The Iron Fish platform, backed by a16z and Sequoia Capital, unveiled the project’s tokenomics.
#IronFishCommunity! Our #Tokenomics paper is live. Learn more about our genesis block distribution, including category definitions and what the next few years will look like.https://t.co/6xR5qEY2Kw pic.twitter.com/agbcnROQlW
— Iron Fish (@ironfishcrypto) March 28, 2023
Iron Fish is developing a Layer-1 blockchain to provide user privacy for Web3, using interoperability technologies and zero-knowledge proofs zk-SNARK.
The genesis block will contain 42 million tokens.
They will be distributed as follows:
- Iron Fish Foundation — 18%;
- testnet participants as part of an airdrop — 2.25%;
- for future airdrops — 2.25%;
- pre-seed investors — 5.1%;
- seed-round participants — 9.9%;
- Series A funding round investors — 14.5%;
- advisors — 0.6%;
- the core development team — 37.4%;
- IF Labs — 5%;
- Endowment Fund — 5%.
Each insider will face a one-year lock-up after the mainnet launch. Over the next 12 months this category of token holders will be entitled to monthly vesting. For each employee, the period extends to four years, including a one-year lock-up at launch.
During the first 12 months after the mainnet goes live, miners will increase supply by 10.5 million coins (one-quarter of the initial amount). Subsequently, issuance will steadily decline until reaching 256,970,400 IRON (over 150 years).
The mainnet launch is expected on April 20. After the mainnet event, users will be able to perform transactions, run nodes, mine, and create and burn private user assets.
Ethereum co-founder Vitalik Buterin described privacy as the network’s ‘biggest problem’; among the technologies to address it, he cited zk-SNARK.