Gojoy, a newly launched China-based business blockchain solution for e-commerce, focused on lowering customer acquisition costs for sellers, while rewarding consumers at the same time has launched this month. The aim of Gojoy is to incentive consumers using the Gojoy e-commerce shopping platform with the sharing of coin rewards
The team who built Gojoy comes from a clan called Growth Hack Union. In the past year, the team demonstrated Gojoy as a proof-of-concept marketing tool and it proved to be highly successful. Gojoy signed up over 150,000 members in 6 months with zero spent on advertising. The Gojoy minimum viable product (MVP) made more than $14 million dollars, with the Growth Hack Union team distributing more than $2.7 million dollars back to the lower, and the lower-middle-income families in China.
The Gojoy Chain is powered by the Gojoy Shopping Mall: an ecommerce platform where manufacturers sell directly to consumers, and where 50% of the income is distributed every hour among the community of shoppers. When a shopper buys, they get a percentage of their purchase in Joy coin. Then, every hour around the clock, the Gojoy platform shares 50% of its income pro-rata with all JOY holders.
Successful Inaugural Coin Auction
Earlier this month, Gojoy successfully completed its inaugural Joy coin blind auction on CBX. More than 46,000 participants placed bids totaling a value of over $10 million. Auctions will be held each month for five years.
Gojoy Chain features two major coins:
- Joy Coin – Earn earned through shopping, can also be bought as an investor or earned as company management. It is a fixed supply reward coin.
- JUSD Stable Coin – Takes Gojoy ecommerce profits earned in USD and distributes it to users as JUSD (stable coin pegged to USD).
Those interested in more details on the Gojoy token economy, can check out the explainer document.
Fractional Business Model
Gojoy’s user experience is simple. Consumers buy and get rewarded with Joy coin. Every hour, the platform shares 50% of generated income with Joy coin holders. Rewards never stop as long you hold Joy coin. The Gojoy development team fractionalized the rewards, which helps the Gojoy Shopping Mall grow. When a company adopts a fractional model, it adds a second dimension to its revenue. The fractional dimension draws money into the company without requiring any spending to drive sales.
Launchpad for Companies
Gojoy provides a launchpad process for companies to apply and get on a fractional business model. It also includes a starter kit which makes tokenizing a shop an easy process.
During the launchpad process, Gojoy generates 1 billion tokens for the newly added company. The 1 billion tokens are non-dilutable (no tokens can be minted afterward). There are four types of company tokens depending on how they can be acquired:
- Proof of Transaction – are the tokens shoppers give to their consumers to incentivize them to purchase or do any specific action. They will eventually exhaust, but by that time, the company will have access to their own customers, and they won’t be paying for user acquisition and retention anymore.
- Proof of Winner – is a pool of tokens at the company’s disposal to raise additional funds. The company can sell these tokens directly to private buyers, can conduct an auction or come up with a game. Gojoy can help companies organize their first sale on the platform to guarantee the company has more potential buyers. This initial round can have a maximum of 30 million tokens sold.
- Proof of Contribution – is a pool designed to distribute among company staff and contributors. These reduce your costs in fiat. Gojoy+ fee comes from this pool
- Company Preferred – are tokens that belong to the company and do not participate in the hourly cash rewards. They are locked for five years. After that, the company can sell them like any other asset.
Gojoy’s Multi-Token Economy
Gojoy employs a future-income-sharing mechanism, which distributes 50% of the income generated by Gojoy on an hourly basis around the clock, which is made possible by the Joy coin (JOY, native) and the Joy Dollar (JUSD, stablecoin).
When this model is extended to companies that join Gojoy+, the Gojoy Chain issues tokens for each company. These child tokens interact with JOY and JUSD to create an economy that integrates all companies and consumers, bridges fiat and crypto, and allows for anyone participating in the economy to contribute and be rewarded.
Making It Work
The Gojoy Shopping Mall is where all the action starts, where blockchain meets the common folk and empowers him/her to get good products at great prices and to take part in the Gojoy future-income-sharing mechanism.
The Gojoy app deploys a modern Chinese ecommerce design with all the functionality consumers expect. The reward mechanism has been gamified to enhance user experience and generate more visits.
The ecosystem also features Gojoy X, an OTC exchange where Gojoy members can trade their assets. It offers three transaction modes:
- Fast Trading — Fiat to crypto, purchasing from certified and authorized agents; ideal for beginners
- OTC — Fiat to crypto, members can post offers and trade among each other
- C2C — Coin to coin, members can post offers and trade among each other; for example, JOY to BTC
Check out the Gojoy official website for more information, docs and technical details.