Yesterday was the one-month anniversary of IGLabs! IGLabs will be central to providing exposure to the exciting world of blockchain, smart contracts and crypto assets.
The first set of 30-day capsules opened yesterday, taking the total IG ORB (ORB) in circulation to 25.4m; over the next three days, up to ~48.5m ORB will be released into circulation. There has been a great deal of curiosity from members of the IG community regarding the future direction of IGLabs, but specifically utility for ORB tokens — we hope this will shed further insight to the IGLabs application.
IGLabs is dedicated to providing fun and rewarding opportunities, which will support the expansion of the IGGalaxy through engagement, innovation and reward for those that participate on our platform.
We see a real opportunity to bridge the gap between the crypto and gaming/esports communities as they converge by joining the IGGalaxy.
IGLabs will set out with four key objectives that will facilitate the successful execution of its mission. These are the following:
Increased Exposure & Utility — IGLabs will serve to increase exposure for the IGG, TRX and wider crypto community. It will be integral to the gamers on our platform adopting crypto, particularly as they find utility and value in IGLabs for the IGG they earn through participating in online tournaments.
Engagement — engagement and user retention will allow us to measure the success of IGLabs. We must ensure IGLabs remains simple to use, yet innovative and rewarding. ORB tokens produced from freezing IGG in IGLabs’ power capsules, will have utility in further mini-games, puzzles, and to fuel Space Ships for “quests” throughout the application.
Wider Support — integration and support for further legitimate TRON and Esports projects into the IGLabs application will be a key goal. With so much amazing projects coming to fruition, we want to ensure they get the attention they deserve.
Virtual Token Economy — IGLabs will support the development of the IG virtual economy as various other items, both on and off-chain, are introduced through the application.
- In-Built User Wallets (TRX & TRC compatible)
- Power Capsule: IG ORB Generation
- Customisable Profiles
- Interactive Map
- Market Place (GGE Integration)
- Total IGG Frozen: 8,588,273,379
- Total Capsules Opened: 1,886
- Total IGG burned (Capsules): 21,414,411
- ORB in Circulation: 25,400,000
TRONScan Token ID: https://tronscan.org/#/token20/TQL5aRcDt6jQXvHUojCv5BEnrAG5ntazzV
IG ORB Listing on TRONWatch Market (TWM!)
ORB is now available to trade in the IGG TWM trading area!
ORB Use Cases
ORB will be the central token within the IGLabs application. Use cases of ORB tokens include:
- Requirement to participate in “quests”: ORB tokens fuel Space Ships for exploring parts of the IGGalaxy!
- Process “space rocks” obtained from “quests” into resources & items
- Required for item creation
- Establishing clans
ORB enters circulation exclusively via the IGLabs application, whereby users generate ORB for storing IGG in IGLabs’ power capsules for a fixed period of time.
To ensure sustainability of the IGG and ORB token economics, the rates at which ORB is generated will continually decrease over time.
The table below presents the ORB produced for storing 1m IGG in a capsule each month. The changes in the amount of ORB produced, highlighted below, will come into effect during the relevant month. This is subject to change based on market activity. All changes related to ORB distribution rates will be communicated at least three days in advance of the change.
The below graph shows the forecasted ORB distribution over the next three years. Over time, we expect the distribution to decrease drastically as the liquidity in the market becomes more fluid.
Based on the numbers we have forecasted, IGLabs’ power capsules will burn between 350m-500m IGG from circulation over this three year period.
Please note that these numbers are forecasted based on the data we have observed and analysed from IGLabs’ first month, and for what we envision will change over the next three years. There are many external factors that may affect this, such as ORB demand, circulating ORB supply etc. Therefore, the above should be seen as provisional and not exact — to reiterate, this is subject to change.
Users can sell their ORB back to IGLabs at a fixed rate, via the IG Platform, at any time.
Present Fixed Rate: 4 IGG = 1 ORB
ORB tokens will also be available to trade on secondary markets, exclusively for IGG. As a result of the depreciating distribution of ORB’s decreasing over time and the utility increases, we anticipate this buy-back rate will rise along with the secondary market value. We will monitor the market rates and may increase the buy-back rate to IGLabs accordingly.
In the coming days, we will be introducing a deflationary mechanism, where 50% of all ORB sold back to IGLabs will be burned. We will also be burning 50% of all ORB sold back to IGLabs retrospectively.
IGLabs: What’s Next?
