A Brief Introduction On IPX Token

As a key part in Tachyon project, the economic system driven by IPX Token will promote the positive development of the entire network, solve major problems with organization of the decentralized Tachyon network and serve as a proxy to valuation of the overall system. IPX token will play the most important role in this part.

What is IPX Token

IPX Token is the native crypto currency of Tachyon Protocol project, residing on the V SYSTEMS blockchain network with 1,000,000,000 (one billion) total supply. It serves a clear purpose and utility in the overall Tachyon ecosystem.

IPX Token will be used to confirm provider nodes’ identity verification and incentive nodes to develop the network. Additionally, token holders can use it for trading and storing for value in Tachyon Market.

IPX Token Use Cases

1. Identity Verification.

To ensure the rewards to be issued to the provider nodes that actually contribute to the network, the provider nodes must obtain enough IPX Token to become verified. Provider nodes are required to pay a security deposit in the amount of 200,000 IPX tokens after tokens are idle for a minimum of 14 days in order to complete the node verification. Using IPX Token for verification can help prevent the malicious nodes monitoring the traffic and undermining the security of the network.

2. Trade in Tachyon Market.

A fast and secure bandwidth trading market will be built in Tachyon network. All provider nodes can set the price for your spare bandwidth, receive orders from global members and earn IPX token in this open and decentralized network. Bandwidth order can be launched by all Token holders easily. With IPX token, you can get bandwidth from global sharing to enhance fast download speed, streaming quality, decentralized storage, game performance and more. Tachyon protocol will connect millions of global nodes by this market.

3. Drive incentive and coordination.

Nodes that are active to offer quality service and develop Tachyon network will be rewarded with IPX token. We will have inflation based reward system of 5% per annum which is specially for provider nodes.

The trail of successfully completed sessions recorded on the V SYSTEMS blockchain will be the reward proof. A moving average (MA) will be calculated from the trail left on the blockchain, and if the value of the MA is within the parameters set in the smart contract, the provider node can claim the staking reward from the smart contract based on it’s token balance with a minimum 14 days lock-up phase.

4. Community Governance.

We design a stakeholder governance mechanism by forming a DAO to encourage all members join in the development of community. Any stakeholders can announce their intentions by publishing a motion. Passing motions requires 50% + 1 of provider nodes’ agreeing votes.

Economic System Explanation

• The User in the network needs to use a certain amount of bandwidth to send its demand and expected transaction price to DHT Routing;
• DHT Routing matches the user with Provider Node based on the latency, packet-loss, bandwidth, and credit of providers in the network;
• The User establishes payment channel with Provider Node, and puts the equivalent token in the Payment channel to be locked, while Provider Node provides bandwidth for the user;
• After the session ends, Payment channel transfers the agreed IPX tokens to the Provider Node as service fee according to the transaction amount confirmed by both parties. For each exchange of services on the Tachyon Protocol, the costs are to be quantified in IPX Token and paid to the Tachyon Protocol and/or the other party providing the service.

The listing plan of IPX token will start from October. We will update the listing news in all Tachyon community.

Find more information in our White Paper.

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