The IOV token is Starname's Mainnet native token. It is used to buy *starnames and for staking rewards.
FAQ IOV TOKEN
What is IOV?
IOV is both the name of Starname’s chain native token ($IOV) and the name of the company behind *starname.
IOV SAS, the company, builds the name service that provides *starnames and is composed of wallets providers and validators.
The mission of IOV is to make crypto assets more accessible to the mainstream and facilitate general adoption.
Why does *starname need a token and how does this benefit the network and users?
As an independent blockchain formed by validators and people operating the service, Starname needs a token as a way to incentivize and keep providing the service on the long run.
We introduced the native IOV token and designed the token economics to give it meaning.
The IOV token is a utility token used on *starnames sales and on executing transactions on the blockchain. All the turnover generated by the service is distributed to Starname holders and participants, making it a fully decentralized project and aligning the incentives. The activity of the starname service directly reflects in the token value.
This is our whitepaper.
Token economy: Starname's inflation is revisited regularly to be adjusted based on the chain APY. The blockchain revenue, which is destined for delegators and validators, is primarily driven by this inflation and the product fees (starnames' sales). Starname's blockchain APY (the extra revenues generated by sales) can vary since it depends on a function of the starnames sold, validator commission, number of delegated tokens, and the total supply of the tokens. You can find more information on the APY here.
FAQ ABOUT THE APPS
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