Usage
Distribution
Lock period
Inflation and rewards
Team fund
Community fund
Treasury fund
Ecosystem growth and innovation fund
Conclusion
Usage
The Ice coin is the native cryptocurrency of the Ice Open Network (ION), a decentralized platform that prioritize cross-chain compatibility and scalability, handling millions of transactions per second and aiming to accommodate billions of users.
Ice has several main use cases within the Ice Open Network (ION). These include Participation in governance, Ice holders can use their coins to cast votes on proposals that affect the direction of the Ice Open Network. This allows them to have a say in the decision-making process and help shape the future of the platform.
Developing dApps: The Ice Open Network is developing a decentralized framework for Web3, which can be used to build dApps such as chats, websites, social networks and many more by anyone in under one hour using our proprietary app builder interface. You can learn more on our whitepaper.
Sending, receiving, exchanging, and making payments: Ice can be used as a medium of exchange to facilitate transactions within the Ice Open Network. This includes sending Ice to other users, receiving Ice as payment, exchanging Ice for other cryptocurrencies, and using Ice to make purchases.
Staking: Ice can also be staked by users to support the security and availability of the network. Staking rewards are distributed to Ice holders who support the network through their staked coins.
Merchant integration: Our team is working on a decentralized payment solution to allow merchants to easily integrate and accept Ice in their retail stores and e-commerce shops. This will make it easier for users to pay with Ice in real-world situations.
The Ice Open Network team is constantly working on expanding the use cases for the coin and improving the user experience.
Distribution
The total supply of ICE is: 21,150,537,435.26
The coins are distributed as follows:
- 28% (5,842,127,776.35 ICE coins) are distributed to the community based on previous mining activity during the first phase of the project.
- 12% (2,618,087,197.76 ICE coins locked for 5 years at BSC address 0xcF03ffFA7D25f803Ff2c4c5CEdCDCb1584C5b32C) are allocated to the mainnet rewards pool, used to incentivize nodes, creators and validators.
- 25% (5,287,634,358.82 ICE coins locked for 5 years at BSC address 0x02749cD94f45B1ddac521981F5cc50E18CEf3ccC) are allocated to the team to incentivize and reward their contributions to the development of the project, and continuously develop and support the Ice project.
- 15% (3,172,580,615.29 ICE coins locked for 5 years at BSC address 0x532EFf382Adad223C0a83F3F1f7D8C60d9499a97) are allocated to the DAO pool, where the community will have the opportunity to vote on proposals for how these funds should be invested in order to further the development and growth of the Ice project.
- 10% (2,115,053,743.53 ICE coins locked for 5 years at BSC address 0x8c9873C885302Ce2eE1a970498c1665a6DB3D650 ) are allocated to the treasury pool, specifically designated for activities such as providing liquidity, establishing exchange partnerships, launching exchange campaigns, and covering market maker fees. This pool will strengthen our ability to execute strategic initiatives that further enhance the Ice project’s sustainability and visibility.
- 10% (2,115,053,743.53 ICE coins locked for 5 years at BSC address 0x576fE98558147a2a54fc5f4a374d46d6d9DD0b81) are allocated to the ecosystem growth and innovation pool, dedicated to fostering the growth and innovation of the Ice ecosystem. It will be used for partnerships, third-party services for development and marketing, onboarding new projects within the ecosystem, and working with other third-party service providers to expand our reach and capabilities.
We believe that this distribution strategy strikes a balance between rewarding the community and the team for their contributions, while also ensuring that there are sufficient funds available to support the ongoing development and growth of the Ice project.
Lock period
In order to ensure the long-term stability and growth of the Ice project, certain portions of the coin distribution have been allocated with lock periods. A lock period is a set amount of time during which the allocated coins cannot be sold or transferred by the recipient. This helps to prevent short-term speculation and encourages long-term commitment to the project. The lock periods for the different portions of the coin distribution are as follows:
- The 28% of coins distributed to the community does not have a lock period. These coins will be immediately available for use, staking, and voting on proposals.
- The 12% of coins allocated to the mainnet rewards pool will have a 5 year lock period starting from the mainnet launch, with a quarterly release of the directly proportional equivalent, beginning on the mainnet launch day.
- The 25% of coins allocated to the team will have a 5 year lock period starting from the mainnet launch, with a quarterly release of the directly proportional equivalent, beginning on the mainnet launch day. This lock period is in place to ensure the long-term commitment and dedication of the team to the development and growth of the Ice project.
- The 15% of coins allocated to the community pool will have a 5 year lock period starting from the mainnet launch, with a quarterly release of the directly proportional equivalent, beginning on the mainnet launch day. This lock period is in place to ensure the responsible and strategic allocation of these funds to projects and initiatives that will benefit the Ice community and project.
- The 10% of coins allocated to the treasury pool will have a 5 year lock period starting from the BNB Smart Chain distribution, with a quarterly release of the directly proportional equivalent, beginning on the BNB Smart Chain distribution day.
