Howdoo Governance Token: The Introduction

Today we have more good news to add to the streak - the introduction of Howdoo Governance Token.

Chris Waton
21st March 2021

There has been a lot of new information coming from us lately, we understand that it may look a lot to take in, but there are a lot of new moving parts which are essential for the development of Howdoo Blockchain and the uDOO token’s whole ecosystem.

We have also just introduced two additional dApps to be built on the Howdoo Blockchain – the HowdooSwap DEX and the Howdoo IDO LaunchPad, providing even more benefits and reward forms for Howdoo Blockchain node holders.

Today we have more good news to add to the streak – the introduction of Howdoo Governance Token. In general, governance tokens give the holders power to influence the protocol, change governance parameters and help shape project development.

Every software and organization needs mechanisms for being updated or patched. Unexpected vulnerabilities or changes in the market can require the project to pivot in order to stay relevant and up to date. Governance tokens can help to achieve that, typically through some form of voting. 

Governance Token Distribution

In total there will be 1,000,000 Howdoo Governance tokens minted.

20% of the total supply will be retained by Howdoo and locked for decision making. This guarantees that the Howdoo team stays involved in any decision-making by governance token holders.

5% will be allocated to advisors and distributed over 3 months. 2.5% will be unlocked initially, followed by 1.5% release after 1 month and the remaining 1.5% on July 1st. The advisor allocation is meant for key players in the industry that can introduce/thrive adoption of the Howdoo LaunchPad, and therefore the Howdoo Blockchain, to startups.

25% of the total supply will be sold, without lockup. The tokensale allocation is split between 5% Private sale and 20% Public sale. For the private sale, we are looking for a well-known IDO platform to come in and share know-how by getting their skin in the game. Revenue made of the tokensale will be used to develop and market the Howdoo Ecosystem.

The remaining 50% of Howdoo Governance tokens will be given to node holders, distributed over 5 instalments – 10% each quarter. In total, both parts of the ecosystem, Supernodes and Seed nodes will split Governance tokens equally, with each side getting 25%.

Governance token distribution structure is oriented around giving influence to the ecosystem’s key component parts as well as the cryptocurrency community. We feel confident that this decentralized composition will steer the development of the Howdoo Blockchain in the right direction making all stakeholders engaged and satisfied.

Duties of the Governance Token Owners

Governance token owners will have the following duties and rights to influence the following decisions:

  • Vote on which projects get listed on the HowdooSwap.
  • Vote on which projects are accepted to the Howdoo LaunchPad.
  • Determine fees charged by HowdooSwap and Howdoo LaunchPad (after the initial 12 months).
  • Annually review and update the gas fees collected by node holders for executing transactions on the Howdoo Blockchain.

Benefits for the Governance Token Owners

In the previous two articles discussing the HowdooSwap and LaunchPad, we introduced numerous additional incentives for the node program. For their work on HowdooSwap, the nodes will keep 30% of the retained 0.05% protocol fee on every trade made and 10% of the HowdooSwap platform’s advertising revenue. 

Node holders will generate earnings from the LaunchPad fee paid by projects conducting IDOs on the Howdoo LaunchPad. The LaunchPad will take 5% from the IDO sale proceeds and 15% of it will go to Howdoo node holders. 

The node queue is open for both Super and Seed nodes on http://defi.howdoo.io. On April 1st,150 Seed- and 50 Super node positions are locking in. People holding the right amount of uDOO tokens can secure their spot in the queue here and be prepared for the governance token airdrops.

Holding Howdoo Governance tokens offer some advantages too; token holders will have an influence on the ecosystem’s development and will benefit financially. 

  1. Governance token holders will receive a 25% share, in ETH, of the 5% LaunchPad fee charged from IDO sales.
  2. Governance token holders will retain 1% of the token sale supply from each project on the Howdoo LaunchPad. There will be two options how to claim their tokens:
    1. Lock the tokens for 12 months and withdraw when released.
    2. Lock the tokens into HowdooSwap liquidity contract for at least 3 months
  3. Every transaction on the HowdooSwap will charge a 0.3% fee, 0.25% will go to the liquidity providers, while 0.05% will be collected by the HowdooSwap protocol. 30% of those 0.05% will be distributed to node holders.
  4. Governance token holders will also get 15% from HowdooSwap ad revenue, monthly paid in USDT.

The latest strategic decisions we made will also be reflected in the updated website and is part of the reason why we had to delay the upgrade. We hope you understand and can keep just a bit more patience. We expect to enrich the Howdoo.io website with new colors, features, and the latest information by the end of March.


uDOOs are also available to buy on:

Uniswap trading pair uDOO/wETH

https://www.kucoin.com/trade/UDOO-ETH

https://exmarkets.com/trade/udoo-eth

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