Long term commitment will have significant value unlocking because it enables communities to make long-term plans. Long-term commitment by stakeholders also forces them to participate in the long-term growth rather than short-term pumps.
In the cryptocurrency space, speculators jump from cryptocurrency to cryptocurrency based mostly on which one is expected to have short-term growth. We want to build an ecosystem that is mostly owned and entirely controlled by those with a long-term perspective. Users are able to commit their BINGO to a certain vesting schedule, providing them with additional benefits within the platform. We’re actively exploring benefits such retirement funding, universal basic income, and more for users who have committed their BINGO.
BINGO that has been committed to the vesting schedule is called BINGO Power (BINGP). BINGP is non-transferable and non-divisible except via the automatically recurring conversion requests. This means that BINGP cannot be traded on cryptocurrency exchanges. Users with more BINGP have more influence in their communities, essentially making BINGP an access token that grants its holders exclusive powers within the WeGotcha ecosystem. We discuss this in detail in our chapter on decentralized governance.