Ionomy, a gaming and blockchain cryptocurrency startup, recently announced its new gaming, investment, and digital currency platform. With its digital currency, ION, the company is hoping to ease cryptocurrency adoption through mobile gaming and social activities. Revenues from the platform provide continuous support to the development of ionomy.com, ION, and expansion of its “Static Proof of Stake” network.
After securing initial funding of $125,000 through an initial crowdsale offering in November of 2015, the ionomy team built the foundational ionomy.com platform and developed the new blockchain based digital currency. Ionomy has additionally announced an initial coin offering for ION, and seeks to raise approximately $500,000 of additional funding for this round of development and deployment. Enhancements include new game releases for mobile platforms, deployment of the trading and earning system (Stakers), and deployment and support of the core blockchain cryptocurrency, ION.
Ionomy has already sold over half of the initial 5 million ION that have been offered at a starting price of $0.20/ION since it launched the ICO campaign on April 4, 2016. The price of ion is on a rising scale and increases in increments of $0.01 weekly until the conclusion on May 16, 2016. An initial supply of 10.9 million ION has been established with 5 million dedicated to the ICO, the remaining divided between platform and development incentives, and bounties.
ION is built upon the latest proof-of-stake 3.0 technology based on Blackcoin’s core and innovates by adding masternodes (transaction facilitators) similar to Dash. By leveraging company holdings and pooling user deposited ION into a product named “Stakers,” the company will offer users higher than local wallet staking returns by effectively creating a large masternode and staking pool. A traditional cryptocurrency wallet or QT wallet will be offered on launch as well in order to allow users who prefer to manage their own wallets the option to do so.
Richard Nelson, ionomy Support Director, commented: “Many of our users can be intimidated by a QT wallet, and most prefer the simplicity of an online wallet so we made it easy for them to use the online wallet, but also get the benefits of the PoS system, including masternodes.”
Stakers are products similar to Certificate of Deposits, time restricted to 3, 6, 9, and 12 months and pay a fixed rate of return for that period of time. Rates start at 10% and can, for brief periods of time, go beyond 100% through platform incentives.
Mark Gravina, ionomy Owner, stated. “Stakers are impacted by mobile gaming activity — how much a user plays and wins, and rewards are directly tied to the rate of return on Stakers. Players are able to charge their Stakers with game winnings for extra returns. It’s just one of the many ways to use IONs on the platform. We feel the Proof of Work (PoW) model is broken. We’re seeing now with the large Bitcoin farms in China, the arms race has gotten to the point where mining is a zero sum game.”
COO of ionomy, Adam Matlack explained: “By starting semi-centralized with ionomy.com, mobile games, and social activities, then development tools and crowdfunding, we’re giving the currency a real chance to establish a foothold before being adopted outward. The coin is open source, but ionomy is funding development through bounties and incentives; a large portion of ICO funds are set aside just for development of ION itself.”
The platform and coin will launch at the conclusion of the ICO on May 16. All coins sold in the ICO will be distributed and the blockchain will be live. Shortly after the platform and coin launch, the company’s first game “Gravity” is scheduled to be released on mobile platforms.