IoP token
An IoP token is a 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).
The IoP token 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.
New rules where 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.
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.
The IoP token is traded as a crypto-currency on several crypto-exchanges under the IOP code.
Contents
Issuing and cutting events
There is a maximum supply of 21 million IoP tokens. 10% of maximum supplies are pre-mined tokens, distributed at an early stage of the Fermat project among founders, investors and early contributors. The rest of the tokens (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).
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.
A cutting event is triggered every time 10% of the total supply of IoP tokens is issued, consisting of a reduction of 0.2 IoPs per block. It is estimated that issuing will be completed by 2095 or later.
Trading
IoP tokens are traded as a cryptocurrency in under the IOP code.
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