What is ApeCoin? – Digital currency

What is IPCoin and why did it become so popular? The digital currency market has recently become one of the most important money-making options for investors. This field has expanded a lot and topics such as Metaverse and Non-Methodical Tokens (NFT) are among its most popular parts. Currently, users are especially attracted to non-traditional tokens and the desire to buy these digital assets is seen among many investors. Bored Ape Yacht Club or BAYC is one of the outstanding and attractive collections for users and investors.

Read more: What is the IP Yacht Club board?

The creators of these tokens design monkeys with a tired and boring appearance. Buyers can choose the monkey they like and buy it. It is worth noting that each of these monkeys has a different appearance. These works of art, which are considered worthless and even funny by many, have attracted the attention of many investors. Singers and famous people like Justin Bieber and Eminem have bought these lazy monkeys for hundreds of thousands of dollars.

After a lot of buzz about BoardApp’s unconventional tokens, now it’s time for its digital currency. ApeCoin is the digital currency of Bored Monkeys Sailing Club. In this article, we will learn more about this digital currency and examine its developers and token economy; So stay with us until the end of the article.

Ipcoin (ApeCoin) What is?

IpCoin is an ERC-20 standard token. Most Ethereum-based tokens launched last year were built using this standard. These tokens, unlike Bordip NFTs, Like (Fungible) and each IPcoin has the same value as the other, and at the same time, it can be easily traded in any digital currency exchange.

In general, IpCoin can be considered as the native currency of the Ip Yacht Club board ecosystem. This ecosystem is designed as a decentralized protocol for various initiatives and community members are supposed to lead it.

Almost all centralized cryptocurrency exchanges listed IPCoin immediately after its launch. This alone was an important achievement for this new asset; An event that added to the popularity of this digital currency.

The reception of this digital currency was so great that the market value of IpCoin reached about 2 billion dollars after only one day. At the time of writing this article, each IPcoin is worth about 12 dollars and the supply limit of this token is 1 billion units.

Who developed IPCoin?

According to information on the ApeCoin website and other digital currency publications, the ApeCoin DAO or ApeCoin Decentralized Autonomous Organization was responsible for launching this currency. This Dao is a new governing body in which all token holders of Board IP are members. The purpose of forming this institution was to receive members’ suggestions and to vote on them.

Read more: What is DAO? Acquaintance with the best projects of the decentralized self-governing organization

Some NFT projects use a similar voting structure. For example, by buying NFT from a collection called Nouns, you will become a member of Nouns DAO. Nunez is an online investment group that has managed to collect 62 million dollars for the purposes of this project. Nunes holders can collectively decide what to do with the collected amount on a dedicated page created to review proposals.

There is also a separate organization called the Ape Foundation, which, according to the Ape Coin website, is responsible for the day-to-day management of the Dao and other tasks necessary to support and realize the ideas of the Ape board community. In fact, this foundation is the legal backing of Dao IP Coin.

Another committee as well Board of Directors Dao will operate and monitor the proposals submitted. The initial board members are five prominent cryptocurrency investors, including: Alexis Ohanian, founder of Reddit, Amy Wu, investment arm of FTX exchange, Maaria Bajwa, of Sound Ventures, Yat Siu, founder of Animoca Brands, and Dean Steinbeck, of Horizon Labs.

These people will be members of the board of directors for 6 months. Cayman Islands-based consulting firm Cartan Group is set to pay board members $150,000 per month in a six-month contract. The IpCoin website has promised Dao members that they can also vote on future board members.

We mentioned that in addition to Dao IP Coin, the Dao Foundation and the Board of Directors of this group also play a role in this ecosystem; But we know for sure that the investor community was not responsible for the development of IPCoin. Therefore, the ambiguous point in this is who put all these things together and developed this ecosystem?

