Gojoy builds blockchain powered shopping ecosystem to reward consumers while supporting sellers

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.

As part of its hourly cash rewards program, Gojoy has now distributed over $3 million in rewards to its more than 320,000 members since launching seven months ago.

Gojoy Chain features two major coins:

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.

Gojoy+ is a plug & play solution to convert a traditional business into a fractional business model. The goal is for the Gojoy Shopping Mall to expand and have thousands of companies.

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:

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:

Check out the Gojoy official website for more information, docs and technical details.

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