Posts by Barbouz

    News :


    What has been achieved and delivered?

    As of the end of March, 2022 GokuMarket announced its plans to restructure from Web2.0 into Web3.0 and become 100% decentralised with governance as a DAO-based DEX and a non-custodial platform.

    First, in early April, DEX.GokuMarket.com and the GokuMarket 3.0 whitepaper were launched together with the Decentralised Autonomous Organisation (DAO).

    Second, the DAO was presented with its initial GokuMarketDAO Improvement Proposal (GIP-1) and the voting by governance for the community to support the proposed restructuring took place between April 21st and May 5th, 2022. The result was clear and decisive, with 99.9% of users who voted did so in favour of continuing the restructuring.

    What is the road ahead?

    Based on the outcome of GIP-1 and the community’s wishes, the scope of work will now commence and take some weeks to complete. The GokuMarket Community is separated into two groups: (1) more than 960,000 exchange users and (2) more than 15,000 active Affiliate Program & pre-launch product users.

    First, during the next 1-2 weeks, more than 15,000 users will be migrated to the new Affiliate Marketing partner. More details will be communicated to this user group after the migration has been completed and the users will be able to login to their accounts and purchase both GokuMarket and other tokenized product offerings, earn affiliate rewards, and have the opportunity to continue building their teams. The withdrawals of the funds associated with affiliate program members will be managed by the partner with a reasonable plan to ensure everyone’s capital and committed gains are withdrawable.

    Second, during the next 2-4 weeks, more than 960,000 users will be migrated to the Centralised Exchange partner licensed across multiple jurisdictions in Europe & North America. More details will be communicated to the user group after the migration has been completed and the users will be able to login to their accounts and start to use the services offered. The new partner will take responsibility for processing withdrawals and managing funds associated with these users.

    Again, we anticipate that the withdrawal issue will see further improvements as soon as the users are taken over with the new partners.

    Meanwhile, the team is also actively working on the GokuMarket DEX and preparing for upcoming releases with utilities for GMC (GokuMarket Credit) such as Swap, Liquidity, Farm, Pool and Pledging and DAO based submission of proposals and votings.

    We appreciate your support and we look forward to successfully completing the restructuring and preparing for upcoming future GokuMarket DAO proposals and votings.

    GokuMarket Restructuring

    What is the road ahead?

    Considering the recent challenges faced by the project and respecting our community’s interest as primary focus, GokuMarket has decided to become a community driven open source project with Decentralized Autonomous Organization (DAO) and a non-custodial platform. In order to achieve this, we are partnering with various established players to take over the centralized systems like Centralized Exchange & Wallet, Ecommerce, Affiliate Program with pre launch, whereas GokuMarket focuses on GMC using Binance Smart Chain based DeFi (Swap, Pool, Farm), DAO (Elections, Proposals, Voting), Lottery, Price Prediction, NFT Marketplace, Metaverse and more.

    Why are we restructuring?

    GokuMarket primarily has been focused from the beginning to be a governance based platform as mentioned on the whitepaper (reference: https://docs.gokumarket.com/trusted-practices/governance). Achieving complete governance on a Web2.0 or centralized platform is simply not possible, as it violates certain compliance requirements and doesn’t offer complete transparency. In order to achieve complete transparency and governance, GokuMarket has decided to move to Web3.0 i.e. 100% decentralized with governance.

    How will the transition execute?

    First, a decentralized platform DEX will be launched as a testnet along with the DAO. During the next few weeks, the testnet will be further developed and also third-party security audited by Certik & Immunefi before it is fully launched on the BSC mainnet. With the governance support, the DAO will vote on the proposed changes to the GokuMarket ecosystem that will be executed with complete transparency via on-chain voting using GMC with the Binance Smart Chain. Simply put, the community will vote on and need to support the changes that can lead to things getting better again. Each transition must be approved by the community via voting and the centralized management will be moved aside with no centralized decision making ability, which will be GMC based on the community voting as per DAO.

    How is restructuring going to solve delayed withdrawals?

    We are already some months into the process of building a pipeline of positive partnerships that could take over the centralized modules like Wallet & Exchange, Ecommerce and Affiliate Program with pre launch with the help of positive voting support of the community, these partnerships would resolve the withdrawals related issues. As the governance approves, the takeovers will be executed, whereas GokuMarket with the DAO will continue to focus on GMC and build a transparent non-custodial decentralized finance platform.

    Track the progress of DEX & DAO here: https://betadex.gokumarket.com

    Revised whitepaper will be published here: https://docs.gokumarket.com