ICO and economic model

Both inSpace and iScoin are implemented as a set of smart contracts running on EOS. The contracts can be found here on Github:

Summary

Coin use

  • Promoting and supporting inSpace content
  • Upgrading an inSpace account and increase storage
  • Staking, receiving payouts and voting

Coin Creation

All 1 Billion iScoin will be created on ICO startup (see distribution below)

  • 1 iSbit.  1/100 of an iScoin
  • 1 iSmi   1/10000 of an iScoin

Transaction Fee

  • All transactions have a 1% fee. This fee is added up daily and paid out to Content Creators, Coin Stakers and to support development of inSpace.
  • 25% of coins created, called the boost are distributed in the same proportions as transaction fee payouts over the first 6 years to simulate transaction fee payouts while user numbers are still in early growth.

Getting iScoin

  • initial inSpace accounts are free and can be upgraded by purchasing iScoin. The inSpace ICO is built into the account upgrade process. Any user upgrading their account can become an investor in the project.
  • EOS and BTC payments supported

isCoin provides a value token for hosting and monetizing content. For this to work, iScoin also has to be attractive to external investors who will want to buy and hold the coin as they appreciate value growth on the network.

isCoin is designed to bring the network of users and the investing coin holders into the same playing field by creating a set of incentives that encourage users to be investors and investors to be users.

Coin Distribution

dist

  • 64% of coins will be distributed to early adopters over the two years ICO of inSpace
  • 25% of coins created, called the boost are distributed in the same proportions as transaction fee payouts to simulate transaction fees in the early stages of inSpace. The boost is paid out weekly over the first 6 years.
    • Uses e^(m*l) where m is the number of months and l is -0.05. Divided by 19 for 72 discrete months.network bootup.png
  • 10% Reserve.
    • 6% inSpace (company shareholders, development team and ongoing development)
    • 2% warchest, for 3rd party developer/bug/testing bounties
    • 2% warchest, for 3rd party promotions/affiliations
  • 1% of coins will be airdropped to all EOS holders during the two year ICO period.

Transaction Fee: 1% transaction fee on all transactions

tx-payout.png

  • 70% goes to all coin stakers
  • 15% goes to top content on the network, by ‘Likes’
    • All content categories have a ‘Top 100’ of the most ‘liked’ content.
    • Top 100 content receives an additional payout from this pool. As content is voted on by likes, the content top 100 can not be steered by ‘whales’ who have large stakes.
    • There is a weekly top 100 for each content category that payouts get split over. For the beta release this will be upgraded to add a monthly and yearly top 100 that also receives some of the payout pool.
  • 10% is used to improve the platform.
    • Improvements are voted on by all stakers proportionality.
      • 5% is spent every month on ongoing development, bug bounties and bug fixes by the team.
      • 5% is accrued each month and voted on every 1 year for long term mission upgrades and new versions.
  • 5% is used to support free software and education.
    • Support the open source projects used by inSpace
    • To relaunch the Earthsim project. (The inSpace 3D engine emerged out of the engine used to explore the Earthsim universe. Earthsim is a free educational platform for everyone and all ages who are interested in an interactive explorable simulation of our universe.)

Coin Staking & Content Likes

stakes

    • Any user can ‘lock’ their coins for a fixed period of time, this makes their coins unusable for that period of time. This is called a ‘Stake’. When coins are ‘Staked’ a user will get payouts as well as being able to ‘like’ other users content. Payouts depend on the staking duration and follow the following scheme:
      • 1 month stake 50% of full payout.
      • 3 month stake 60% of full payout
      • 6 month stake 75% of full payout
      • 1 year stake 100% of payout.
    • Payouts are received by users who stake coins. This encourages longer term holders of the coin. Payouts are direct to a users wallet
      • Only someone who stakes coins can ‘like’ other inSpace content.
      • The value of a given users ‘like’ is proportionate to the amount of coins that user has staked and the number of likes a  user has made over the last seven days. The more coins staked, the bigger value the like will give to the content. If a users likes two bits of content in the last seven days, the value will be split across both those content files.
      • After the alpha release, we are exploring a system whereby early supporters of content that goes on to make a large return for the creator will also get paid back a proportion of the return.
    • Voting (beta release and onward)
      • All stakers get to vote if they have an active stake and their stake time encompases the voting period for that particular vote and overlaps at least 75% of that voting period.
      • Voting power is modified by the staking time in the same ratio as the payouts.
      • Voting is used so users can:
        • Add new categories to receive the top 100 payouts
        • Prioritize which features and changes will be pushed out by the development team.
        • Drive critical changes to the network,