Fixed supply and increasing demand from real-world purchases is Incent’s recipe for success.
One of the strengths of any cryptocurrency is predictable supply. In some cases, like Bitcoin, that means algorithmic issuance. In other cases, like Incent, it means fixed supply.
Either way, it’s a world apart from the conventional fiat system’s approach of infinitely inflationary currencies, where new money can be issued into existence at will by the central bank – emphasis on ‘central’. While there will very likely always be a place for state-issued fiat money, it’s looking more and more like in the future, fiat will coexist with many other cryptocurrencies, including bitcoin and Incent.
When Incent was issued on the Waves platform, it was created as a non-reissuable token. The fixed supply (of 46,016,598 INCNT) is key to its intended role as a store of value. When more and more cash released into circulation, it dilute the money that already existed, reducing the overall value of the currency. In the last 100 years, the US dollar has lost around 96% of its value.
The idea for Incent is that, as we launch and consumers receive INCNT tokens that have been purchased with regular money, value will flow from the inflationary fiat economy into the crypto economy. Funds can move freely between them, but Incent, with fixed supply, will be impacted by the net demand of a growing ecosystem and network effect.
Incent was crowd funded back at the end of 2016, collecting over $1 million in crypto at the time. Roughly half of all tokens were distributed, with the remainder being held in Reserve accounts by Incent.
You can find details of the token’s distribution on the dev.pywaves.org site; one of the other advantages of using a cryptocurrency is that the blockchain is transparent and it is possible to verify that no more INCNT have been created, and which Waves accounts hold it. You can see the Rich List here (note that these blockchain addresses cannot intrinsically be linked to a real-world identity).
The top account is Incent’s main cold storage Reserve, while the second address is Bittrex. There is also a ‘hot wallet’ used for withdrawals from the Incent platform, where many regular users will keep their tokens.
In total over 6,000 addresses hold some Incent, though many have only a few Satoshi-equivalents of an Incent (0.00000001 INCNT). Fewer than 4,000 accounts hold at least one INCNT, fewer than 2,400 hold 10 INCNT or more, just over 800 hold 100 INCNT or more, and a little over 300 hold 1,000+ INCNT. At the time of writing, to be in the Top 100 you need 15,000 INCNT.
Over the coming months, we are looking forward to seeing many, many more accounts being created and new holders earning Incent tokens on their real-world purchases and payments.
Incent’s waiting list is currently live, with full launch planned for July. Consumers will be rewarded in Incent tokens on every spend they make. To find out more, visit www.incent.com.
- Incent Slack: https://incentinvites.herokuapp.com/
- Incent Telegram: https://t.me/IncentLoyalty
- Buy and sell INCNT tokens on Bittrex.