At this point, we will make explicitly clear that we intend to fully integrate the IGGalaxy onto a sidechain. To summarise, the migration presents the following general benefits:
- Energy consumption: the opportunity for a higher free energy ceiling; more importantly, reduced energy fees as smart contracts will have less strain on the main TVM.
- Scalability: integral to the overall direction Intergalactic Gaming will head both in terms of social tournament hosting, tokenised gaming economy and IGLabs.
- Security: all data on the sidechain will be validated by TRON — whilst not all smart contracts will be synced onto the main blockchain, sidechains provide the ability for data to be securely transferred across.
With this, whilst IGLabs will still be operational, there will not be releases of significant developments, in terms of “quests”, until we can do so on a sidechain. IGLabs has great potential, which is why it is crucial we deploy it in the correct manner. In spite of this, there will still be time and resources allocated to back-end developments and updates to user interface and experience in preparation for full deployment.
This provides a multitude of benefits to IGLabs; primarily, fairness to our community. We understand that not all members of the community have large holdings of TRX, which will be required to participate in the freezing and subsequent “quests”. Using this as a point of reference, if we are to truly provide a space for IGLabs to encourage the adoption of TRX for gamers, then we must do so in the right environment. Gamers entering our platform, on the whole, will not enter with large TRX holdings. If they wish to participate in IGLabs, under the current energy constraints, they will have a huge barrier to access. If this becomes the case, we risk losing potential gamers due to a perception of its costly nature.
Furthermore, we must also consider our platform developmental roadmap. The first month of IGLabs has provided our team with a great deal of insight. With what we are aiming to achieve yet to be done, we must ensure our focus does not wane. We cannot commit significant time and resources to the full deployment of IGLabs, whilst maximising energy efficiency for participants, when it is fundamentally important we stick to the platform deployment schedule.
With our public launch at the end of this year, we must place ourselves in the strongest position that will allow us to execute our main objective: establishing a socially inclusive and rewarding competitive tournament platform. When appropriate, and under the right conditions (on a sidechain), we can continue developing IGLabs.
The current costs for freezing capsules are high; providing “quests” will be even higher, resulting in fewer users with the opportunity to participate. With this, ultimately, we will have a disproportionate amount of rewards exclusively for those that can afford it; a direct contradiction of what Intergalactic Gaming stands for. We are confident that this decision, which may be disappointing for some, is the fairest solution for community.
IGLabs’ Progress and Provisional Road Ahead
Phase 1: Launched 23 May 2019
- Ability for users to create accounts
- Create a TRON wallet
- Permissions to platform based user categorisation; ‘Play’ and ‘IGLabs’
- Activation of IGLabs’ power capsules: ORB production in progress.
Phase 1: First Update 26 May 2019
- Capsules show on capsule screen without issues. If you find this is still happening, you may need to refresh your page or clear your cache.
- ORB tokens can now be sold to IGLabs via the user wallet at a rate of 4 IGG to 1 ORB.
- Added validation to ORB sale form. ‘Sell to IGLabs’ will not be accessible if ORB tokens are not present in your wallet.
- Import wallet now enabled meaning Galacticans will be able to import existing TRON wallets. Please note that we do not store Private Keys; it’s encrypted with your wallet password and only ever decrypted in your local session in order to sign transactions.
As many of you will know, IGLabs is an additional part of the IGGalaxy that was never in the original scope when we first started this journey with you. With this in mind, our aim will be to focus on the release of the esports and competitive gaming aspect of the platform in Q4, ready for the public launch, with the addition of integrating IGLabs from 2020 onwards. This will mean that we can ensure full execution of our platform, whilst laying the foundations to the IGLabs application. See a provisional overview of the projected roadmap for IGLabs:
Phase 2 (Q1 2020 & Beyond):
- Customisable Profiles
- Interactive Map
- Market Place (GGE Integration)
What to expect over the next week…
We will also be incentivising the further deployment of IGLabs’ capsules, where one lucky user will be randomly selected to receive 100,000 BTT ($136.5)! To enter, users will need to deploy an IGLabs capsule anytime between Monday 24 June 2019 (00:00 UTC) — Wednesday 26 June 2019 (00:00 UTC).
This Wednesday, 25/06/19, is TRON Independence Day and we expect the release of BitTorrent Speed in the quarter ahead. Not only this, but in conjunction with the airdrop, BTT will be whitelisted, which will make it viewable in users’ IG wallets; this will allow the storing, sending and receiving of BTT between wallets.
To keep up to date with developments, please follow us on our various social media channels: