Today, Ice enters a critical stage of development. In the current context of the rapid development of blockchain technology, community-driven projects face significant challenges in how to ensure long-term sustainability and success. After in-depth consideration and analysis, the Ice team decided to shift its focus to the development of the mainnet and stop mining activities on the Ice platform.
The decision to stop mining
Over the past few months, mining activity has played an important role in building the user base and distributing Ice coins. However, this process also comes with huge economic and resource costs. With expenses exceeding $50,000 per month and the spread of our team’s time, we realized something had to change. Stopping mining activity will allow us to allocate resources more efficiently to the development of the mainnet, which is our primary goal.
Focus on mainnet development: The Ice team’s vision is to provide a powerful and user-friendly mainnet application to promote community participation and capacity improvement. By stopping mining, we hope to be able to focus more on the development of the mainnet and ensuring it provides the best experience for users.
Important changes and user action guide
To ensure a smooth transition and be eligible for the upcoming final allocation, we urge all users to complete the following steps by February 28:
Pass the Quiz: All users must successfully pass the quiz within the application.
Add BNB Smart Chain Address: A BNB Smart Chain address must be added to your account in order to receive deliveries.
Click Mining: Even if earnings stop, users must continue to click the Ice button in the app every 24 hours until February 28 to avoid slashing.
Failure to complete these steps will result in your disqualification from Ice Coin distribution, which is an important reminder for every user.
Reset preferences and shipping details
To ensure the sustainable development of the mainnet, all users’ predicted earnings will be reset to zero. This means that future distribution rewards will be based solely on the number of Ice coins mined. In addition, 30% of the distributed balance will be allocated to the mainnet reward pool and locked for five years to incentivize creators, nodes, and validators.
Final balance information will be released on February 28th and will be affected by multiple factors such as slashing and quiz completion success rates.
Lock-in period setting
After the mainnet is released, there will be different lock-up period arrangements:
Community Pool: There is no lock-in period for this pool.
Mainnet reward pool: Starting from the mainnet launch date (October 7, 2024), there will be a 5-year lock-in period, and rewards will be distributed proportionally every quarter.
Team Funding Pool: Again, this pool has a 5-year lock-in period and will be distributed pro-rated starting on October 7, 2024.
DAO Pool: The lock-up period of this pool is 5 years, and rewards will be distributed quarterly starting on October 7, 2024.
Capital pool and growth pool: The lock-in period of these two pools is 5 years, which will be calculated from the BNB Smart Chain distribution date and will be distributed proportionally every quarter.
Looking to the future:While these changes may seem significant, they are important steps toward realizing Ice's vision. We remain committed to transparency and community engagement. In the coming weeks and months, we have some exciting news planned, including:
Announcement of test network, including Ice Open Network (ION) wallet and explorer.
Launch of the Frostbyte application, an integral part of the IceNet mainnet.
Conduct a testing phase of the mainnet application, inviting community members to participate and provide valuable feedback.
Thanks to the community for your support
We want to say thank you to every member of the Ice community. Your support and dedication inspire us to continue to innovate and create a platform that truly empowers individuals. As we begin this new chapter, we invite you to join us in building the future of Ice. Together we will build a decentralized ecosystem that promotes trust, transparency and meaningful connections.
Stay tuned for updates and announcements as we move toward a better future. We look forward to witnessing Ice's growth and transformation with you.