On March 29th, the blockchain layer 1 project Iron Fish launched its tokenomics, with its mainnet network scheduled to be launched on April 20th. Iron Fish had previously implemented a testnet incentive program, which ran from December 2021 to February 2023 in three stages. During stage 2, the project recorded over 39 million transactions. In stage 3, the project launched over 60,000 nodes, processing 390,000 transactions generated by users.

Iron Fish also announced an airdrop plan for testnet users. Users need to verify their identity (KYC) to receive rewards before April 14th. The team will distribute 945,000 IRON coins (equivalent to 2.5% of the initial supply) to eligible users on April 21st.

According to tokenomics, IRON coin has a total supply of 256,970,400. The initial supply is 42 million coins, with 5% allocated for community airdrops. 2.5% is for testnet airdrops and 2.5% is for future airdrops.

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Iron Fish is a blockchain layer 1 that operates on the Proof of Work (PoW) consensus mechanism, giving users the power to secure information in all transactions on the chain.

This is one of the successful PoW blockchain projects that has encrypted on-chain data (account balances, transaction details, etc.) using zk-SNARKs cryptography, a zero-knowledge proof (ZKP) encryption solution.

Iron Fish’s launch of tokenomics is a significant step for the project as it prepares to launch its mainnet network. The airdrop plan for testnet users is also an excellent way to incentivize users to participate in the project and help identify and resolve any potential issues before the mainnet launch.

The use of zk-SNARKs technology to secure on-chain data is also noteworthy, demonstrating Iron Fish’s commitment to user privacy and data security. With the mainnet launch approaching, it will be interesting to see how Iron Fish progresses in the highly competitive blockchain space.

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This article was republished from azcoinnews.com