Max Supply & Halving Schedule
IZE has a maximum supply of 50,000,000,000 tokens, half of which will be distributed to Node Owners through the Galvan Blockchain in the first year. Each year thereafter, the amount of IZE issued is half of the previous year’s allocation. The official start date of year-one points accrual was Feb. 17th, 2022 at 00:00 UTC, serving as the date for future halvings.
Node License Supplies
Smart Nodes have a max supply of 100,000
Lite Nodes have a max supply of 25,000,000
Proof of Action Algorithm
Proof of Action is the algorithmic protocol that determines how IZE rewards are distributed among Node Owners through the Galvan Blockchain. The process is as follows:
1 — A user earns points based on actions voted upon by the Node Network DGF (specific actions and their accompanying points can be seen in the "Governance" section of this document).
2 — The user's total points earned today are added to the L3 Galvan Ledger.
3 — Every day at 00:00 UTC, a fixed amount of IZE is distributed based on the year of the current distribution schedule. The user's individual IZE allocation is calculated from the percentage of points they had that day compared to the total community points combined. In other words, the more points the user earned compared to everyone else, the bigger piece of that day's IZE distribution they would receive.
4 — The user's IZE distribution is confirmed by their node and added to their wallet on the L2 Galvan Blockchain.
Owning and operating a Galvan node license is required to participate in the Proof of Action protocol—otherwise an individual's points would not be able to convert into on-chain rewards.
Disclaimer: IZE is a digital reward distributed through the Galvan node network according to predetermined smart contracts. IZE is designed to have utility on the Galvan platform for the purchase of Galvan products and services, although other cryptocurrencies may be used as well. IZE is not available for purchase from Galvan. IZE is not an investment product and may never have any value. Galvan node owners should not expect to recognize any value from IZE other than its utility with Galvan. Although Galvan plans to undertake efforts to become a successful business, it is highly likely that IZE’s value will not correlate with the success or failure of Galvan.