Usage
The ice coin is the native cryptocurrency of the ice network, a decentralized platform that aims to enable the development of decentralized applications (dApps) and services on the Web3.
ice has several main use cases within the ice network. These include Participation in governance, ice holders can use their coins to cast votes on proposals that affect the direction of the ice 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 network is developing a decentralized SQL database for Web3, which can be used to build dApps such as chats, websites, social networks and many more.
Sending, receiving, exchanging, and making payments: ice can be used as a medium of exchange to facilitate transactions within the ice 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 network team is constantly working on expanding the use cases for the coin and improving the user experience.
Distribution
In the ice network, the coin supply is not fixed and is instead determined by a combination of factors, including the rate of inflation, the number of coins in circulation, and the rate at which coins are being staked.
The coins will be distributed as follows:
- 35% will be allocated to the team to incentivize and reward their contributions to the development of the project, and continuously develop and support the ice project.
- 50% will be distributed to the community based on previous mining activity during the first phase of the project.
- 15% will be allocated to the community 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.
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 50% 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 35% of coins allocated to the team will have a 5 year lock period, with a monthly release of the directly proportional equivalent. 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 also have a 5 year lock period, with a monthly release of the directly proportional equivalent. 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.
Inflation and Rewards
Inflation and rewards are important factors to consider when designing a cryptocurrency’s economics. At ice network, we were inspired by the best practices of other successful projects, such as Cosmos, and have chosen to use a similar model with a targeted staking participation rate of 67%. This means that when 67% of all ice coins are staked, the inflation rate will stop changing.
If more than 67% of ice are staked, the inflation rate will gradually decrease, bottoming out at 7%. This encourages users to stake their ice and support the network’s security and stability, as they can earn rewards for doing so while also helping to keep the inflation rate low. On the other hand, if less than 67% of ice are staked, the inflation rate will gradually increase, maxing out at 20%. This incentivizes users to stake their ice in order to earn rewards and help bring the inflation rate back down to the target level.
In addition to the inflation rate, staking ice earns additional rewards. The rewards rate is determined by the inflation rate, how many coins are staked, and gas fees. By staking their ice, users can earn a share of the rewards generated by the network, contributing to the overall health and success of the ice project.
Team fund
The team funds allocated to the ice 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 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 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 network.
Over the course the Phase 1, the team will announce the development of multiple side projects on top of ice 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 network’s economics, helping to ensure the ongoing success and growth of the project.
Community fund
The community fund is an important part of the ice 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 community fund is to support projects and initiatives that will help to further the development and growth of the ice network. This can include things like marketing efforts to increase awareness of the ice 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 network, and the community fund will be used to finance these proposals. This helps to ensure that the development of the ice 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
Conclusion
In conclusion, the economics of the ice network were carefully designed to ensure a stable and sustainable future for the project. The allocation of coins to the community, team, and community pool allows for the long-term growth and development of the project, while the inflation and rewards model incentivizes users to support the network through staking. 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 network are designed to promote the long-term success and adoption of the project.
