Welcome to the Icarus Finance Live AMA with The Gem Hunters, we would like to thank the team for attending today and sharing information with the communtiy!
We would like to start the AMA off with a brief introduction of what Icarus is actually all about and what you're trying to achieve?
icarus finance is a decentralized crypto mining protocol that combines traditional mining with defi applications, Both $ZETH and $ZBTC are hashrate tokens in our ecosystem that allow users to take part in Ethereum and Bitcoin mining respectively, claiming mining rewards in the process. It basically it makes you the miner without the need for hardware! By staking ZETH / ZBTC, holders of the tokens will receive not only ETH /BTCB respectively, but also ICA distributions that correspond to the mining power staked, actually, this interoperability between Mining + DeFi + Governance is what makes the icarus.finance ecosystem unique!
Damn that's pretty cool 👀 I've never had any mining equipment but now I could start 😎
Exactly, and if you ever wanted to stop mining you wouldn't need to get rid of update your mining rigs, you'd simply sell the tokens back to the open market
anyone in the world can join the mining movement now!
Could you please also give us some information on the team behind the project and what their backgrounds are?
That’s a very timely question actually, we just solidified who the full team is going to be moving forwards, including community moderators etc. But anyway, I’m Tom, this is JX, and together we are a team of 11 at icarus.finance. Because of the nature of our project, the team is actually larger as we have overheads due to our mining facility, but yeah, 11 of us! The team has a combined experience of around 20 years revolving around developing, project & account management, marketing & design, as well as customer support. What we all have in common is that we love Crypto and have been in this space for a while now! We all have different backgrounds at _Everywhere team, each person with their own role. We consider everyone who works with us as part of “our family”.
Wow 20 Years Is A Long Time , Gives Investors Confidence To See Experience.
You love to hear it, experience is the best teacher, congrats on getting the team finalized 🥳
Devs (front and back end), project managers, technical writers, designers, etc. All done now, and we couldn't be happier with the final team!
Teamwork makes the dreamwork 🍻 love it
So how did Icarus come to be? You guys have been in the crypto space for a long time, what inspired you to build?
Well, it all started because we already knew each other quite frankly. We talk a lot about crypto between us, it’s pretty much the topic of a lot of our conversations since we just love it! We’ve always wanted to start a project because we knew we had the ability to do it, we just had to set the wheels in motion and create a solid action plan. Before that we brainstormed ways to provide real value to users, but what we definitely didn’t want to do was to fork another project without any innovation or real value to the user and the space (BSC).
i knew JX when we we're 7 years old, became best friends instantly!
Nothing Like Growing Up And Starting A Project
And yep! We already knew that mining crypto assets had been a profitable venture for over 10 years and will continue to do so, and we knew that the mining projects currently in the market leave a lot to be desired.
good code + real use case + community = unlimited potencial unlocked
True, not really accessible for anyone that can't buy the equipment themselves
If you look at similar projects, you will actually find that they’re very repetitive: Purchase hashrate token, stake, and mine, full stop. They typically offer 1 asset to mine and that's it! We decided to improve on this substantially by not only offering multiple mineable assets, but to also introduce DeFi applications that allow users to exponentiate earnings by providing liquidity on profit earnings in our ecosystem. Once we realised the potential with this idea, there was no going back. Less than 2 months later, here we are!
Now that we have some background, could you tell us about the tokeomics for Icarus? We've read you have 3 tokens in the ecosystem, how do they each play a part, and how can an investor take part in each?
Definitely! And correct we do have 3 tokens in our ecosystem. Ok, so both ZETH and ZBTC are our hashrate tokens. They can only be issued in accordance to the project’s mining power (i.e. our mining facility / factory). In a nutshell, our hashrate tokens are tied to how much our project can actually mine.
Yep! Our project’s mining power currently represents a total limited token supply of 1M ZETH and 1M ZBTC. The last token remaining is $ICA. This is our governance token, also used in DeFi applications. ICA is a deflationary token with a total supply of 10M, which is currently being minted over a 2.5 year period. ICA emissions are decreasing gradually over time, you can check our whitepaper for the specific numbers on this by the way.
Yeah! And you should also know that a proportion of 20% of the ETH and BTCB pools will also be used to buy-back and burn $ICA (market making pool) depending on market conditions. These 2 factors combined make it a deflationary asset.
