IONS FEE
Recently, a question came up about the IONS fee for registering your IONS username. Here you will read a full explanation as to what the fee is being used for. In an effort to show the openness and honesty of I/O Coin (which we pride ourselves on), we have included the wallet address so that anyone can be free to check the coin balance at any given time.
I/O Coin & IONS fee's address: iou5UgEAeNwn5W8ma5fDsUEXx1LwhVVta1This address is the final destination of the fees collected from IONS at registration. Please note that when a user sends the 200 I/O Coin payment, it assigns a unique address each time. We then collect the fees from these addresses and hold them in the main wallet, which we also stake in order to help secure the network.
You can easily calculate the fees we have gathered by simply seeing how many usernames have been registered with us, which is currently 112. So, 112 (users) x 200 (fee) = 22,400 (I/O Coin digital currency). You will also note that when you check the wallet address on the blockchain (using our block explorer found here:
https://chainz.cryptoid.info/ioc/), the balance may be missing around 200-1000 (2-6 fees) at any one time. The reason being that we need to transfer the funds, as mentioned above.
But one thing is for sure, when the time comes to donate the coins, every one will be accounted for.
The reason we charge a fee: The small fee of only 200 I/O coins adds the protection of preventing people from creating multiple user-names and spamming the IONS name server. After all, we only want names that will be active as opposed to ones that might have been created for the purpose of squatting there. A classic example of this is the “.com” boom. People were collecting domain names just to then sit on them in hopes of one day selling them for a hefty profit.
Most importantly, the fee will be used to help others that are less fortunate than us by being donated to charitable causes. The community will have the authority to decide what particular cause/organization the funds will be donated to. We will not dump the coins collected from the IONS fee's into the exchange. They will be offered to a community member that intends to buy them at current BTC price. We can also send our coins to charities by setting them up with a wallet for the exchange of BTC. Examples of our charitable work is currently on our thread:
https://bitcointalksearch.org/topic/io-coin-ticker-ioc-stealth-blockchain-ecosystem-dions-chameleon-695855In post: #381, I/O Coin digital currency donated $10,000 USD. The sum was donated to the rape and torture victim Mairelis Gonzalez and other victims. Mairelis is one of the women that was part of a group of 34 Cubans arrested after arriving in Nassau on the coast of Bahamas. Lorenzo Palomares is the Constitutional lawyer and a trial lawyer that represents the victims in the case.
In the same post: The IO Community has also donated $200 for Diego Jaens surgery. Diego suffers from neurofibromatosis, a severe tumor on his face, which grew by 120 percent after his last surgery in 2011, where doctors were able to extract 70 percent of the tumor mass. Diego's first surgery has been a success, as his Doctor mentions. He is currently in intensive care, recuperating before his second operation.
In Post #806, our Developer donated $100 to the well known “Ice Bucket Challenge”, nominating other well known crypto coins to match this donation. None of them accepted.
So as you can see, the IONS fee will play an important part on our charitable donations. We will be able to contribute to noble causes, meanwhile, restoring faith that has been severely hindered among the crypto communities throughout the past months.
We would just like to take this opportunity to thank all our supporters (new and old) here at I/O Coin Digital Currency and we can say the future is looking much brighter.
Many thanks from the I/O Coin Digital Currency Team!
