What is iCash about
The iCash Proof of Trust Protocol assures the validity of smart contract settlements.
The most celebrated aspect of Distributed Ledger Technology is that information is immutably stored without the need for a central authority or intermediary. Despite this, not enough attention is paid to the negative impact created when an input to the blockchain is not trustworthy. iCash introduces the Proof of Trust (PoT) protocol as a multi-platform blockchain application that enables real-world inputs to be validated by decentralized participants in settling Smart Contracts at scale.
The nature and scale of blockchain activity necessitates trustworthy inputs.
While Proof of Work and Proof of Stake provide distributed trust for data storage, the introduction of PoT provides distributed trust for data input. By adding a trustworthy application protocol layer, real world interaction and events can be verified before being entered into the blockchain.
The value proposition
iCash exponentially increases the speed and scalability potential of Token execution in Smart Contracts with both an on and off chain, as well as a multi-blockchain approach, currently focused on Ethereum, EOS, and NEO. In the future, iCash aims to apply its PoT protocol on all major trusted blockchains.
The ICASH token and token allocation
iCash has minted 1 Billion iCash Tokens and the Token creation Smart Contract has been hardcoded to not be able to create any more.
The iCash Tokens technical format (ERC-20) is widely known and it is easily transferable between the majority of existing cryptocurrency wallets. Not all tokens will be released in the initial TSO but each release of Tokens will follow the below percentage allocations.
40% of the supply of the iCash Tokens will be sold to public iCash Token holding participants. We believe this is the ideal amount that will allow us to capture a meaningful market share, necessary for adoption, as well as generate the capital required for ongoing engagement of the iCash ecosystem.
30% will be given to iCash as a reserve system to help maintain currency stability and help protect against volatility. The specific monetary policy mechanisms are discussed in the following section.
25% of the supply will be devoted toward stimulating development. Developers and contractors are, in our view, essential to a robust product and platform. The presence of blockchain and cryptocurrency luminaries in the iCash development process through launch and onwards is of prime importance in navigating the rapidly changing cryptocurrency marketplace.
5% will be allocated to the iCash team.
iCash will hold its TSO and issue its digital currency with the goal of allowing immediate participation on FaceOff's platform. Funds raised from the TSO will be allocated to:
- Develop the iCash blockchain-ased dApp
- Develop the Proof of Trust protocol across multiple blockchains
- Ensure continued legal and regulatory compliance
- Add new features (i.e. engagement and retention tools) to upgrade the platform for the benefit of the community
- Facilitate collaboration and integration of the iCash token with broader utilities as a transnational currency
iCash intends to launch its Blockchain-based decentralized app (dApp) for social challenges and roll out multiple Blockchain based Proof of Trust protocols.
iCash will continue to solidify its corporate relationships with conglomerates in multiple industries and geographies, and offer additional utility use-cases to the iCash Token.