IoP coin

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IOP coin
Denominations
Plural IoPs
Symbol IOP
Demographics
Date of introduction August 2016; 2 years ago (2016-08)
 Source Public Alpha Release
User(s) International
Issuance
IOP Minting Server decentralized
 Website http://iop.global
Valuation
Inflation 21 million coins maximum, issuing to be completed by 2095 approximately
 Method See § Issuing and cutting events

An IOP coin is a digital asset required to use the Internet of People infrastructure, thus is considered an application token. Its main use is incentivizing IoP node operators for running many different software components (full nodes).[1][non-primary source needed][2][non-primary source needed]

The IOP blockchain started out with the bitcoin codebase and added new rules to extend the system capabilities and solve certain issues. The transaction processing and proof of work algorithm is the same as in the bitcoin network, following the same set of rules.[3][irrelevant citation][4][non-primary source needed]

New rules were added on top of bitcoin rules for new blocks, restricting the process with the goal of preventing concentration of mining: In a first stage, mining requires a mining license (mining will be open at a later stage). Also, mining licenses feature an artificial cap so that each license can mine only up to three times the average per license within a certain period of time. As a result, mining does not require specialized hardware, mining farms or mining pools. Instead, mining is done with regular servers or even personal computers. The goal is to put the mining process in control of regular people, not corporations.[5][non-primary source needed]

Mining licenses are issued by the community behind the Fermat project. The Fermat Chapter Network—local chapters organized by country, state and city—are the initial beneficiaries of mining licenses. A second layer of mining is performed by the Fermat Research Network—a network of universities researching Fermat concepts, coordinated by the Internet of People Consortium.[6][non-primary source needed]

Issuing and cutting events[edit]

There is a maximum supply of 21 million IoP coins. 10% of maximum supplies are pre-mined coin's, distributed at an early stage of the Fermat project among founders, investors and early contributors. The rest of the coins (90% of the total supply), is being distributed among two groups of people: contributors (through contribution contracts voted by the community) and miners (people performing medium and long term works).[7][non-primary source needed]

The blockchain started in 2016 with a 10-minutes block frequency. The frequency is reduced every time a pre-defined development milestone is reached. As of April 2017, block frequency is 7 minutes and is expected to be reduced to 2 minutes by 2018.[citation needed]

A cutting event is triggered every time 10% of the total supply of IoP coins is issued, consisting of a reduction of 0.2 IoPs per block. It is estimated that issuing will be completed by 2095 or later.[citation needed]

Trading[edit]

IOP coins are traded as a cryptocurrency in digital currency exchanges under the IOP code.[8][non-primary source needed][9][non-primary source needed]

References[edit]

  1. ^ Kastelein, Richard (April 26, 2016). "Global Blockchain Project FERMAT Plans to Impact P2P Economy And Reinvent Mobile Software Development". Blockchain News. 
  2. ^ "Global Blockchain Project Fermat Releases Whitepaper And Alpha Version - EconoTimes". EconoTimes. April 27, 2016. 
  3. ^ "What is blockchain?". Retrieved 27 March 2018. 
  4. ^ Cocking, Simon (May 7, 2016). "Global Blockchain Project FERMAT Revealed". Irish Tech News. 
  5. ^ Klostermair, Sarah (March 2, 2017). "Fermat's Mining Cap". Medium. 
  6. ^ Zerucha, Tony (February 19, 2017). "Fermat announces alpha release of blockchain-enabled open source project". Bankless Times. 
  7. ^ Molina, Luis (18 December 2016). "IoP Tokens Analysis". Medium. Retrieved 1 April 2017. 
  8. ^ Kastelein, Richard (April 10, 2017). "Global Graphchain Project FERMAT Announces Distributed Governance Model Featuring Contribution Contracts". Blockchain News. 
  9. ^ Mizrahi, Avi (February 17, 2017). "Internet of People Blockchain Project Fermat Signs Up New Partners | Finance Magnates". Finance Magnates.