What is IZE?
IZE is a digital reward whose purpose is to incentivize healthy actions and growth for the Galvan Blockchain.
IZE Utility
The utility of IZE, aggregated from several third-party service providers and partners, will cover a broad spectrum that includes, but isn’t limited to:
- Transferability with the Ethereum Blockchain to create ERC-20 IZE tokens
- Staking for Node Network DGF proposals
- Purchasing premium memberships to the Galvan Wellness App
- Purchasing Galvan node licenses
- Purchasing Galvan NFTs
- Purchasing Galvan health and wellness products
- Purchasing health and wellness products from other participating partners
- Loyalty points balance
- VIP treatment (i.e., exclusive online merchandise, concierge services, invitations to live events)
- Exclusive promotions and discounts (i.e., free ticket/item with an order)
How to Earn It
Proof of Action is the algorithmic protocol that determines how IZE rewards are distributed among Node Owners through the IZE 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.
Galvan Parameters (Action Points) - Initial actions that earn points, which are used to
calculate the distribution of IZE:
Smart Node: Every day your Galvan Smart Node is active for at least 6 hours beginning February 17, 2022.
25,000 points
Lite Node: Every day your Galvan Lite Node is active for at least 6 hours beginning February 17, 2022.
100 points
Weekly Memory: Average of prior 7-day's points multiplied by 0.5 Variable
Monthly Memory: Average of prior 30-day's points multiplied by 0.25 Variable
Referral: Every time someone you referred (using a Galvan referral link) spends the equivalent of $1.00 (e.g. a Lite Node Purchase for $25 would equal 250 points). These points may accrue to up to five Smart Nodes belonging to the same person who made the referral.
10 points per $1 referral spent
Galvan+ - Daily Heart Minutes: 30 minutes of heart minutes in a single 24- hour day (documented according to Galvan+ App rules). 300 points
Galvan+ - Weekly Heart Minutes: 150 minutes of heart minutes in a single 7- day week (documented according to Galvan+ App rules). 200 points
Galvan+ - Mental Wellness Check: a subscriber conducts a mental wellness check-in (using the Galvan+ App) - points will be awarded for each check-in, for up to three (3) check-ins during a 7-day week. 700 points
Galvan+ - Weekly Mental Wellness: a subscriber will be awarded points only if three (3) check-ins are completed during a 7-day week. 200 points
Galvan+ Node: Points earned in association with the Galvan+ membership activities require active syncing to receive eligible IZE token distributions. IZE is distributed once actions are confirmed on the 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.