Today marks a pivotal moment in the journey of Ice. As we navigate the ever-evolving landscape of blockchain technology and community-driven projects, we must make strategic decisions to ensure the long-term sustainability and success of our project.
After careful consideration and analysis, we have decided to stop the mining activities on Ice. While Phase 1 has been instrumental in building our user base and distributing the Ice coins, we recognize that it comes at a significant cost both financially and in terms of team resources. With monthly expenses exceeding $50,000 and valuable team time diverted from mainnet development, we believe it’s time to shift our focus.
Focusing on Mainnet Development
Our primary objective has always been to deliver a robust and user-friendly mainnet app that empowers our community and fosters genuine engagement. We can allocate our resources more efficiently towards achieving this goal by stopping the mining activities.
Important Changes and Actions to Take
To ensure a smooth transition and eligibility for the upcoming final distribution, we urge all users to complete the following steps before February 28:
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- Pass the Quiz: All users must successfully pass the quiz available in the app.
- Add BNB Smart Chain Address: It’s essential to add your BNB Smart Chain address to your account to receive the distribution.
- Tap to Mine: Even though earning is stopped, users must continue tapping the Ice button in the app every 24 hours to avoid slashing before February 28.
Failure to complete these steps will result in the loss of your distribution of Ice coins.
Resetting Prestake and Distribution Details
In our efforts to ensure the sustainability of the mainnet, we have reset the prestake to zero for all users. This means that distribution rewards will be based solely on the amount of Ice coins mined.
Furthermore, 30% of the distributed balances will be allocated to the mainnet rewards pool, locked for five years to incentivize creators, nodes, and validators.
The final balance information will be available on February 28, influenced by several factors such as the rate of slashing and the success rate of quiz completions.
Lock Period
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- Community Pool: this pool does not have a lock period.
- Mainnet Rewards Pool: this pool will have a 5 year lock period starting from the mainnet release date (October 7th, 2024), with a quarterly release of the directly proportional equivalent, beginning on October 7th, 2024.
- Team Pool: this pool will have a 5 year lock period starting from the mainnet release date (October 7th, 2024), with a quarterly release of the directly proportional equivalent, beginning on October 7th, 2024.
- DAO Pool: this pool will have a 5 year lock period starting from the mainnet release date (October 7th, 2024), with a quarterly release of the directly proportional equivalent, beginning on October 7th, 2024.
- Treasury Pool: this 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.
- Growth Pool: this 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.
Looking Towards the Future
While these changes may seem significant, they are essential steps towards realizing our vision for Ice. We remain committed to transparency and community involvement every step of the way.
In the coming weeks and months, we have exciting announcements planned:
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- Announcement of the testnet, complete with Ice Open Network (ION) wallet and explorer.
- Launch of the Frostbyte app, a vital component of IceNet in the mainnet.
- Beta testing phase for the mainnet app, inviting community members to participate and provide valuable feedback.
Thank You for Your Continued Support
We want to express our gratitude to each and every member of the Ice community. Your unwavering support and dedication inspire us to push the boundaries of innovation and create a platform that truly empowers individuals.
As we embark on this new chapter, we invite you to join us in shaping the future of Ice. Together, we will build a decentralized ecosystem that fosters trust, transparency, and meaningful connections.
Stay tuned for further updates and announcements as we journey towards a brighter future.