Ice Network Faces Backlash as Core Team Abandons Mining, Introduces Controversial Changes
In a surprising turn of events, the Ice Network, a prominent blockchain project, has faced a significant setback as more than 50% of its miners abandoned the app following the core team’s voluntary cessation of mining activities. The team also announced the slashing of already-mined coins, a move that has stirred discontent within the community.
The decision, according to the Ice Network team, comes after careful consideration and analysis, citing substantial financial costs and the diversion of valuable team resources towards mainnet development. With monthly expenses exceeding $50,000, the team opted to prioritize the project’s long-term sustainability.
However, this announcement has not been well-received by some miners, who argue that the Ice Network team seems to have deviated from the project roadmap. Critics claim that the team is now navigating uncharted waters, merely following the direction of the wind. This decision has prompted many miners to cease using the app, as reported by an Ice Ambassador with over 3000 referrals.
In an effort to swiftly gather money to support the Ice Network project, the Ice team introduced Snowman Meme, a meme coin, to address financial difficulties. The meme coin was just a pump-and-dump project.
In an unconventional move, Ice Network introduced a mandatory quiz for its users, aiming to reward those who demonstrate a mastery of and trust in the project. Miners who fail the quiz are deemed ineligible to receive rewards, leading to the disabling of their accounts. This move, a first in the history of app mining, has been widely condemned by the community.
Ice Network Quiz Statistics:
- Total users: 3,800,000
- Remaining Days: 2
- Passed Quiz: 1,000,000
- Failed Quiz: 500,000
The decision to halt mining has sparked speculation that the team aims to reduce the total supply of Ice coins, especially as they are not only stopping mining activities but also slashing already mined coins. This has left some miners, who once held substantial amounts of ice coins, with close to zero in their wallets.
The announcement also brought about significant changes, including the resetting of prestakes to zero for all users. Distribution rewards will now be based solely on the number of ice coins mined. Furthermore, 30% of the distributed balances will be allocated to the mainnet rewards pool, locked for five years to incentivize creators, nodes, and validators.
The final balance information will be available on February 28, influenced by factors such as the rate of slashing and the success rate of quiz completions. Various pools, including the Mainnet Rewards Pool, Team Pool, DAO Pool, Treasury Pool, and Growth Pool, will have a five-year lock period starting from the mainnet release date on October 7th, 2024, with quarterly releases of the proportional equivalent.
The Ice Network community now faces a period of uncertainty as the repercussions of these decisions unfold, and the core team seeks to navigate the challenges ahead.
Ursula Gabuin Bih, a native of Cameroon, is a fervent supporter of cryptocurrencies and the latest technologies. She uses her knowledge in financial reporting to cover blockchain, Web3, and digital currency news for CAN News. She also holds a master’s degree in finance.
