Unique Identity Protection Coin
The IOP Coin and Blockhain provide a decentralized source of trust for the IOP Stack, rewarding users who maintain the network while keeping cost and fees low.
The IOP coin is used for services within the IOP ecosystem, including:
- Reward users for sharing their personal data if they choose to do so
- Reward Users for validating claims and providing other services to their peers.
- Financial incentives serve as a protection mechanism for the identifier registry.
Other possible services include:
- Data backup
- Notary services
- Voluntary targeted advertising
- App services
- Creating private communication channels
Instead of relying on a trusted committee of gatekeepers (for instance the company managing the claims), the IOP blockchain relies on a decentralized consensus mechanism to protect your identity data.
Instead of trusting a corporation, users only need to trust the code. Maintainers are kept honest using the financial incentives (IOP Coin) of the consensus mechanism.
IOP is available on a number of exchanges. IOP mining is closed to the public until the transition to Hydra Consensus.
Until then, IOP mining will operate on a license-based system. The funds generated in this way will be used to fund development and help spread awareness of IOP.
Early collaborators such as universities and similar institutions will be granted licenses and use the IOP they mine to help onboard users.
Once Hydra launches, all IOP balances will be transferred to the new system, where coins can be used for staking. From this moment onwards, the IOP blockchain will be a completely decentralized and open system.