IUNGO ICO details
Start Date: 2017-12-7
End date: 2018-1-31
- Category: Cryptocurrency, Infrastructure, Internet, Platform, Software
- Token: ING
- Platform: Ethereum
- Initial price: 1 ETH = 1,000 ING
- Bonus: Pre-sale 12.07 - 12.21 50% ICO Tier 1 12.22 - 01.12 35% ICO Tier 2 01.13 - 01.21 15% ICO Tier 3 01.22 - 01.31 0%
- Accepting: BTC ETH Fiat LTC
- Soft cap: 8,000,000 ING
- Hard cap: 64,000,000 ING
- Site: IUNGO site
- Twitter: https://twitter.com/iungonetwork
- Facebook: https://www.facebook.com/IUNGOnetwork/
- Github: https://github.com/iungonetwork
- Reddit: https://np.reddit.com/user/IUNGO
- Bitcointalk: https://bitcointalk.org/index.php?topic=2196784.0
- Medium: https://medium.com/@iungo
- Telegram: https://t.me/IUNGO
IUNGO is a globally distributed wireless internet service provider built with the help of a worldwide community. We are bootstrapping a community where everyone can assume responsibilities and benefit from the associated rewards for running parts of the service delivery infrastructure. Members can contribute by installing Public Wi-Fi access points on their premises and/or running parts of the service infrastructure.
Our network will rely on the existing physical Internet infrastructure to carry end-user traffic and will form an overlay network with unified end-user identification, authentication and billing systems. We will use the Ethereum network to build trusted, transparent accounting and payment infrastructure. Our mobile applications will enable low granularity service usage accounting and compensation for services rendered. Additionally to the software solution, hardware will be offered as an option, with pre-setup routers available for those seeking a consumer friendly plug and play experience.
IUNGO will not limit itself to the technical research and development needed to deploy the network at global scale, but will also build worldwide recognition of the brand.
IUNGO will operate initially with a freemium concept. We are used to having free WiFi (in the developed world), but instead of standard security for providers and users, some premium services will come at a cost. For users premium services will include VPN for Total Privacy, Enterprise grade security for traveling professionals and extreme high speed. For businesses the premium services will include Marketing tools like user emailing services and in app advertising.
Premium services will be paid for in IUNGO tokens by both users and providers via the IUNGO wallet.
Additionally, our Open Source software will allow us to integrate third party apps and services for both users and business. These third party services will also leverage IUNGO tokens for payment, therefore creating an ecosystem of applications operating on top of the core IUNGO protocol framework.
IUNGO will charge a 3% transaction fee from WiFi service providers, or Third party services.
Additionally 1% will go to the Service Gateway operator (anyone can operate service gateways).
This one percent will be distributed equally between all service gateways in a situation where multiple gateways are involved in the transaction chain. Additionally, 1% may go to local evangelists as a referral bonus. The remaining 95% (or 96% in cases when there is no referrer) of the end user payment will go to the WiFi service provider.
Payments for the service will be made with ING coins within the system. Coins will be available on a variety of exchanges. The service gateway will have integrations with major exchanges to get ING coins instantaneously in real time for a seamless user experience.
ING coin owners can either use tokens for the service or sell them on Exchanges. Despite the increasing usage of the IUNGO network and increasing numbers of users, the supply and total number ING coins remains limited, so the value should grow in parallel with the growth in adoption and usage of the network.
The Wifi Internet price is not directly related to the ING price. The price will vary due to a variety of market specifics and other factors. The IUNGO token will be used as a medium of exchange between fiat currency and the service provided.
In crafting the overall monetary policy of the IUNGO economy and tokens themselves (ING), we had several factors to consider. We had to create enough tokens to power a truly global network while balancing this with a relatively scarce total supply and a clear and transparent fiscal policy so that investors can rest assured that the tokens will healthily and smoothly increase in value as the volume of network users and providers scales globally. To that end we have decided that after the Token generation and sale event (ICO) no additional ING tokens will ever be created.
Furthermore, all tokens offered for sale in the ICO that remain unsold will be burned.