IK TOKEN

DarkByte Research Analysis

Blockchain logic

Building IK in the Ethereum blockchain as an ERC-20 token:

The Ethereum blockchain supports a wide variety of widely used tokens listed that are in the top 100 in exchanges with the largest market capitalization. The Ethereum ecosystem dominates the industry in its support for token creation, development and testing. Having an ERC-20 token would allow IK buyers to have access to a large variety of decentralized exchanges immediately to start buying and trading IK tokens.

Ethereum is also the leading ecosystem for NFT creation with the ERC-721 protocol. This would allow the IK platform to swiftly encode the artifact and assign as an ERC-721 token. As a part of the ecosystem this will allow the NFT’s to be traded within the platform, as well as outside the platform (NFT marketplaces such as OpenSea), for a wider market reach.

Each unique artifact would be converted to an ERC-721 and will be associated with that artifact with the primary owner being the IK platform. Once the user purchases the unique artifact the address of the NFT will point towards the user.

The user will be able to purchase NFT’s using the IK token, as the supporting token for the platform.

User Account Creation & NFT Purchase

Purchasing IK Tokens:

The market can be divided into two segments: users that already own cryptocurrency, and users that do not own any cryptocurrency(first time users). The IK platform will be able to support both markets through its plugin and extension to be automatically directed towards an Ethereum decentralized exchange that support all ERC-20 tokens. Once IK is created it will automatically be found in these exchanges given it’s ERC-20 status.

Several of these exchanges can be encoded in the platform and automatically direct the users to create an account and start purchasing IK.

NFT and IK Token Storage

Once the user has purchased IK tokens and or NFT’s through the platform, their assets will be stored via their account which will be connected to WEB3 automatically (this is done in the backend, from a development side). Once the user accesses the platform and confirms their wallet they will be able to view their assets.

With the advantage of using the Ethereum ecosystem, the user can use their wallet to sell their NFT’s in other marketplaces. This will direct additional exposure to the platform and the IK, as well as establish a more prominent following from users outside the platform.