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What is IONC
IONC is the official token of IONChain. It can be utilized by different participants in IONChain ecosystem. The maximum supply of IONC is 800 million. It is going to be released gradually for 20 years. After 20 years, the administrative committee elected by IONChain users using the consensus mechanism will decide whether to re-issue IONC tokens based on the amount of on-chain devices, amount of data being processed and the overall level of IONC abundance in the ecosystem.
IoT devices and data access constitute the core parts of IONChain ecosystem, therefore IONC token is going to be used to reward devices and data providers. The yearly supply of IONC tokens increases along with the demand for data access. However, the upper limit is pre-set.
IONC token is an indispensable part of the IONChain system as it is a single most crucial part of its economic model.
From the perspective of the ecosystem:
IONC token is the only authorized cryptocurrency, which binds together all the participants of the IONChain ecosystem allowing them to take part in the value creation process within the system. The overall value of IONChain is going to increase as more and more transactions and purchases are going to happen within the network. The IONChain mining rewards mechanism is aimed at increasing the participation rate of all IONChain users, incentivizing many small IoT devices to participate in the mining process thus effectively decentralizing it.
From the perspective of an individual:
To build up a complete ecosystem, IONChain is going to distribute rewards to the users in exchange for the access to their IoT devices and for the generated data. IONChain data and user privacy protection is based on encryption algorithms and anonymity.Uploading data is rewarded with IONC tokens. Users can also spend the tokens to purchase various value-added services within the ecosystem.
From the perspective of business entities:
with more and more IoT data gradually uploaded to IONChain, the value of the whole ecosystem for big data analysis and AI related use cases will keep increasing. Business entities will be willing to purchase IONC tokens in order to be able to use them paying for on-chain data analysis services. Those services can help enterprises improve their business. They can also provide a basis for completely new types of business models.
Apart from that, IONC token can also be used in the following situations:
a) Rewards for the IoT devices used as miners;
b) The longer you hold the tokens, the bigger your chance to be elected as the IONChain council member;
c) Compensation for the cost of running data search, statistics and smart contract analysis. Nodes running smart contracts will get awards accordingly;
d) As the fuel for running DAPP on the ion chain, the node running the API called by DAPP will receive the reward corresponding to the running consumption of API;
e) As a transaction fee for transferring the IONC currency between accounts, the billing node award is paid accordingly;
f) Each IONC coin can track its origins, and can save and trace part of the data through the IONC currency;
g) nodes responsible for the communication between IONCs (access to IoT devices) on IONChain, and accounting will get corresponding awards;
h) R&D expense for the developers is a compensation paid by IONC users.
Token status and distribution
Total supply: 0.8 billion
25% Distribution Supply
20% Community Consruction and Incentives
10% Node Incentives
20% Founder Team