Updated on June 19, 2017
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GLX offers the following types of memberships:
A Restricted (Free) Membership Account is for anyone who wants to create and maintain a profile in the GLX - Capital Market Network. Restricted (Free) Membership Accounts have the following restrictions:
Each Standard Membership Account is billed at a rate of $1.00 USD per-month. Billing cycles are monthly and begin on the first of the month and all memberships renew at the end of each month. We bill on a 30-day month, 360-day year, count convention, this means that the standard daily membership rate is $0.033333333333333300 per-day.
Coming Soon - Premium Membership Accounts and data subscriptions are coming soon.
The payment method in the GLX ecosystem is the GLX Dollar (X). The GLX Dollar (X) is an ERC20 compliant Ethereum based digital token. Class A and B GLX Dollars (Xs) can be used to pay for goods and services on the GLX platform. Class A Xs will be offered in our Initial Dollar Offering (“IDO”), will be exchange tradable and can be traded amongst members of the GLX network. Class B Xs can be earned for loyalty and incentives.
Initially 1 GLX Dollar (X) will be valued at $1.00 USD. All new GLX members will receive 10 Class B GLX Dollars (Xs) upon sign up which can be used to pay for GLX memberships. Similar to Ether the GLX Dollar is divisible down to 18 decimal places. When the Class A Dollar (X) is quoted on an exchange the previous month's closing price will be the benchmark to measure the conversion rate to pay for the months subscription cost. For example, if the Class A Dollar (X) is quoted or valued at $2 per-X relative to the USD, on August 31, then the conversion debit to cover September’s membership of $1.00 USD will be ½ X.
In the event that a member signs up after the first of any given month then said month's membership fee will be prorated according to the following formula; 31 minus the calendar day of the sign up times the standard daily membership rate. For example, if a new member was to sign up on the 5th of any given month then that prorated first month's membership fee would be equal to (31 - 5) x 0.033333333333333300 = 0.866666666666667000.
Coming Soon - If a member chooses to pay annually, a 20% discount will be applied compared to paying monthly. For example, a Standard Membership Account is billed at a rate of $12.00 USD per-year. If a member chooses to do so they can pay annually and accept a saving of $2.40 ($12 x 20%) and pay a one-time annual reduced rate of $9.60 ($12.00 - $2.40).