IC Digital Bank in Depth
IC Digital Bank in Depth
Many functions are integrated with our banking systems. However, nowadays, banking hours neither meet the needs nor the timeliness of the execution of functions needed by market participants. Therefore, creating a bank that will be digitally based, available 7/24, able to operate as a custodial and manage clients’ funds will be a cornerstone to this project.
To build trust, IC will obtain a financial banking license from a highly reputable, strict regulator that will ensure safe and smooth transactions. Once obtained, the IC Community will be able to enjoy a legally compliant entry and exit points to the crypto markets as well as a safe place to store and manage their personal funds in an internationally recognized and licensed institution.
Maximum Security
Multiple layers of security prevent any hacking attempt and ensure that funds always remain safe. The first layer is established through utilizing multiple independent servers. The IC Exchange software is bridged with the IC wallet where all crypto funds will be stored. Recordkeeping procedures will be another layer with continuous reconciliation to prevent hacking from occurring, while maintaining compliance with major regulatory bodies. The client’s assets are further protected by using the IC Digital Bank account to store the fiat currency, and the IC Brokerage account to store the traditional assets. The IC Wallet application will also include a custom dashboard that portrays the total value of all the different assets allocated in the IC Bank (fiat account balances), IC Brokerage (Stocks and commodities portfolios), and cryptocurrency balances.
IC Wallet users who trade crypto against crypto can transfer their assets between IC wallets safely and smoothly on the blockchain through a set of procedures that will verify all legal requirements such as, KYC, AML and multi signature. Crypto traders will be able to trade traditional assets with other individuals (P2P) or through IC Brokerage from markets like NYSE, NASDAQ, CME, etc. As IC Wallets and order requests are entered by the user on IC Exchange, the order matching software will match all the buyers and sellers together depending on the best bid and the best ask orders in order to ensure that the execution of the trade occurs with the best available market price and in an efficient timely manner as the IC Exchange will have an IC Liquidity pool as well as API connections to the top exchanges which will be accessible to all investors.
IC Wallet holders who are wishing to exchange any type of crypto to any type of their preferred fiat currency, are able to do so through requesting the order from the IC Exchange’s platform which will release the order and once completed, directly deposit the fiat fund into the users’ IC Bank. As users enter their wallet address and their trading orders if they are trading crypto/traditional asset pairs, the IC Exchange order book will match the best bid and the best ask orders and connect the users together to complete the transaction, once the order is filled the software will complete the swap and deposit the funds and assets in their respective destination.
The IC Digital Bank is fully integrated and cohesive with the IC Wallet, IC Exchange and IC Brokerage to guarantee the quick and safe movement of funds between clients’ bank accounts. Traditional assets are stored in the IC Brokerage account, fiat will be stored in the IC Bank and cryptocurrencies will be stored in the IC Wallet.
The Token
Token Summary The Exchange will charge a preferred rate on all transactions paid by our coin, compared to payments done by other major cryptocurrencies or fiat currencies.
INGOT will distribute coin dividends once the company is mature and profitable. This increases the attractiveness of the coin in the initial phases and in the long run.
The maximum number of tokens that will be distributed will be 120,000,000 IC. In case tokens were not all sold once all the ICO ends, all unsold tokens will enter a burning program as per the smart contract.
Uses of the Token
This hybrid token serves as a utility and a security token. We will go into extensive explanations of both beneficial areas.
Security benefits
The token holders will benefit from the growth of the Ecosystem’s returns. The returns will be reflected on the price, in terms of Capital Gains and in terms of Dividends. As one of the Ecosystem’s main objective is to satisfy token holders and ensure their benefits are on the top of the objectives list, the reflection of the returns on the price of IC will be mainly channeled through our dividends program that will start after the Ecosystem is sustainable and profitable. As it is currently in the market, companies that pay increasing amounts of dividends to their shareholders will enjoy increase in stock or token prices. This is due to the increase in attractiveness of the security as the returns on the price of the security has increased. Along with some of the other cryptocurrencies, the token will have limited supply, which will lead to fixing the supply while demand can increase that will lead to capital gains for token holders.
Utility Benefits
The main benefits of this token lie here. The token could be used in a magnitude of ways:
Method of payment within the Ecosystem: As there is value to the coin, Ecosystem stakeholders will be willing to receive these coins as a method of payment. The advantage here is that if a token holder is paying the IC Exchange, IC Brokerage, IC Crypto Certifier, IC Accelerator and the IC community they will receive various discounts from %5 and reaching up to %50 in some cases.
Method of payment to external entities: In this case, IC will act just like any other cryptocurrency, a method of payment with value shown clearly from the exchanges. The increase in circulation of the token will provide a more efficient price of the token.
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