IoT Chain officially released ITG, will start the mainnet mining
IoT Chain officially released the main network Gas Token — ITG, it will soon start the main network ITG mining.
Recently, IOT Foundation announced that the ITC main network- IoT Chain will support ITG mining. The total amount of ITG is 1 billion. According to the community members’ holding behavior of the mainnet ITC, the mining model will adopt the DPoA (Delegated Proof Of Age) mining algorithm.
The first DPoA mining algorithm, co-constructing a reasonable incentive model
Blockchain projects often require a sound economic model to promote the healthy operation of the infrastructure and the development of the blockchain business ecosystem. Currently, blockchain projects such as the Ethereum, the native token is been used as a gas token, which has advantages for resource providers. On the other hand, this leads to high application deployment costs, the application developers face high-cost Gas fluctuations.
Therefore, it is more reasonable to separately set a Gas with low fluctuation but a reasonable incentive. In this case, we have invented ITG. At the same time, ITG is the first which will use the DPoA (Delegated Proof Of Age) mining algorithm, giving the ITC lock-up program value and better-dedicated feedback to our valued community members.
What is ITG?
ITG is the Gas required for the IoT Chain network eco-transfer and smart contract, which will be used to support the transfer fee, consensus node calculation storage, smart contract call and other fees in the main network.
The total amount of ITG is 1 billion, which will be generated according to the behavior of ITC holders, of which 0.1% is 1 million as a token swap incentive, the remaining 99.9% is generated by mining. Both ITC and ITG can be exchanged to meet the developer’s deployment needs in the IoT Chain network.
How to participate in the mainnet ITG mining?
ITG is generated based on community members’ holdings of ITC which can be obtained in two ways:
1. Participate in the mainnet token swap
Submit the mainnet token swap application through ITC wallet APP, you can get the exclusive ITG as an incentive.
2. Participate in ITG mining
Participate in the main network ITG mining, through the continuous holding of ITC to obtain the possibility to win more ITG incentives.
For more project information, please refer to our official social media channels!