- The 10% of coins allocated to the ecosystem growth and innovation pool will have a 5 year lock period starting from the BNB Smart Chain distribution, with a quarterly release of the directly proportional equivalent, beginning on the BNB Smart Chain distribution day.
Mainnet rewards fund
The mainnet rewards fund serves as a cornerstone within the Ice Open Network’s economic model, ensuring fair distribution and sustainable advancement. Through diverse user activities like content creation and transactions, participants earn rewards, fostering an engaged community. These rewards not only incentivize involvement but also fuel the network’s ongoing development efforts.
In the realm of user-centric monetization, ION Connect, ION Vault, and ION Liberty stand as pillars of equal importance within the Ice Open Network. ION Connect empowers content creators and consumers alike, rewarding them based on community engagement. Simultaneously, users operating Ice nodes play a vital role in network operation and are duly compensated for their contributions. Through loyalty bonuses and engagement tiers, sustained participation is encouraged across all facets of the network, fostering a dynamic ecosystem where every participant shares in the network’s growth and prosperity.
Team fund
The team funds allocated to the Ice Open Network project are an important part of our economics. These funds are used to incentivize and reward the contributions of the team, as well as to continuously develop and support the project.
The team is responsible for the ongoing development and maintenance of the Ice Open Network, including updates, bug fixes, and new features. These efforts require resources, including time and financial support.
In addition to the technical development of the Ice Open Network, the team also plays a crucial role in the project’s marketing and community building efforts. By actively engaging with the community and promoting the project, the team helps to increase awareness and adoption of the Ice Open Network.
Over the course the Phase 1, the team will announce the development of multiple side projects on top of Ice Open Network that will increase the utility to the Ice coin. Stay tuned for our news!
Overall, the team funds are an essential part of the Ice Open Network’s economics, helping to ensure the ongoing success and growth of the project.
DAO fund
The DAO fund is an important part of the Ice Open Network’s economic model. The fund is allocated 15% of the total supply of Ice coins and is managed by the community through a voting process.
The purpose of the DAO fund is to support projects and initiatives that will help to further the development and growth of the Ice Open Network. This can include things like marketing efforts to increase awareness of the Ice Open Network, research and development to improve the technology behind the network, or partnerships with other organizations or projects to drive adoption and use of Ice.
The community is able to propose and vote on projects and initiatives that they believe will be beneficial to the Ice Open Network, and the community fund will be used to finance these proposals. This helps to ensure that the development of the Ice Open Network is driven by the community, rather than just the team behind the project. It also allows the community to have a say in the direction and focus of the project, and to contribute to its success.
Treasury Fund
The Treasury Fund holds a central role within the Ice Open Network’s financial ecosystem, representing a 10% allocation of Ice Coins. Its primary purpose is to provide crucial support for various strategic activities that bolster the project’s overall growth and sustainability.
The Treasury Fund is strategically utilized for activities such as liquidity provision to maintain robust trading on exchanges, fostering partnerships with leading platforms to enhance market presence, launching targeted exchange campaigns aimed at raising awareness and attracting new users, and covering market maker fees to ensure market stability and liquidity.
While its primary focus is on these vital functions, the Treasury Fund retains a degree of flexibility. This flexibility allows it to adapt to evolving opportunities and strategic needs, enabling the fund to potentially support other initiatives that align with the Ice Open Network’s goals, always with the utmost transparency and community consensus.
Ecosystem Growth and Innovation Fund
The Ecosystem Growth and Innovation Pool Fund, representing a 10% allocation of Ice Coins, is a dynamic resource dedicated to fostering innovation and expanding the Ice Open Network’s ecosystem.
This fund plays a versatile role by supporting strategic partnerships with third-party organizations and projects that align with the Ice Open Network’s objectives, broadening its reach and capabilities. It also facilitates the use of third-party services for development, marketing, and other essential functions, enhancing the efficiency and effectiveness of the Ice Open Network.
Furthermore, the Ecosystem Growth and Innovation Pool Fund is instrumental in onboarding new projects within the Ice ecosystem, promoting diversity and synergy within the network. By funding innovative projects and initiatives, it encourages continuous improvement and adaptability within the Ice ecosystem.
Similar to the Treasury Fund, the Ecosystem Growth and Innovation Pool Fund offers flexibility in its usage to seize emerging opportunities and address evolving challenges.
Conclusion
In conclusion, the economics of the Ice Open Network were carefully designed to ensure a stable and sustainable future for the project. The allocation of coins to the community, team, DAO, treasury and ecosystem growth and innovation pools allows for the long-term growth and development of the project, while the inflation and rewards model incentivizes users to support the network. The lock periods for the team and community pool funds ensure that the funds are used responsibly and transparently to further the project’s goals. Overall, the economics of the Ice Open Network are designed to promote the long-term success and adoption of the project.