So you mentioned you have your own rigs, what's the process for running and maintaining your mining rigs? I assume that maintenance plays into the profitability as well?
Absolutely, 10% of the mining pools are used for this very reason, as well as to cover any potential disaster, power shortages, etc. You never know! This also covers electricity costs and everything else that comes with it. The process itself consists of having a team working at the mining facility overseeing the operation as there is a lot that goes into this. We need to ensure consistency with no downtime whatsoever. This includes tasks such as cleaning the graphic cards and asics miners to ensure no dust or overheating, and not just the graphic cards themselves but also the entire facility and sockets (to simplify the wording). The team also ensures network stability at all times and that all cards are operational 24/7, As soon as one becomes faulty, it gets fixed or replaced the very same day (usually under 24h).
You guys are running full steam, wow
Thanks guys, only getting started too 😊
Big props for the 10% set aside, always gotta be prepared
With some of the highest average mining difficulties in history right now, how do you plan to keep pace in an ever evolving market? Will you eventually need to upgrade, or completely overhaul, if the difficulty gets too high? I Assume The 10% Covers This?
Yes this was discussed at the very early stages of the project before we even started as mining difficulty is definitely a factor here (a lot of us were already mining ourselves with our rigs by the way) To counteract this we only use the best cards for ETH mining (RTX 3070 and some GTX 3090ti) so we don't see any need to update these anytime soon as they’re still very much profitable. The team has actually been mining for over 10 years now (i.e. including before icarus finance). We use our own mining software, own pool, and we build our own ASICs BTC mining machines. And while mining difficulty affects everyone, it affects individuals the most. In our case, it affects us less because we industrialise and optimize our operation!
And everyone can join at Icarus
Absolutely, and we hope to see you on our TG channel too! Always happy to answer your questions. You will find that we're always available and always happy to answer questions. We're building a community too! https://t.me/icarus_finance
To the next question, one of the top priorities for investors is security and peace of mind, is Icarus audited? Are there any risks that investors should be aware of?
As it should be, safety and peace of mind should definitely be top priority! Especially in a project that’s here for the long run, nobody mines for a few days and stops right? This is a longer term, safer investment option so peace of mind is super important. We got our 1st external audit report from solidity.finance and you can access it here https://solidity.finance/audits/Icarus
We won’t stop here of course, and will provide another external audit in the near future.
Great stuff, solidity does really good audits from what I've seen
In the topic of safety, we also want to work with full transparency, and you will see further updates from us in the upcoming weeks to this end. As an example, we’re working on integrating visibility of the actual BTCB & ETH pools in our web / dApp, and you don’t see this often in similar projects!
Before We Move On To Our Last Question TGH Would Like To Thank The Team For An Amazing AMA 😎
In all honesty, you just kinda have to hope that what’s being mined is what’s actually being distributed. But we have nothing to hide and you will see this, just give us some time! We believe this is an area that’s currently lacking in this space, there’s too much guesswork, we want to remove all of it, full disclosure.
So we can mine straight from our phones 👀🔥
Absolutely, you can already do it in our dApp! 💪🏼
Do you have a link to the dapp?
educational videos on how to use the platform incoming!
Lastly, do you all have a roadmap to share, as well as any upcoming events/integrations for us to watch out for? Maybe new tokens to mine?
icarus.finance is moving faster than we’ve anticipated actually, we feel very fortunate to have such committed and experienced team members! In our short existence we’ve been able to deliver already: 3 tokens - > $ZETH, $ZBTC, $ICA, 1 external audit, New website and dApp
Official partnership with DHM https://twitter.com/DhashFinance/status/1376859620535230465
You guys don't stop wow 🚀
In the following months you can also expect from us:
- Governance platform
- Verified Launchpad (with KYC)
- Star Cluster
- Yield Hubble
- Magnetar Lending Platform
- Learn & Earn
Looking Forward To It
Well, if you follow our community channels you'll realise we release a new update pretty much on a daily basis! We want to keep our icarians up to date with everything we do, Grow together 💪🏼
We would like to thank the team for attending once again and wish them the best of luck on their journey to becoming a fully fledged decentralized crypto mining protocol. For research please check out the links below!