IoP Tokens Explained in 7 Simple Charts
Step by step explanation on how IoP tokens are being distributed.
We capped the amount of IoP Tokens to 21 Millions, that is a well known number in the cryptocurrency world since it is the same Max Supply as with bitcoin.
The issuing of these 21 Million tokens will be completed in around 80 years as you can see from the chart. The first years, during which the system is being built present some anomalies in the chart. The reason is that many mechanisms are bootstrapped during this phase of the project.
The Fermat Project started in 2014 with no developers, no community, no software, no blockchain. During the first 2 years a vision was conceived, a developer team was set in place and prototypes were built. Some funding was secured and all this was compensated with pre-mined tokens representing 10% of the maximum supply.
These Pre-Mined tokens were distributed roughly to 3 groups of people: Founders, Investors and Early Contributors in the approximate proportions shown above.
The rest of the tokens to-be-mined (90% of the total supply), will go to 2 different groups of people as shown in the chart above. One group represents people proposing projects to be voted by the community and the other group consist of people doing some medium or long term work for the project and acquiring mining licenses for that.
The group of Miners subdivides itself as shown in the chart above. Each sub-group will enter the IoP Mining space during 2017–2018 and continue mining for the rest of the project lifespan.
The Fermat Chapter Network’s members can do 3 major groups of tasks in order to be allowed to mine IoP tokens: Social Media, Fermat Apps Marketing, and Referring New Chapters. Referring new chapters is the only task that is done only once and entitles the referrer to mine all through the lifespan of the project. Social Media and App Marketing are subject to an ongoing effort to keep their mining license active.
I believe that we have and interesting way of distributing the tokens during the lifespan of the project. We cover most of the aspects needed to be considered to run a healthy project, with all parties involved properly incentivized.
Thanks to Amadeo Charlé for the editing.
If you are interested in learning more about Fermat technologies, this list might help you:
- “Fermat, the Internet of People and the Person to Person Economy.”
The Internet of People architecture dissected.
- “Introducing the Graphchain.”
The cryptographically secured data structure we use to store profiles and their relationships.
- “Introducing Redtooth”
Like Bluetooth with global range.
- “The Profile Server.”
The cornerstone software of the Internet of people.
- “The Location Based Network.”
The geo-located network that help other services to be geo-localized.
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”.