ICN is the official token of ICONOMI. ICN token holders benefit from DAA fees collected on the ICONOMI Digital Asset Management Platform via our Repayment program - buybacks.
ICN tokens will have a usage on the platform. For example, we anticipate that creating a DAA will require burning ICN tokens. More details will be disclosed as they become available.
After the ICONOMI ICO ended in October 2016, 100 million ICN tokens were issued. 85 million of these tokens were distributed to ICO participants during the crowd sale, and a further 2 million were used for early-stage marketing and bounties. Of the remaining 13 million tokens, 2 million were distributed to advisors, 8 million were distributed to the ICONOMI team, and 3 million were reserved for future team members. The 8 million tokens distributed to the team are vested over 2 years. This means that ¼ of all tokens are distributed every 6 months.
More information about the ICONOMI smart contract and ERC20-compliant ICN tokens can be found here.