of EGO is governed by a pre-defined tokenomics model:

• Team and Advisors: 16% of the total supply was allocated to the Egretia team and advisors as compensation for their contributions to the project.
• Foundation: 10% of the supply was reserved for the Egretia Foundation, a non-profit organization dedicated to promoting the use of blockchain technology in the gaming industry.
• Ecosystem Development: 10% of the EGO supply is allocated to support ecosystem development, including funding grants and initiatives related to gaming and blockchain technology.
• Community: 64% of the total EGO supply was distributed to the community through the ITO and ongoing token generation.

EGO Use Cases

Within the Egretia ecosystem, EGO serves a multitude of functions:

1. Transaction Medium: EGO is the primary currency used for transactions within the Egretia gaming platform, allowing users to purchase games, in-game items, and other digital assets.
2. Reward Mechanism: Game developers can integrate EGO into their games as a reward for players who participate in gameplay, complete challenges, or achieve milestones.
3. Governance Token: EGO holders can participate in the governance of the Egretia blockchain through a decentralized autonomous organization (DAO). They can vote on proposals related to the platform's development, ecosystem initiatives, and token distribution policies.
4. Staking: EGO can be staked by users to earn additional EGO tokens or other rewards. This helps secure the Egretia blockchain while providing incentives for participation.
5. Interoperability: EGO is designed to be interoperable with other blockchains, allowing it to be used as a bridge currency for transactions between different ecosystems.

Conclusion

EGO was issued by the Egretia Foundation and distributed to various stakeholders through an ITO and ongoing token generation. It serves as the native token of the Egretia blockchain, facilitating transactions, providing rewards, enabling governance, and supporting ecosystem development.