Ice Network a crypto-mining project has announced a shift in its approach, proposing to launch Ice token on the Ethereum Blockchain.
The update also stated that during the first phase of the project, Ice Token will be listed on Uniswap a decentralized exchange to enable the token to be traded during the early phase, and this privilege is given to the early adopters of the project and to allow those who are not interested in mining the token but willing to buy from those who mined the ice token.
This move is to foster greater community engagement, provide liquidity, and expand its user base before the mainnet launch which is slated for October 2024.
However, participating in the first phase of ice token trading on Uniswap comes with conditions that include:
1. Participants who completed the face recognition in step 1 of the KYC.
2. Participants who completed the step 2 of the KYC.
3. Participants who maintain a minimum of 5 active (Tier 1) friends. Also, each of these friends should have completed both KYC steps and have a record of at least 7 days of consecutive mining sessions.
The reason given for these conditions by the project is that it is risky for the project to allow those who haven't invited a minimum of 5 friends and aren't actively mining within their team to receive tokens, as many of those accounts are classified as fake or bot accounts. However, at the end of Phase 1, every member will have the chance to migrate their coins to the mainnet, regardless of whether they have less than 5 invited people.
Ice Network KYC Procedures
The Ice Token will be available once the developer releases both steps of the KYC process.
- Step 1 of the KYC is face recognition and will start next week.
- Step 2 of the KYC will be Ice Network knowledge-based and start in early November.
According to the Ice Network CEO Zeus, there won't be personal identification documentation for the KYC but step 2 will be based on asking simple and not technical questions about Ice Network.
This means to pass step two of the KYC, participants must have read and understood the Ice Network whitepaper, FAQ, and its knowledge base.
To locate the knowledge based on the app:
- Click on the menu at the right-top corner of the app.
- Click on Help and explore the knowledge base of ice.
After being KYCed successfully, participants' available ice tokens will be unlocked bit by bit every week, and all your mandated 5 invited friends must be active through the unlocking periods to be eligible for each week.
The first phase of the project which will be tradable on Uniswap will be on the Ethereum blockchain while the October 2024 mainnet launch will be on Ice Open Network (ION) Blockchain and the Token will be swappable from Ethereum Blockchain to ION Blockchain once the mainnet has been launched.
- Open the Ice Network Page to download the Mining app.
- Invitation Code: Enat1
Start mining ice and build your team of 5 active friends to be eligible for Phase 1.
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