Utility

Utility of IGT on Ignite Chain Network

Secure the Network

The primary utility of IGT token is to secure the Ignite Chain network with using Proof-of-Stake system. In order to run Ignite Node and participate in securing the network, validator must hold 50,000 IGT and voters have to lock up their IGT to any validator node to increase node capacity. In exchange for participation, validator and voter both receive rewards in IGT after every transaction.

Network fees

IGT is used to pay for network fees such as transaction fees, smart contract deployment and other networks activities. The fees on Ignite Chain network is extremely cheap compared to other blockchain networks. However, lower fees does not compromise network states as it sets limitations to suspicious activities via IGT privacy protocol.

Payments

IGT is ideal for cryptocurrency payments to enterprises and businesses all around the world. It offers very quick and low-cost transactions compared to other crypto payment options. As the network eligible to process 2608 transactions per second (TPS), depending on the number of validator nodes, Ignite Chain is high throughput and affordable blockchain network to every user.

Governance

As being native token, IGT is used in Ignite on-chain governance. Ignite Chain is a fully decentralized network, hence any decision on the network is carried out by on-chain governance process. IGT holders can propose and vote for changes and improvements by staking their tokens.