Insights from IONET's Exclusive AMA and Analysis of Tokenomics
Last week, I compiled notes from IONET team's exclusive AMA session and wanted to present you with new and potential future developments in the form of an article.
- The team emphasized the need for recipients of the airdrop to have funds in their Solana wallets. While substantial amounts are not necessary, it's advisable for wallets to have at least 1-2 transactions for assurance. Although unsure about the elimination of empty wallets, it's best not to leave things to chance.
- Currently, those running workers are familiar with the fact that idle workers are marked as 'IDLE.' After the token release, idle workers will continue to earn $IO. The team expresses the desire to at least cover electricity and equipment costs for those running workers through this method.
- Workers accepting tasks will earn both $USDC and $IO as a bonus. They have abandoned the previous notion of the $IOSD stablecoin and the burn and mint system.
- There's a bug related to the Pause button, and they're aware of it. I anticipate it will be resolved soon. Due to the problematic Pause button, it's advised not to get blocked; I don't recommend using your devices while they're in a running state.
- They're preparing a mega cluster for Apple chips. I'm particularly curious about the partnerships that will emerge from this. They mentioned the need for at least 50 times more Apple devices due to ambitious plans with Apple chips. They added a hint of something unexpected to further pique curiosity.
- They discussed the importance of connection speeds and levels, stating they will create use cases for low-tier connection speeds. They mentioned the need for users with low-level cards like the 3060 to stay connected to the system, as they have plans to provide more work for such cards. I personally believe that the infrastructure of bc8.ai could be shifted to this area.
- They highlighted their rapid growth. @shadid_io mentioned evolving from a team of 20 to 80 members in a very short period, about 4 weeks. They also touched upon closing the funding portion with a $40 million fund.
- If your rewards are above $100 USDC, you can currently submit a ticket to the team and withdraw your funds. They are making a smart contract update to allow for instant withdrawals.
- Higher-level cards will receive more from the airdrop, and rewards from Apple chips will be increased. However, uptime and total connected time, along with tasks completed, will be the most important factors at the end of the day.
Now, onto one of the most critical parts, the tokenomics of $IO token.
- The most significant change is abandoning the old burning system and transitioning to a buyback system. I kind of got an answer to my question about whether the tokens paid to idle workers will create inflation.
- According to this system, there will be $IO in the reward pool, and as real companies pay $USDC for tasks, the team will buy back $IO from the market, thus preventing inflation. Since this model is tied to real profit, the emission rate will be low. They also mentioned having different plans to remove $IO from circulation, but they might share that in the future.
- They mentioned that there will be a fixed supply (500 million total, 750 million max) and only 50% of the total supply will initially enter circulation (this part may not be entirely certain).
Considering the insights from the AMA and the tokenomics analysis, it's evident that IONET is gearing up for significant developments and a sustainable growth trajectory.
LOOK AT THIS: Notes from the March 20th io.net AMA
