IG Token Switches to Airdrop after ICO Flop
Cryptovest
Published Jul 23, 2018 04:35AM ET
IG Token Switches to Airdrop after ICO Flop
The IG Token gave up on the idea of an initial coin offering (ICO) due to insufficient funds landing into the wallets and will re-distribute the tokens as an airdrop.
The activity of the overloaded the network , seemingly for no reason and raising suspicions of a scam.
At one point, the gas usage of IG Token increased to 19.9% of total gas on the Ethereum network. Soon after that, the pace of the airdrop slowed down while other dApps took over. IDEX, the most visited decentralized exchange, is now using about 2.7% of gas.
It turned out the IG Token project was a recent ICO attempt with bonus airdrops. However, interest in buying the tokens was slim, so it is now available to anyone who sends 0 ETH to the smart contract. In return, the person will receive a pre-set amount of IG.
https://twitter.com/IGToken_net/status/1021151561148350469
The IG Token, based on the Ignite project, is yet another betting system based on the blockchain, coincidentally very similar to the idea behind Augur (REP) - a distributed app that is gaining speed right now.
Receiving the airdrop, however, is not entirely free as gas prices have inched up with the rising usage. For the fastest transactions, gas price is 10 GWei, which is still a relatively normal level but indicative of an increased network load.
The IG digital asset aims to list on exchanges in August 2018 and release the prediction app toward the end of the year. The project forecasts more than 100,000 app users within a year - a rather large number given that right now, distributed apps based on the Ethereum network barely manage a few thousand users, the norm being a few hundred.
ETH market prices remain stagnant around $467.52, fulfilling expectations that the role of ETH as a utility coin would keep its prices depressed. Ethereum network transactions currently cost around $0.05, but a peak in ETH prices could make airdrops, ICOs, or dApp usage non-trivially expensive.
This article appeared first on Cryptovest
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