UncleMine IMO FAQ

UncleMine
3 min readApr 26, 2022

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FAQ on UncleMine’s first IMO

Q1: Is there any locking period for IMO farming?

Answer: No, both UMF farming and UMF-UM LP farming pool are on-demand pools. You can deposit and withdraw your assets at any time.

Q2: What currency is IMO’s revenue in?

Answer: The revenue of UncleMine’s first IMO is USDC. Participants can also get UM tokens as extra reward.

Q3: What’s the real value of UncleMine’s first IMO brings users?

Answer:
1). The price of computing power in IMO is lower than the market price, and users have more room for profit.
2). The UMF tokens indorsed by the future income of 5PiB Storage Power in the Filecoin network in the following 360 days. The market is ever-changing, and the potential of computing power is very large.
3). UM tokens are used as additional reward. With the continuous development of the UncleMine ecosystem in the future, the potential of UM tokens is also great.

Q4. UncleMine IMO, in terms of product form, is similar to Farming/Staking. What is unique about it?

Answer: Normally, farming rewards are project tokens, it’s just the process of token value circulation within the ecosystem. The reward of the UncleMine IMO product is USDC, and the value behind it is Miners and computing power. It’s the process of mining assets entering the UM ecosystem. UncleMine IMO is scalable and sustainable, and more value can be added in the future;

In the future, IMO will add various product forms according to the needs of different mining assets at different stages;

UncleMine IMO turned the complex mining assets and their proofs into the most familiar Farming product form, which can significantly reduce the threshold for individual users to participate.

Q5: FIL price in UncleMine generally means FIL price overall, or specifically in UncleMine, how does FIL price work in IMO?

Answer: FIL price in unclemine market is the same as the Fil market price. UMF token price is determined by the FIL market price: 1UMF=0.295 FIL.

Q6. Do we get to mine using UMF forever?

Answer:
UMF is a mining asset endorsed mining power token. the UMF token only represents the future income of 5PiB Storage Power in the Filecoin network in the following 360 days. It might be better if you compare UMF with other cloud mining power products, rather than some normal tokens. After 360 days, the mining value of UMF token ends.
And also we will bring different kinds of IMOs in the near future. UMF is only a first atempt. It is simple and making people like owning a cloud mining power. We will bring more innovative scenarios in the future.

Q7: How to Participate

Investors can participate in IMO on the official UncleMine platform: https://beta.unclemine.com/.

UncleMine IMO Tutorial

About UncleMine

UncleMine is the first fundraising, DeFi & DAO platform backed by verifiable mining assets. UncleMine introduces physical and virtual mining assets into the on-chain ecosystem by zero-knowledge-based VMA Oracle, enabling the infrastructure resources to circulate in the Defi world.

Resources:

* Website: https://unclemine.org/

* Medium: https://medium.com/@UncleMine

* Twitter: https://twitter.com/uncleminenews

Community:

* Discord: https://discord.gg/ScuJCZtDHs

* English: https://t.me/UncleMine

* Korean: https://t.me/UncleMineKR

* Turkish: https://t.me/unclemineTR

* Russian: https://t.me/UncleMineRU

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UncleMine

A decentralized & verifiable network brings arbitrary computing power to smart contract. https://unclemine.org/ Telegram: t.me/unclemineEN