Since the creation of Bitcoin, there has been a surge in the creation of other cryptocurrencies. While this has been positive to an extent, the mining of bitcoin and some other coins that operate with the Proof of Work (PoW) protocol has been a topic of discussion in the global space.
It is one of the reasons some environmentalists are against the mining of bitcoin. Speculations are that it uses too much energy compared with other forms of energy consumption. Other projects like #21daysofbitcoin have been enlightening the masses about bitcoin and countering previous negative energy concepts of bitcoin.
In line with this conversation, iCW (iCrypto World) created a project to drive the mining of cryptocurrencies starting with BTC and Ethereum using more environmentally-friendly equipment and processes.
What is iCW Token?
iCW token is a crypto coin designed to be mined with equipment that consumes less energy than previously used devices for bitcoin and other mine coins.
This project was started in 2017 and is using environmentally friendly processes to mine cryptocurrencies. In application, the iCrypto World uses the combination of ASICs (Application Specific Integrated Circuits) and GPUs (Graphics Processing Units), that use less electricity, to mine its token as well as other cryptocurrencies.
How does iCW token Work?
First, iCW token is being mined in Siberia, a place with lower temperature, with tools that will use less energy and cause less environmental havoc. This factor makes cooling of the mining equipment faster, requiring less energy and cheaper.
As this happens, the profitability of the process is higher. And then, part of the proceeds from the iCW offering is given to support green projects. Lake Baikal in Siberia is one such project that is funded from the iCW token.
Another part of the proceeds will be to promote pollution-reduction technologies for air and water around the world. iCryptoWorld also leases mining machines to mining companies helping them reduce their cost for mining.
iCW is a DeFi token of iCW Token, which is supported by the computing power of the data center that manages the project. This token provides an opportunity to get easy access to cryptocurrency mining for other miners.
The proceeds from the sale of iCW are used to increase the computing power for mining even more of the most relevant cryptocurrencies and increasing the value of the iCW token.
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Challenges and Road map of iCW Tokens
For the iCW ecosystem, the major challenge might not be competition, however, creating a token that will create more value for users thereby increasing the level of adoption of the token is a huge task.
On the aspect of the road map, in 2017, the company, iCryptoWorld started with the mining of cryptos like Ethereum, BTC, Litecoin, BHC, XMR, DGB, etc. The next year, the mining rental service started iCrypto.World, and spread to the international market.
From 2019 till 2020, a professional team was created with IT specialists, software developers, etc., and the creation of international offices was initiated in the UAE (Dubai), Kazakhstan, Mongolia, and Russia.
In 2021, iCW planned to go for licensing and the creation of the token. For 2022, the focus is to increase the value of the token with more utilities, like financial products with a stacking model.
Advantages and Uses of iCWtokens
The major advantage of this token is that it supports the use of less energy in the ecosystem. Mining cost becomes low due to the mining of iCW tokens as equipment purchased is lesser.
As iCW tokens are used with the mining machines, there is a constant increase in the mining power of these machines. There is also a profit distribution system that increases the liquidity of iCW token users.
In the iCW ecosystem, there is a decentralized method of the circulation of iCW tokens, an automated system for burning tokens, a worldwide community of iCW users, iCW tokens can be used to rent computing power in the data center of the company.
Educational materials can be purchased from the iCrypto Academy using the iCW token. And from the NFT game, Pixel Seal, the same token can be used to buy and sell resources.
Tokenomics of iCWorld System
iCWtoken will be the native token of the ecosystem. The same system will also be used to mine BTC, LTC, DOGE, etc. The distribution of mined tokens on iCWorld will be distributed as follows:
- 2% for the update, maintenance, and repair of environment protection equipment.
- 5% will be for the purchase of equipment in situations of price changes.
- 8% on innovations from green energy to IT solutions as well as blockchain technologies.
- The remaining 85% will be shared as 15% (for electricity) and 70% (for liquidity of iCW token).
The total supply of iCW tokens is 1,000,000,000. Check here for a constant update on the metrics of the iC World token.
iCW Token is proof of a belief that sustainability and profitability can go and grow together so that the challenge with the Proof-of-Work protocol in the blockchain is having a chance to be better with its tokens.
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