ILGON is a blockchain ecosystem designed to satisfy both institutional and end-user needs. The ecosystem includes a number of components that together bring to life the ILGON Nation-state.
ILGON Network (or blockchain) is the underlying distributed ledger that powers the ecosystem and provides a Turing-complete platform for transferring value, tokenization, smart contracts, and decentralized applications.
ILGON Currency ($ILG) is the native cryptocurrency and foundational digital asset of the ILGON Network. Transaction costs and other blockchain operations are paid in ILG, therefore making the ILG an inseparable building block of the network. Validators (miners of the network) are likewise compensated in ILG for their essential work.
ILGON Governance is the democratic process for handling conflicts and improvement proposals on the network.
ILGON Technologies is the entity that initiated the early development of the technology and spearheads the work of introducing the concept of ILGON institutions and to the global crypto community.
In recent years, the world has witnessed the rise of smart contracts, various fungible and non-fungible token model implementations, and decentralized applications (DApps for short). For years on end, Ethereum seemed to be the only option for those who wished to create such software applications, but as adoption grew and the technological advancements of Ethereum failed to live up to the scaling promises, the network is now clogged up with transactions, turned slow and expensive to operate. As the first-mover in the sphere, Ethereum has created a standard for tokenization, smart-contracts and DApps. Industries all around the globe invested heavily in educating staff and developing infrastructure to harness the potentials of this revolutionary technology. Designing and developing the ILGON blockchain, we approached the questions of protocol architecture in a way that would address all these issues. Changed what we had to, and kept what we could. This way, the migration from Ethereum to ILGON is easy to make and cost-effective, but scalability is no longer a concern.
Mining activity on the ILGON blockchain is performed in a differentiated way by Validators that also act as supervisor entities over other nodes of the network. This type of mining is more advanced than previous forms and it does not only protect the network from malicious activity but also sanctions such behaviour.
To assure the immutability of blockchain transactions, the digital ledger is organised into blocks. Transaction time is the required time for a blockchain transaction to be placed in a block and validated by the network. Following validation, the transacted assets are spendable again. Block propagation on the ILGON Network is 5 seconds, making the transaction time a maximum of 5 seconds as well. The transaction fee is the price of sending a transaction or writing data into the blockchain and it is paid towards Validators.
The exchange rate of ILG is not fixed, it is a free-floating exchange rate exclusively determined by market forces of demand and supply. The current exchange rate is always available on cryptocurrency exchanges that list ILG trading pairs.
ILG is traded on an increasing number of cryptocurrency exchanges and can be bought and sold for other currencies. The first exchange to list an ILG trading pair is WhiteBIT.com.
As more and more industry players adopt the technology of ILGON, the demand for ILG grows and as supply is deterministic and limited, the exchange rate of ILG rises.
Spread the word and introduce people to the vision of ILGON! It is important for the success of the project to get as many people as possible interested and aware of the ILGON concept. The technology is solid and proven to work, so now it is up to all of us to let the world know about it.
To avoid potential loss of funds and to remain in full control over the assets, ILG holders are advised to keep their ILG coins and other digital assets outside of centralized exchanges. ILGON Wallet provides a secure alternative for storing ILG and allows the staking of coins - a somewhat similar process to depositing money to a bank and receiving interest payouts, but with ILG Staking the assets are remain in the User’s wallet, but get locked in a smart-contract and payments are received directly from the network.