The LGO Incentive Pool
By: Hugo Renaudin
Tags: Bitcoin, Transparency, Cryptocurrency, Token

A team and community-led reserve of LGO tokens with a single explicit use: create fair and transparent incentives for clients and token holders to use the LGO platform.

During LGO’s ICO over a year ago, we encountered a bug in our issuance smart contract, which rendered some LGO tokens inaccessible to pay for bonuses as listed in our White Paper.

We were transparent with our token holder community and worked with them to come up with a temporary solution, which entailed paying out bonuses by way of two LGO Token reserves held by LGO.

This summer, we are proud to announce that we will work with Consensys France, industry leaders in Ethereum solutions and smart contract deployment, to forge a long-term solution for our token.

We will work with Consensys to write and deploy a brand new smart contract, which will effectively issue a new LGO token, now completely bug-free. The total supply of these new LGO tokens will be identical to its predecessor: 217 Million total tokens in circulation, made up of 181 million tokens originally released and the 36 million tokens to be sent out across the 4 bonus rounds. No additional tokens will be generated, which means no dilution of the token supply will occur. A native burn() function will be implemented in the new smart contract, to facilitate our planned LGO token burning program.

More details regarding the transition to the new LGO and what it means for current LGO holders will be published within the next few weeks.

For the sake of transparency, and to remain consistent with the token plan outlined in our White Paper, we will reconstitute the two LGO token reserves which were used as temporary solutions to pay out the first two bonuses to our token holders. To emphasize our commitment to our token holders, we will dedicate the entirety of the two reconstituted reserves and two bonus rounds that were supposed to be paid to the advisors, founders, and reserves, to a new ‘LGO Incentive Pool’. The Incentive Pool has a single explicit purpose: promoting LGO and increasing trading and volume on the platform. Every transaction going in and out of the LGO Incentive Pool will be visible on the blockchain, which means that you’ll be able to check that funds are used in a purposeful and transparent way. Finally, we will work hand-in-hand with the LGO Community to generate novel ideas on promotion and marketing campaigns that could utilize the LGO tokens in the LGO Incentive Pool.

Bonus rounds 3 and 4 will be issued as previously stated, on August 15, 2019 and on February 15, 2020. However, these will occur after the new smart contract is written and the new token is deployed. Thus, these bonus rounds will be the first to be issued with the ‘new’ smart contract LGO tokens. The tokens from these future bonus rounds that would have been paid out to advisors and founders will instead be allocated to the Incentive Pool, to be used solely for incentivizing investment on the exchange platform.

Working with Consensys to generate a new LGO Token on a new smart contract, while maintaining continuance with its supply, stated roadmap, and LGO values, will allow us to remedy a situation that has troubled us for over a year. The new Incentive Pool, created from advisor/founder bonuses and the reconstituted reserves, will allow us to dedicate a significant amount of LGO Tokens to promoting LGO and fueling growth on the exchange platform.

What makes the LGO project truly special is our vibrant community, which is why every decision made at LGO is rooted in benefitting our loyal token-holders; we are confident this new smart contract and token aligns with this ideal, and will benefit the platform and community alike.

Thank you for your ongoing support,

The LGO Team