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Gate.io Launches 5th Startup Project with GoWithMi

2019-05-16 13:14:31Read:283901

Gate.io has launched Startup, a platform that aims to provide users with access to innovative and advanced projects. Traders now have more opportunities to make initial investment. Trading service will be enabled once the startup project fulfills its fund raising goal. Gate.io Startup will launch its third project with GoWithMi.

Startup Link: https://www.gate.io/startup

1.Introduction to GoWithMi

GoWithMi aims to create a distributed map network for everyone's benefits and supports multi-chain. For the existing location-based service infrastructure represented by Google, there are disadvantages such as central terminal monopoly, slow update, poor privacy protection, and no profit sharing. GoWithMi collaborates with global users to build digital twin, real-time, credible, and profit-sharing decentralized location-based service infrastructure to serve the high-frequency rigid demand industries of shared economy, O2O, and autonomous driving, leading the world to leap into the era of distributed business. At present, it has achieved business integration with numerous well-known global companies, the map collection dApp has been launched in Indonesia and has 1,200,000 users.

Click here to check out more: https://www.gateio.co/startup/6

1.GoWithMi Project Overview (for more detailed information, please visit GoWithMi official website)
(1) Token Symbol: GMAT
(2) Total Supply: 14.9 billion
(3) Initial Circ. Supply: 15.6%
(4) Token Price
Seed: 1 GMAT=0.003636 USDT
Private Sale: 1 GMAT=0.004615 USDT
Pre-Sale: 1 GMAT=0.005455/0.006 USDT
(5) Startup Goal: 1,350,000 USDT
(6) Startup Total Supply: 9%
(7) Price (USDT): 1 GMAT = 0.0010067 USDT; Price (GT): To be confirmed
Please note that since GT is already listed on Gate.io and trading, the market price of GT will vary. Therefore, the Price of GT in related to the Startup projects will be calculated within 3 hours prior to the sale. The calculation rule is as following: A specific time stamp within 3 hours before the start of sale will be randomly chosen. Then, a 72 hours average value of GT-USDT on Gate.io before the chosen time stamp would be calculated and referenced as the Startup Price.

(8)Token Lock-up and Release:
-Startup(9%):
Lock-up period: none
-Seed (seed/private sale/pre-sale total 12%):
Lock-up period: 19 months
Release rule: initial unlocks 5%. Released 5% one month after exchange listing, Released 15% every 3 months thereafter
-Private-sale round (seed/private sale/pre-sale total 12%):
Lock-up period: 6 months
Release rule: initial unlocks 10%,
Released 15% one week after exchange listing, released 25% every 2 months thereafter
-Pre-sale round (seed/private sale/pre-sale total 12%):
Lock-up period: none
-Foundation(15%)
No initial unlock, start release 12 months after exchange listing, the board of directors formulates the release rules.
-Team and early investors (team 10%, early investors 8%):
No initial unlock, release 10% six months after exchange listing and release 15% every 6 months thereafter.
-Market business (16%):
Initially unlock this part 30%, release 10% every season after exchange listing.
-Mining (30%):
Gradually release each year after the spatial digital real estate and the main network launch online, the release quota reduced half every 2 years, complete mining in 10 years. Specifically, the first year and the second year respectively released 1,154,000,000 GMATs, and the third and fourth years respectively released 577,000,000 GMATs, and so on.

To ensure fair and reasonable pricing and to protect users' interests when the Startup projects are listed on the exchange, projects are required to lock-up a certain amount of GT as a cautionary deposit. If the market price of the token (the average price is calculated every hour in a random 48-hour period in USDT) becomes lower than the Startup price (in USDT) for a certain period, the GT deposit locked-up will be burned accordingly. To avoid market manipulation, we will not announce the amount of GT locked-up and the period. However, the above requirements will be stated in the agreement with Startup projects and will accept possible third-party auditing.

2.GoWithMi (GMAT) Startup Sale Rules

(1) Start Time: May 18, UTC 4:00 - 6:00
(2) To participate in Startup Sale, users will need to be VIP1 and above.
(3) The price and the number of orders of Startup Sale will be set 3 hours prior to the sale, based on the market price of GT/USDT within the 3-hour period. Each order is worth $100 - $200 USD, users can place one or a few orders according to the individual purchase limit.
(4) Purchase limit: The individual purchase limit will be calculated based on the average holdings of GT (including the asset in Lending/Borrowing Market, and the GT bought with USDT borrowed from Margin Trading; however, GT borrowed from Margin Trading is not included) 14 days prior to the sale. Users with no GT holdings cannot participate in the sale. Participants can have a higher purchase limit with more GT holdings. Below is chart that shows the purchase limit based on different amount of GT holdings.



