Io.net, a Solana-based DePIN project, has recently announced the tokenomics for its IO Coin. As per the platform, it has established IO (the IOG Network’s local currency) with remarkable tokenomics while keeping in view the needs of the users. The vision of io.net is to develop a decentralized and globally accessible network of cloud computing.
The project’s objectives take into account the provision of permissionless, flexible, and affordable access to computing capacity to facilitate builders. The platform refers to it as the “digital oil” of the current generation to power a technological industrial upheaval. The IOG network refers to an “Internet of GPUs” that is decentralized to drive numerous distributed nodes. The crypto miners, autonomous enterprise-scale data centers, and the clients run these nodes.
Io.net Presents the Exclusive Token Economics of The Flagship Coin IO
In terms of tokenomics, the platform disclosed that there are three principles in this regard. The initial one denotes a fixed supply of nearly 800M IO tokens. The 2nd principle is beneficial for the stakers and the suppliers of the token. In this respect, these parties can obtain hourly rewards. In the case of the 3rd principle, the platform offers a mechanism to burn the IO tokens.
Fixed supply denotes a maximum amount of 800M tokens which splits into two categories. 500M IO tokens in the respective amount will reportedly see their distribution at the launch of the token. On the other hand, the rest of the 300M IO tokens will emit for payments. Hence, these tokens will move to stakers as well as suppliers in the form of hourly rewards.
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In the case of hourly rewards, the platform will release them to stakers and suppliers hourly over twenty years. These rewards go through a disinflationary model that begins at eight percent during the initial year. Following that, it decreases by up to 1.02% every month till achieving 800M IO in market cap.
The Initial Token Supply of IO to be 500,000,000 Coins
The burning mechanism deals with the io.net’s generation of revenues and their use to buy and burn the tokens. This minimizes the extraordinary coin supply and develops a deflationary burden on the IO token. Io.net creates revenue by getting fees from suppliers and users. Initially, the platform will have a supply of up to 500,000,000 IO tokens. This will be split into categories like Community, Ecosystem, R&D, Core Contributors, and Series A Investors.