We have now launched IGLabs, an application on the IG platform that aims to spearhead the mainstream adoption of crypto for gamers.
IGLabs is now live on the IG platform; however, new users entering the IGGalaxy for the first time will not have access to the competitions area as we are still in the Beta phase of development.
We are thoroughly excited by the launch of IGLabs, which will be at the forefront of our objective to converge the gaming, esports and crypto markets. With this update, comes the release of an in-built wallet feature on the IG platform, which is compatible with TRX, IGG and partner TRC tokens.
The platform’s wallet integration is a significant milestone in the IG development and adoption plan. In addition to enabling users to interact with IGLabs, the wallet enables the automatic distribution of rewards.
What is IGLabs?
IGLabs will be open to members of the IG community, and those outside that may wish to participate.
As many of you may already know, IG’s primary mission is to create a fun, socially enriching and inclusive competitive gaming experience. Considering the number of gamers we envisage joining our platform, IGLabs will be our first public initiative to provide them with an interactive and engaging first-hand experience of the technology.
Holders of IG Gold (IGG) will be able to ‘lock’ their IGG in capsules in order to generate ORB energy, which will have further utility as the IGLabs narrative progresses.
IGLabs and our tournament hosting platform will effectively form the two sides of the same coin. As such, IGLabs may be regarded as the ideal avenue of adoption to crypto for many gamers already competing in the IGGalaxy. A “gamified” application that incentivises participation whilst educating the masses about the application, and benefits of blockchain technology; namely, smart contracts and digital assets/tokens.
How to Participate in IGLabs
IGLabs will be accessible exclusively at www.iggalaxy.com
Step One: Create Account
If you have already participated in one of our Alpha or Beta Cup tournaments, you will not need to complete this step — simply login with your existing account details.
Step Two: Add or Create TRON Wallet
Once your account has been created, you will be prompted to link your TRON wallet; if you do not have one, you will be able to create a wallet directly via the platform. Users will be able to add multiple wallets to the platform, also having the ability to name wallets as they wish.
*Your wallet password should not the same as your account password.
Step Three: Activating an IGG Power Capsule
In order to activate your IGG power capsules, users will need to visit the IGLabs area of the platform, where you will find a transmission left by the TRONICs.
Users have the ability to set the IGG amount and time they wish to store each capsule. The amount of IG ORB users will receive upon completion will be clearly conveyed prior to deploying any power capsules.
Users will be required to hold TRX to cover the fee set by the TRON network; this will either be covered by the energy for freezing TRX, or at a cost of ~3 TRX per capsule.
Step Four: Claiming Your IG ORB
When your IG ORB is ready to collect, you will receive an email notification 24 hours prior to, and when the power capsule is unlocked.*
Users will receive IG ORB tokens and their IGG (minus the 0.2% burned amount). All IG ORB tokens can be sold back to IGLabs for a fixed rate of IGG, or you can hodl your IG ORB to be used at a later time.
Benefits of Participating in IGLabs
By putting IGG into the IGLab power capsules, the IGG becomes locked in a smart contract for the time the user specifies.
During this period, the IGG in the capsule will produce ORB tokens. The amount of ORBs produced is dependent on the amount of IGG locked in a capsule. In addition, the duration provides a cumulative effect on the ORB rewards.
ORB tokens are required for the second phase features of IGLabs, such as participating in ‘Quests’. In addition, users will always able to sell their ORB tokens to IGLabs for IGG, at a fixed rate.
IG ORB (ORB)
TRC-20 token that only enters the circulation through IGLabs, by using IGG tokens in power capsules.
- Total Supply: 1,000,000,000 IG ORB
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IGLabs will buy IG ORB back at a fixed rate of 4 IGG : 1 IG ORB. The circulation of the IG ORB token will be carefully observed by IGLabs and the IG ORB buy back and IG ORB reward rates may be modified as appropriate to ensure the liquidity of the IG ORB token. This is one of the reasons for the 30 day maximum deployment time which will give enough notice of any changes to anyone who has a capsule already stored.
How will IGLabs Support the IGG Token Economics?
As well as increasing the accessibility to crypto for gamers, IGLabs will support the token economics for current and future holders. On a holistic level, IGLabs will aim to reward holders that participate in this feature, in turn demonstrating their long-term optimism surrounding the IGG token itself. It will serve as an important aspect of our strategy to build a virtual token economy.
With the incentivised structure surrounding IGLabs, particularly in relation to the exclusive rewards obtained through the application, we expect to see new users become IGG holders to participate. This utility should create demand for the IGG token. At the same time, as more capsules are activated the more IGG will be burned from the total supply.
It is also important to note that IGG will enter circulation when users sell their ORB to IGLabs (rate above). The demand created through the incentives along with the integrated deflationary mechanism should off-set any IGG entering circulation as ORB are sold for IGG and potentially then sold on an exchange.
IGLabs and Beyond!
Last month, we released a video of the team creation feature within the IGGalaxy, demonstrating one of the prescribed use cases for the IGG token; a feature that also has an in-built deflationary mechanism. Naturally, with the creation of teams, comes the need for a nexus of contracts that exist between teams and the various individuals and entities that they interact with; player compensation and sponsorship agreements, which of course provides further utility.
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As mentioned earlier, IGLabs will look to further drive the utility of IGG and support the long term vision of the IGG token economy.
However, this is only the beginning…
As early adopters of TRON’s vision, we are the few responsible for facilitating a huge transition that many will find themselves soon taking. We will therefore seek to implement further features, as IGLabs develops, that will grant us the capacity to support further projects on the TRON network in terms of overall token economics and exposure.
To keep up to date with developments, please follow us on our various social media channels: