White Paper

🪙IBIC

IBIC: The Native Utility Currency Powering the Service Time Mission

Introduction

IBIC, acronym for Independent Business Incentive Currency, is the medium of exchange that powers the Service Time protocol and ecosystem. It is designed to empower independently owned service-providing businesses, incentivize consumers, and unify a decentralized community under a shared goal. IBIC offers functionalities for real-world change in how Off-peak services are priced, traded, and utilized. The currency is the economic engine that brings Service Time’s mission and vision to life.

Rooted in our mission to support independently owned service businesses, local communities, and unlock underutilized capacity, IBIC enables a fair and transparent reward system for all participants. Whether you're booking a discounted off-peak service, staking the currency to support the network, or contributing to governance decisions, IBIC ensures that your engagement generates tangible value and rewards for you, participating service businesses, and its holders. With your participation in the Service Time ecosystem, we can make IBIC the default global currency for off-peak service deals and independently owned business transactions, while assisting service providers.

Utilities

In addition to the Service Time mission and vision, IBIC has several utilities and features, some of which are outlined below:

  • Currency - medium of exchange for Off-Peak transactions, gas payments, fees, and settlements

  • Staking Rewards - economic rewards provided to IBIC holders who locked up their tokens

  • Governance - a voting mechanism that enables community members' participation

  • Airdrops - economic incentives for community building, consumer acquisition, engagement, etc.

  • Treasury Reserve - one of the reserved assets in the Service Time reserve for sustainability

  • Revenue Sharing - a mechanism for redistributing the wealth accumulated in the ecosystem

Currency Overview

  • Currency Name: Independent Business Incentive Currency (IBIC)

  • Total Supply: 1,000,000,000 IBIC

  • Blockchain: Ethereum (ERC-20 compatible Layer-2), e.g., Base, Arbitrum, Optimism, Polygon, etc.

  • Utility: payment, governance, rewards, incentives, staking, and ecosystem participation

  • Inflationary Model: Community-governed staking rewards, airdrops, etc.

  • Deflationary Model: Community-governed currency buyback

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