ICN token genesis postponed for at least 48 hours, due to state of the Ethereum network

Due to the current instability of the Ethereum network and its unpredictable consequences, ICONOMI has decided to postpone planned ICN token genesis and distribution for at least 48 hours.

ICN tokens, representing shares of ICONOMI ICO, will be ERC-20 apptokens based on the Ethereum platform. The Ethereum network has been under an active DDOS / transaction spam attack since September 19. Ethereum Foundation has not yet managed to return the network to a fully operational state. Temporary workarounds to mitigate problems included lowering the block maximum gas limit, currently at around 1.5 million. Consequently, this drastically limits the number of transactions in the network, currently limited to 4–5 per second.

As a substantial number of ICONOMI ICO investors intend to move ICN tokens to exchanges, we do not want to launch into an environment where investors might have to wait an excessive period of time to access ICN tokens; furthermore, this might also hinder the listing of ICN tokens at exchanges.

The planned ICO genesis and distribution is therefore pushed to October 13 2016 — but could be longer depending on the state of the Ethereum network. Check the current state of the Ethereum network at https://ethstats.net/. Ideally we would like to see Gas Limit return to the normal range at ~4.7 million, but as this might take time, we are developing contingency plans.

ICONOMI continues 100% transparency policy! We will start a public 24h countdown timer on our Twitter and Reddit, where we will communicate the state of the network and outlook 8, 6, 4, 2 and 1 hour ahead of the expected launch. If the network normalises we continue with the ICN launch; if not, we reserve the right to postpone genesis yet again.

In order to protect our investors and to assure everyone of an equal chance of accessing ICN tokens, additional mechanisms are being investigated. Some of them also include, but are not limited to, negotiating special protocol with exchanges, in order to coordinate listing and start of trading. This could at least partially offset current ecosystem challenges. We will keep you informed.

Edit: ICN token genesis will happen after Ethereum hard-fork