It seems that the main company Boardip or Yuga Labs is the developer of all these organizations. Yoga Labs is a Delaware-registered company, and published reports indicate that the group is in talks with venture capital firm Andreessen Horowitz to raise capital; Capital that brings the value of this company to 5 billion dollars. YogaLabs plans to become the largest NFT monopoly by taking such steps.

At the same time, YogaLabs is responsible for all the projects and big purchases of Board IP Yacht Club; So, if you want to do something centered around this brand, you should go to Yoga Lips before doing anything.

YogaLabs CEO Nicole Muniz says in a statement:

The company will continue to build products and experiences that bring new ideas and energy to society.

Yoga Labs has donated a special NFT to the Dow Treasury of IpCoin and plans to accept IpCoin as the primary token for all new products and services; But this company insists that it is not responsible for IpCoin!

IpCoin token economy

The cap of APE token supply is 1 billion units and it is not possible to supply more tokens, and according to the established mechanism, this supply should never be increased. In addition, the token burning process is not considered for this digital currency.

Out of one billion units of Ip Coin, 150 million units have been distributed in the form of airdrops among the owners of various NFTs of Board Ip and in the following proportions:

• Bored Ape owners = 10,094 tokens
• Mutant ape owners = 2,042 tokens
• Owners of Bored Ape + Kennel Club = 10,950 tokens
• Mutant ape owners + Kennel Club = 2,898 tokens

Another 470 million tokens will be deposited into the treasury of Dow, of which 117 million and 500 thousand units have been released at the time of launch, and another 7 million 343 thousand and 750 units will be released in a monthly period of 48 months.

150 million units of this digital currency will be provided to Yoga Labs in a locked form, and 4 million 166 thousand 666.67 units of IP coins will be available every month. This process is supposed to continue for 36 months until all the locked currencies are finally available for Yoga Labs.

Another 10 million ipcoins will be donated to the Jane Goodall Charity Foundation.Jane Goodall) is donated. These currencies are also locked and 277,777.78 units will be available for 36 months.

Also, 14% of the tokens will be available to participants and 8% of them will be locked for 12 months and every month equivalent to 222,222,222 units will be available to the founders of Board IP Yacht Club.

Buy IPcoin

IPCoin has entered the digital currency market for more than a year and many Iranian exchanges have listed it. The easiest way to buy IPcoin is to buy it from Iranian exchanges; Because they do not have an obstacle for authentication and they support Rial.

The new feature of UrzDigital will help you find all the exchanges that have IpCoin available for purchase. This feature also helps users to find the exchange that has the best buying rate and the best selling rate.

For this, it is enough to go to the IpCoin purchase page, select the purchase option, set the amount, and see a list of Iranian exchanges that have this coin in order of the best purchase rate.

After choosing an exchange, click on the buy option in front of the name of the exchange to be transferred to the page of the exchange. If you have not authenticated in the exchange before, you must go through the authentication process first. If you have registered and authenticated in the exchange, there is no obstacle to use and you can buy IpCoin in a few minutes.

The sales process is exactly the same. Just select the sale option and set the amount. You will see that the list of exchanges will be sorted according to the best selling rate for you.

Conclusion

Undoubtedly, Bored Monkeys Boating Club and its token have become one of the popular currencies these days. Many big names now own one of these digital assets. The IPate Club board and its associated NFTs have become one of the hottest topics in the cryptocurrency world in 2021 and 2022, and it doesn’t look like the fever is going to die down anytime soon.

The issue that the team creating these unusual tokens mentioned a few months ago was the creation of a native digital currency (IPCoin) to power the entire ecosystem of BoardIP. This has been a reality for some time.

In this article, we said that Dao Ip Coin is responsible for controlling and managing this digital currency, and Ip Foundation also supports it. Ipcoin holders can vote on governance proposals and have access to exclusive features of the Ip ecosystem, such as games, events, and various services. At the same time, Yoga Labs, the creator of the popular Ip Yacht Club board NFT series, has adopted IpCoin as the main token for all its new products and services.