Gokoo Token
What is Gokoo?
Gokoo is a stablecoin exclusively for Mogaokoo transactions. Gokoo has a stable value of $0.01, fully backed by a reserve of USDC provided by Mogaokoo. Users mint Gokoo tokens by depositing dollars into Mogaokoo, which are then used for purchasing licenses and upvoting content on the platform. Conversely, Gokoo tokens are burned when users withdraw dollars to their PayPal accounts.
How to get Gokoo in my wallet?
You can mint Gokoo by depositing USD into Mogaokoo, with a minimum deposit amount of $1.00 resulting in the minting of 100 Gokoo tokens. A transaction fee is applied to deposits to cover operational costs associated with payment gateways.
How to withdraw Gokoo for USD?
You can convert Gokoo to USD and withdraw it to your PayPal account. The minimum withdrawal amount is $1.00, with the equivalent Gokoo tokens being burned from your wallet upon withdrawal. A fixed transaction fee will be deducted from the payout amount to cover operational costs incurred by PayPal.
Why do I see no value on Gokoo tokens in the Magic Wallet widget?
Gokoo is a token exclusive to Mogaokoo, with its value fully backed by a reserve of USDC held in a multi-signature wallet provided by Mogaokoo. Since Gokoo is not listed or traded on decentralized exchanges (DEX) outside of Mogaokoo, its value does not appear in the Magic Wallet widget. You can monitor the balance of the reserve wallet here and track Gokoo contract transactions here.
Why do I get an error on Gokoo minting after payment?
Minting Gokoo involves communicating with Polygon to record the transaction. Occasionally, network congestion may cause errors after payment. If you encounter an error, you can select 'Try Again' to attempt minting Gokoo once more or choose 'Refund' to submit a refund request. Refund requests are typically processed within 24 hours, and you will receive an email notification once it's completed.
Why do I get an error on Gokoo withdrawal?
For each withdrawal request, we transfer USD from our PayPal business account to your provided PayPal account and then burn an equivalent amount of Gokoo from your wallet. We maintain a minimal balance in PayPal for daily operations, while the full balance is held in our reserve wallet. In rare cases where a withdrawal exceeds our PayPal balance temporarily, we transfer funds from our reserve wallet to complete the request, typically within 24 hours. Rest assured, your funds are secure as our reserve wallet is publicly visible and transparent.