GOMA Token Improvements & Upgrade to V2 — POST 1 of 2

In the name of giving you more, increasing the value of your holdings, and taking GOMA to new heights!

Improvements & Upgrade you say. What does that even mean.

This article is primarily for our existing community, to explain to them the move we are making to improve GOMA, increase the value of the their investment and enable GOMA Finance to become a significant roleplayer in the crypto industry — and the reasons it is being held back.

Let’s start at the beginning.

REMEMBER ME?!?!!?

GOMA TOKEN

Although GOMA TOKEN started in throws of the memecoin economy, it was never intended to be one.

We launched at a time where every coin had its funky nuances and technical tom-foolery. Where every coin had to have its own personality, have a cutesy face, and be extremely bold.

While this economy was booming, and still is, it is known by many as the rug-pull machine, and most of these tokens are not built or launched with any future-thinking.

Why do we say that?

At the time, one of the primary features of a memecoin was to completely RENOUNCE OWNERSHIP of the token contract; essentially rendering the team, owners and/or developers absolutely powerless to manage, maintain, adjust or improve the functioning of the contract, or rectify/fix any issues that may arise from certain pre-set variables (such as fees or taxes, certain limits, whitelisting, misdirected token redistributions, and may more).

Why did we renounce then? WE, at GOMA, renounced the contract to gain the trust of our community which, at the time, was more familiar with these activities/choices.

What are the limitations:

The limitations are not just functional, they are also infact economic, and over-all project damning in the sense that many larger institutions, CEX exchanges, partners and influencers refuse to work with you as you are not technically or officially in “control” of your own token (or crypto business essentially).

Furthermore, with no control comes loss of flexibility, and with that we are also at the mercy of featureless tokenomics that cannot be used to the advantage of the project OR the community of investors that it has.

Here are just SOME of the other disadvantages of renounced contracts:

1. Taxes remain taxes; on every buy and every sell, and every transfer wallet-to-wallet, and can never be adjusted to maximize YOUR RETURNS.
2. Every utility has a cost forever, regardless as to whether the token is native to the ecosystem/platform or not
3. Most of the Redistributions can get trapped in the primary contract wallet, instead of in your pockets, causing you to missout of thousands of dollars (life-time value) because they have now become inaccessible — with a renounced contract, these cannot be redistributed or utilized.
4. Tier 1 and 2 exchanges refuse to list tokens with renounced contracts due to their lack of management capabilities and exchange whitelisting to manage fees
5. Institutional economic partners refuse to work with tokens with renounced contracts due to their lack of management capabilities
6. All promotional tooling becomes tertiary, and there is no way to campaign effectively using the tokenomics or token design
7. Cross-chain and Multi-chain support cannot be managed effectively; this poses a threat to our future developments

… What more can we say?

THIS IS WHY IT MATTERS

GOMA V1 to GOMA V2

This move from GOMA V1 to GOMA V2 will have lasting and future-focused effects on the entire GOMA Ecosystem, and extremely positive effects on the sentiment of the token as an investment opportunity not only for existing investors/holders but also future investors as well.

It solidifies our plans, and shows a level of maturity of the project to realise that it is the right time to do so for the longevity of the business and its value.

What will be improved by upgrading the token?

What can you expect?

1. “Shiba Inu” will be removed from the name on BSCSCAN and in the contract, transforming us officially into GOMA Finance
2. The ongoing Quantity discrepancy on BSCSCAN will be resolved by appropriate redistribution patching, bringing trust back for new investors
3. Utility, Transfer and Staking taxes will be variable, and removed in most cases to avoid any loss of value
4. Burn and Redistribution percentages will become adjustable (used in the case of transfers or CEXs)
5. Buy and Sell taxes will become variable and adjustable for the benefit of gaining new investors and enabling existing holders
6. Exchange Whitelisting — Access to Tier 1 and Tier 2 CEXs — we will be able to whitelist CEXs from additional fees, giving us access to a much broader range of popular CEXs
7. Redistributions can be managed, and contract wallet can be added to the ‘exclusion’ list so that you earn more on every trade.
8. More features will be added to allow us to integrate with more opportunities, and be more flexible moving deeper into NFTs, DeFi, Metaverse and GAMEFi.
9. and more…..

If you have any questions please contact us on Telegram https://t.me/GOMAFinance

or on dev@gomatoken.com

Please watch this space for Part 2 of this article; what to do next, what is the process and what to expect.