the iqi exchange

diving into the blockchain wisdom

Iq invest is an experimental blockchain project for having fun from exploring and investing. Iqi consists of token and a built-in exchange.

iqi token

The iqi token is a simple erc20 token with all the standard erc20 functions. In addition, at the initial first stage, it can also be issued/destroyed by the owner. After switching to the second decentralized stage, the owner becomes a regular token holder and can no longer issue/destroy tokens. The switching to the second stage is final and irreversible.

iqi exchange

Iqi has a built-in exchange with a linear function for buying/selling token for eth. The exchange has 5000000 iqi for sale. The token price increases from 0 to 1 eth/iqi linearly with each token purchased.
p = 1 - (v / 5000000), where
p - price, eth/iqi,
v - number of tokens on the exchange, iqi.
One exchange consumes about 58000 - 106000 gas.

trials and conclusions

numbers

At the beginning of 2022, iqi has 39 holders, a trading volume of about 28 eth, 176 transactions and 0 hacks, vulnerabilities or other unexpected transactions. Everything works as it was designed.

partners

Almost all iqi partners (11 out of 14) have already ended their existence. The average lifetime of a startup is about one year. Iqi is a long living project but still a startup.

mev bots

Arbitrage bot earned 0.5 eth on the difference in exchange rates on the native exchange and on one of the hyperbolic exchanges. There is no need to use any third-party exchange anymore. All funds were withdrawn from all third-party exchanges in order to increase investors' profits.

audit

Iqi has 2 unfinished and abandoned audits and one copy of the compiler warnings sold as an audit. Also, it has a designed easter egg that hasn't been discovered yet, so welcome to hack and earn.

blogers

Blogers and other content creators earned about 5 eth in the iqi project. 18 out of 20 of them just attracted spammers. It supposed to work somehow differently...

what's next?

Creating a smart contract is a long and expensive procedure. Developers and investors will look for existing and proven contracts and reuse them for their needs.

interview with Jeff, founder and developer

How did you get involved with cryptocurrencies and their underlying technologies?

I earned my first bitcoin in 2015. I've been using bitcoin as a main currency ever since. As a newbie programmer, i found blockchain development to be the best entry point. I deployed my first smart contract on the ethereum network in 2017.

What were the first problems you saw when you first came on the scene?

The first problem is the irresponsible behavior of people, which they have learned with the help of centralized banks. For example, when someone loses a private key and then asks wallets or explorers to recover it, or sends the wrong transaction and tries to revert it.

How has the existence of order books contributed to the volatility of cryptocurrency prices?

There are 2 different things. The classic exchange with the order book is much more complicated and expensive, so it is not the best choice for the inner-blockchain exchange. Cryptocurrencies are the least volatile money ever created. The problem is in the paradigm of using the only one fiat currency for measure the price. Fiat money is a credit money with extendable supply. Every time someone takes a loan, she/he dilutes the entire money supply, and your fiat money loses some of its value.

What is the Iqi project all about?

Iqi is about investment and exploring. Iqi token was issued to record interactions between investors, then an exchange was created to buy and sell the token for eth.

How does the Iqi project solve the problem of cryptocurrency price volatility?

By changing the price paradigm. We only use btc or eth to determine the price and do not use fiat money at all.

What do you think are the causes of cryptocurrency and digital assets price volatility besides the existence of an order book?

What we are seeing is the volatility of fiat money, but not the volatility of crypto money.

What are your thoughts about the decentralized finance (DeFi) explosion?

People are beginning to understand the benefits of smart contracts. Now we have to deal with big fees.

Does the Iqi project have any roadmap for 2021?

We plan to integrate the iqi token into our partner's investment platform and start to use one more blockchain.

What do you intend to achieve with the Iqi project?

The goal is to use crypto as a main money and to develop the iqi blockchain.

What are your thoughts about regulating cryptocurrencies and their underlying technologies?

Code is the law, miners/validators are the main executors. That's all the regulation we need.

What advice do you have for anyone who wants to delve into cryptocurrencies and their technologies?

The sooner you start, the better. Be responsible and always learn.

Please, can you tell us about your views concerning the centralization of projects in the cryptocurrency space?

I did not noticed the centralization.

What are your thoughts on the high gas prices required for transaction confirmation on the Ethereum blockchain?

Developers try to attract users with excessively complex solutions. For blockchain projects, the simpler the solution, the better it is. Most of the data should be stored off-chain.

In what ways do you think cryptocurrencies and their underlying technologies can change the world?

Blockchain will remove any third parties from most deals. People will trade land without any entities other than buyer and seller. Many social institutions will become obsolete.

What do you think are the problems that surround cryptocurrency adoption?

People who have gained a lot of wealth in the non-crypto world will not accept crypto.

Are there other cryptocurrency projects you're involved with besides the Iqi project?

Yes, there are other projects besides iqi.

Please, can you tell us how you think cryptocurrency exchanges should operate?

Exchanges should not request or store any user data. Exchange should use bitcoin as a main currency.

What would your ideal cryptocurrency market look like?

It is ideal the way it is.

Do you have any price projections for Bitcoin this year?

Bitcoin price will be the same as usual - 1 btc. While the price of other currencies will correlate with their supply.

If you had three wishes and a genie that could make those wishes come true, what would they be for the Iqi project?

I will ask genie to buy iqi tokens, use them and tell friends about them.

backups

Check the first app from 2020 and the second app from the beginning of 2022.

jeff@iq-invest.ltd