The IG Token, based on the Ignite project, announced on Twitter on Sunday that it has cancelled its initial coin offering (ICO) and will instead offer its tokens via airdrop. According to the tweet, the company has sufficient funds and therefore, it will change to a new contract.
Whilst in the tweet the company has said that the tokens had attracted sufficient funding already during its ICO and therefore, it was cancelled, media outlets are reporting the opposite – that the ICO was cancelled due to lack of interest in the tokens.
Because the ICO was cancelled, the tokens will be redistributed as an airdrop. Now, anyone who is interested in buying the tokens can send 0 ETH (Ethereum) to the smart contract (0x8a88f04e0c905054d2f33b26bb3a46d7091a039a) and will receive 10,000 IG Tokens. Over time, the number of tokens offered will decrease.
According to the company’s website, it has raised 736.4 ETH in the presale of the tokens. It plans to list on exchanges in August this year and release the beta version of its prediction application at the end of this year.
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Furthermore, the company expects it will have 100,000 users of its app by June 2019 next year. This is quite an ambitious considering that distributed apps based on the Ethereum network average around a few hundred users, with the most popular apps only attracting a few thousand.
It is important to clarify that despite the similarities in the brand names, IG Token has no connection whatsoever with the UK-based online trading firm IG Group.
Recently, attention was drawn to the IG token after it became the biggest gas guzzler on the Ethereum gas station. The gas usage of the token increased to 19.9% of the total gas on the network. To put this in perspective, IDEX, which is the most visited decentralised exchange, is now only using around 2.7% of gas.
The increased gas usage was coupled with a couple of tokens and smart contracts that overloaded the network, which raised concerns of a scam, as there was seemingly no reason for the overload.
Due to rising usage of the network, the airdrop of IG tokens is not free, as gas prices have risen as a result. If an investor wants to use the fastest transaction, gas price is 10 GWei. However, this is a relatively normal price considering the network load.
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