IoP Mining

Mining IoPs is very easy. You just need a regular computer or laptop, download the wallet / miner software and let it run.

Who can mine IoPs?

Anyone who wants to add value by getting involved in the Fermat community. The Fermat community is organized in local chapters. Initially each country can have only one chapter. In this way we promote diversity and decentralization. Countries are limited and space within a local chapter is limited too.

What does it mean to run a Fermat Chapter?

It just means that you are part of a local team, responsible for several tasks divided among the team members. These task go from running a testnet miner, to promoting the project in social media, running meet ups, etc. For each task a Chapter takes it can be awarded one or more Mining Licenses. These licenses are then distributed or shared within chapter members.

What is a Mining License?

It is the right to mine IoP tokens. Each Chapter holding a license is entitled to run one or more miner software and get some IoPs from the IoP blockchain as reward. Don’t worry, no one can cheat and and start a mining race, since the licenses are recorded at the blockchain and there is a mining cap by which no license holder can mine more than 3 times the average. That prevents centralization of mining as it has already happened with bitcoin. This cap also helps Chapters to safely share licenses with their members without centralizing the mining at all.

Where can you sign up?

At this spreadsheet. Check if the country you live in is already listed. If it is, it means there is already a local chapter running there. If it is not, then you can be the first member of it. Just fill in the appropriate cells using the comment functionality available and wait to be contacted.

What if your country is already taken?

In this situation you have two options:

1) See at the right side of the spreadsheet if the Chapter was already awarded with all possible Mining Licenses. If not, get in contact with them and offer them your help by joining their team. You will probably take the tasks they are not doing yet.

2) Wait until most of the countries are part of the Fermat Network and the next phase starts, where new chapters will be allowed for each State or Province. If you want you can fill in a record applying for a particular state. It will be processed when time is right.

What are the next steps?

You can start downloading and installing the software while someone contacts you. Details on configuring your miner software can be found here and here. Enjoy your mining!

Thanks to Markus Maiwald and Amadeo Charlé for their help with the editing.

Since this split event I am not affiliated with the IoP Community or IoP token anymore. I continue supporting the Fermat project.

If you are interested in learning more about Fermat technologies, this list might help you:

  1. “Fermat, the Internet of People and the Person to Person Economy.”
    The Internet of People architecture dissected.
  2. Introducing the Graphchain.
    The cryptographically secured data structure we use to store profiles and their relationships.
  3. Introducing Redtooth
    Like Bluetooth with global range.
  4. The Profile Server.
    The cornerstone software of the Internet of people.
  5. The Location Based Network.
    The geo-located network that help other services to be geo-localized.

The Internet of People is being built by the Fermat Project. If you like what you are reading, check out our online community here.

A bit about me: I am a systems architect who started his career designing and building banking systems. Later I turned into an entrepreneur. Three years ago I learned about bitcoin and decided I would use the underlying technology to fix the biggest problem we have as humans: “unlimited concentration of power”.