Tuesday, 14 October 2014

I/OCoin explanation of the IONS fee. Please read.


Recently a question came up about the IONS fee for registering your IONS user name.   Here you will read a full explanation of what the fee will be used for and again, showing the openness and honesty of I/OCoin, something we pride ourselves on, we have included the wallet address for anyone to check the coin balance at any time.

I/Ocoin: ions fee's address: iou5UgEAeNwn5W8ma5fDsUEXx1LwhVVta1

This is the address fees collected from IONS registration go to.   Please note, when a user sends the 200 IOC payment it sends to a address that is unique each time, we then collect the fee's from these addresses and hold them in the main wallet, which we also stake, to gain more coins.

You can easily calculate the fees we have gathered by simply seeing how many user names have been registered with us, currently 112. So 112 x 200 = 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, because 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.

Why we charge a fee.

The small fee of only 200 i/ocoins also has the added protection of preventing people from creating countless user-names and spaming the ions name server, after all, we only want names that will be used and not names that have been made up just to squat there, a classic example of this is the .com boom, when people were snatching up all the domain names just to then sit on them in the hope one day they can sell for a good profit.

But most importantly, the fee will be used to help others that are less fortunate than us and will be donated to a charitable cause. Not only that the community will have the say in where the funds will be donated to.  Plus, we will not be dumping the coins , collected from the IONS fee's on the exchange, but we will have community member who will buy the coins from us for bitcoin.   You can see examples of our charitable work on our thread.

https://bitcointalk.org/index.php?topic=695855.0

As you will read in post: #381, where I/OCoin digital Currency donated $10,000 USD. The sum was donated to the rape and torture victim Mairelis Gonzalez and other victims for various expenses. Mairelis is one of the  women that is part of a group of 34 Cubans arrested after arriving in Nassau the coast of Bahamas. Lorenzo Palomares is the  Constitutional lawyer and a trial lawyer that represents the victims in the Bahama case.



Also 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. Today Diego's first surgery has been a success, as his Doctor mentions. He is currently in intensive care to recoup before his 2nd operation.




And post: #806 Where our Developer donated $100 to the well known Ice bucket challenge, also calling out other well known crypto coins to match this donation, but non of them did!



So as you can see, the IONS fee play are important part in being able to give back to good causes and at the same time restoring the faith that has been severely dented in crypto over the past few 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, which you will see over the next few weeks.

Many thanks from the I/O Coin Digital Currency Team.