E.g. User X is VIP1 (monthly total trading volume ≥ 3BTC). He or she has never held GT, but purchases 14,000 GT the day before the Startup Sale. Therefore, user X’s average 14-day GT balance is 14000 GT/ 14 days= 1000 GT. Thus, user X has met the requirements of holding GT (tier 4) and being a VIP user. User X can place up to 20 orders in the Startup Sale.

(5) Users can place orders using GT.
(6) Users can place orders from UTC 4:00 to UTC 6:00. Order placed by qualified users within these 2 hours will be treated equally.
(7) Users need to ensure there is sufficient balance (exceeding the purchase value) in accounts for the purchase after placing the orders. An insufficient balance will result in the cancellation of the purchase order.
(8) Each type of currency can only purchase once with each KYC account.
(9) After UTC 6:00, we will collect all the qualified orders and distribute the tokens according to the individual purchased orders: total purchased orders ratio. The final result will be announced at UTC 8:00 each day.
The distribution calculation rules are as follow:

F (distribution ratio) = Daily GMAT supply limit ÷ Total GMAT supply limit
P (actual individual purchased GMAT) = F × qualified individual orders
M (actual payment amount) = Startup Sale Price × P

E.g. GMAT daily supply limit is 100 million. The ordered GMAT is 200 million. User X has placed an order to purchase 100 thousand GMAT.

Thus:
F (distribution ratio) = 100,000,000 ÷ 200,000,000 =0.5
P (actual individual purchased GMAT) = 0.5 × 100,000 = 50,000
M (actual payment amount in GT) = 50,000 × Startup Price in GT

If the project cannot fulfill its fund-raising goal within the given time, users will get refunded and the project will be delisted.

3. The New Gate.io Startup Project Exchange Listing Rules
Once the Startup project fulfil its fund raising goal, Gate.io will enable trading service of the project. To decrease volatility during the initial trading stage, we will apply the Call Auction Mechanism. The rules are as follows:

1) During the call auction, traders can place order freely, but the orders will not be active immediately. The real-time reference trading price will be presented and calculated based on the Call-order price from the largest amount of trades created. During this period, the order book and the candlestick chart will also show the information about the related price range and the market movement based on the real-time reference.

2) During the first stage of call auction, traders are allowed to place orders and cancel orders freely.

3) To avoid market manipulation, during the second stage of call auction, orders can be placed freely by the traders, but orders cancellation are prohibited.

4) When the call auction is finished, users will not be able to place or cancel any orders. The will collect all the data and match the orders. Buy orders with prices higher than the reference price and sell orders with prices lower than the reference price will be matched and e xecuted (a portion of the orders with a higher routed price may not be matched). The remaining orders will go to the order book of the next trading stage automatically.

5) After the call auction data collection, the s ystem will enable trading activities.

For more detail of the new Gate.io Startup Sale Participation Rules and Startup Project Exchange Listing Rules, please see our previous announcement.

4. Attention:
(1) Countries not supported: Afghanistan, Albania, Belarus, Bosnia and Herzegovina, Burundi, Burma, Canada, China, Democratic Republic of Congo, Cuba, Ethiopia, Guinea-Bissau, Guinea, Iran, Iraq, Japan, Liberia, Lebanon, Libya, Macedonia, Malaysia, New Zealand, Serbia, Sri Lanka, Sudan, Somalia, Syria, Thailand, Trinidad and Tobago, Tunisia, Uganda, Ukraine, United States of America, Venezuela, Yemen, Zimbabwe.
For users from other countries, please check and make sure your participation in token sale on Startup complies with local laws and regulations.

(2) Risk Warning:
- The start-up project is still in its initial stage, factors including the operation and underlying technology of the project, and other related regulatory activities might contribute significant risks.
- Advanced technical and financial knowledge is required to understand and uate the inherent risks of crypto-asset investment.
- The volatility of market is high, and the price of token might fluctuate drastically due to technical, regulatory and marketing factors etc.
- Users may not be able to withdraw all the purchased tokens due to technical issues of the project or Gate.io.

(3) Requirements for participants
- Participant should register on Gate.io and Log in;
- After logging in, complete user identity verification;
- Deposit a certain amount of cryptocurrencies in gate.io account;
- Sign the Purchase Agreement on Startup before placing orders.


We sincerely appreciate your continuous support. Stay tuned for more innovative products from Gate.io!

Gate.io is a trading platform that does not charge listing fee, only launches quality projects, and provides users with a 100% guarantee and instant deposit-withdrawal services.
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Gate.io
May 16, 2019