GokuMarket is a European-licensed open-source marketplace launched in November 2019. The platform was designed for different categories of customers, including professional traders and common users. Located in Hong Kong, the exchange has created a whole decentralized DAO-based ecosystem that comprises Swap, Farm, Pool, Prediction, Lottery, Metaverse Guild, and NFT Marketplace. Striving to maintain its reputation as a trusted and reliable resource, the platform incorporates new technologies, thus contributing to the development of the blockchain-based economy. Pursuing modern trends and the objectives set by the company, the team of developers utilizes advanced technological features to deliver excellent market opportunities for traders.
When the platform was initially launched in 2019, it was a traditional exchange equipped with simple cryptocurrency wallets. The resource has quickly grown into a community with 1 million users. Focusing on transparency, the platform decided to turn into a DAO (Decentralized Autonomous Organization) to be driven by the community. Though it is not that easy to achieve full autonomy for an exchange that has been centralized from the very beginning, GokuMarket started remodeling its business to meet the requirements of new standards. The goal was to create a 100% governance-based platform that shouldn’t be regulated by anyone but the community. The platform began its transformation in order to safeguard the interests of the community, leave no space for intermediaries or centralized management and avoid undesirable control on their part. Thus, in April 2022, the platform eventually migrated from CEX to the DAO-based DEX.
GokuMarket is a community-governed DAO that released its own utility token known as GMC (GokuMaket Credit). DAO members with governance rights can vote to make governance decisions on various aspects of the utility. Also, they are eligible to earn the revenue share from the decentralized organization.
The platform runs on Binance Smart Chain which charges lower transaction costs compared to Ethereum and Bitcoin-based systems. With the help of AI-powered escrow mechanisms and automated trading algorithms, the facility employs cryptocurrency apps that offer a variety of utility solutions. These include telecommunication top-ups, prepaid bank cards top-ups, peer-to-peer trading, precious metals trading, fundraising for projects, hiring workers, etc.
A smart escrow system helps merchants to get payments in a fully automated and transparent manner after a buyer received a service or a product. Also, non-tech-savvy merchants anf businesses can take advantage of the simple interface as they can list their products on a decentralized peer-to-peer e-commerce marketplace hassle-free.
Also, GokuMarket makes it easy to use cryptocurrencies on the go. In particular, NFC technology is used to process payments in such cryptocurrencies as BTC, USDT, ETH, GMC, TUSD, etc. The platform constantly increases the list of cryptocurrencies available for this service. Customers can use a non-custodial blockchain wallet enabling trading directly from MetaMask, Ledger, TrustWallet, and Safepal.
As mentioned earlier, users can participate in the governance processes of the platform. It is necessary to spend 1,000 GMC to create a proposal for voting. At the same time, it doesn’t cost anything for members of the community to participate in voting. However, users should have at least 5 GMC in their wallets at the start of the voting period to be eligible to vote. To verify such wallets, the system uses a snapshot when the proposal is created. It is possible to unpledge GMC only after their corresponding pledged duration of 30, 60, 90, or 120 days are over. At least, 5 current Foundation members should approve the proposal before the community votes for it. Those who make a proposal should write a few sentences describing the end result and desired changes.
The company became the first facility using high-end secure payments NFC (Near Field Communication) technology for NFC crypto payments on a large scale with the use of blockchain. It is enough to make a single tap on the phone to transfer digital assets. At this, the simplicity of this action contributes to the mass adoption of cryptocurrencies among the population. In addition, GokuMarket Credit is used to pay fees for NFC payments, which are deducted automatically from the amount available on a user’s balance.
P2P trading is managed by the AI-based smart escrow system, which provides peer-to-peer matching of orders, and resolves disputes on an automatic basis. As the platform provides numerous p2p use cases, the system enables pairing within the frames of the facility in case both parties are account holders with precious metals companies. Consequently, they are eligible for exchange trade between these companies whereas the cryptocurrency assets are escrowed via the peer-to-peer engine of GokuMarket.
In addition, GokuMarket strives to resolve the problem of trust. Since P2P systems have always been associated with various risks, it was necessary to choose the right seller, and communicate with the other party before the deal. In the past, the procedure required that the involved parties should trust each other. GokuMarket eliminates this trust thanks to AI-assisted peer-to-peer matches that consider such data as past trading history, reputation, and current rates. The GokuMarket team has developed the automated management of disputes on the basis of order completion rates. The algorithm enables safe matching of both parties, while traders with spotted reputations get blocked automatically.
Besides, the facility has created a reliable mechanism for over-the-counter (P2P) fee payments. Since untrusted users are removed from the system, P2P payments acquire a higher level of security. It is worth mentioning that the over-the-counter system is usually used by large-scale traders. However, the platform employs AI-powered P2P matching systems along with automated dispute management for traders operating small volumes as well. As for the trading fees, the platform charges all transactions from traders’ GokuMarket Credit balances.
The team of the exchange includes experts and advisors, which always protect users’ interests, taking measures that work best for the community. Any person can become a member of GokuMarket DAO after pledging the GMC. The board of directors includes the top 9 pledgers from the DAO, who don’t reveal their identities. The directors are selected on the 1st day of every month.