Following the release of Satoshi Nakamoto’s “Bitcoin: A Peer-to-Peer Electronic Cash System”, Bitcoin appeared side-by-side with block chain technology. With the success of Bitcoin, blockchain technology has since been continuously developed and applied to a variety of fields. It has also been found that a decentralized token economy can bring around a new revolution in production relations.
A decentralized token economy is a type of economy built upon blockchain technology that uses algorithms and other such mechanisms to provide positive and negative pressure on the market and achieve large-scale, strong collaboration among community members. Tokens are a trusted form of value and consensus for blockchain networks, and so can act as the embodiment of the circulation of value and proof of equity within the community.
A token can represent a proof of possession, which has been the basis for most concepts throughout the history of civilization; all certificates of ownership, credentials, benefit vouchers etc. are all forms of proof of possession. Paraphrasing Yuval Noah Harari’s “Sapiens: A Brief History of Humankind”, it is precisely these “imaginary facts” that let humanity rise above other animals and create the world we live in today. Therefore, from this perspective, blockchain can also be interpreted as a new form of token economy.
iCoinbay looks at things through the lens of a token economy; with a goal of balancing the interests of all parties involved in the economy, the platform is constructed with the end goal of creating a community-based token economy.
And so, tokens play an integral role within iCoinbay’s development.
What kind of exchange is iCoinbay?
1.What are the iCoinbay’s values?
iCoinbay values the following: joint development, joint success, and joint responsibility.
iCoinbay connects everyone in the community to facilitate the creation and development of the exchange, and the issuance of tokens with varying functions serves as one of the main means of distinguishing roles, measuring contribution, and encouraging participation within the community. In this way, community members can use the exchange’s tokens in their possession to vote on various decisions, jointly developing iCoinbay with us.
By possessing tokens on the iCoinbay platform, everyone will be allowed to take advantage of various rights and opportunities that appear as the exchange grows. These rights or opportunities include but are not limited to: appreciation of held coins, receiving a portion of the exchange’s profits, etc.
At the same time that everyone assumes certain duties and responsibilities during the establishment and development of the exchange, iCoinbay will also bring in a financial company responsible for insurance and introduce corresponding insurance mechanisms to better guarantee community members will not suffer great losses due to price volatility. In other words, we assume the risk generated by market price fluctuation with you.
The theory behind iCoinbay is that of the token economy. Although tokens and blockchain are two different concepts, we have found that following blockchain’s development, it has been tokens and the rules of a token economy that have led to the boom behind concepts like Bitcoin and Ethereum. Blockchain is the underlying technology for this new world, and tokens have since taken front stage along with it. The two concepts may be independent of each other, but both are grand inventions.
iCoinbay’s management mechanism for the new generation in tokenized digital asset exchanges is built on the basis of coexistence and a system of checks and balances, mutual supervision and regular information disclosure between centralized and decentralized mechanisms. We strive to address the disadvantages of a centralized management system by heading in a decentralized direction, and establish a healthy capital market with regular information disclosure.
We are focused on building a platform that can guarantee both the interests of community members and realize value to every project (each currency or asset and the teams or community behind them). While allowing community members to safely trade, we use traditional financial methods to best protect the value of their assets. As for projects, we strictly review and consider each project and use methods like collateral in an effort to protect community members’ legitimate interests from loss. We use token economy theory to incubate and help the healthy, sustainable growth of each project. We like to think of these as orders given to exchanges by the blockchain industry.
iCoinbay will follow the state of the community to control the pace and quantity of token issuance, ensure transaction fees lower than industry average in the long-term, take efforts to manage the market value of tokens to ensure the interests of the users, and will NOT sell-out for short term profit through exorbitant fees or token issuance.
iCoinbay is willing to work with everyone in the community; from all the members in the community to the projects and teams that have contributed towards the development of the blockchain industry; we can all work together towards a better future.