Frequently asked questions

These are our frequently asked questions. If you have any question that is not explained, please contact the team in our Slack chat channel or Telegram chat

General FAQ

Can i mine I/O Coin

At launch in July 2014 there was a two week mining period. All 16 million coins where minted during those weeks. The mining algorithm was X11. There was no IPO or pre-mine.
After the mining period I/O Coin switched from Proof of Work (PoW – mining) to the Proof of Stake (PoS) protocol.

Proof-of-stake (PoS) is a method by which a cryptocurrency blockchain network aims to achieve distributed consensus. While the proof-of-work (PoW) method asks users to repeatedly run hashing algorithms or other client puzzles to validate electronic transactions, proof-of-stake asks users to prove ownership of a certain amount of currency (their “stake” in the currency).

The proof-of-stake system combines randomization with the concept of “coin age,” a number derived from the product of the number of coins times the number of days the coins have been held. Coins that have been unspent for at least x amount of days begin competing for the next block. Older and larger sets of coins have a greater probability of signing the next block.

Proof of Work relies on energy use. According to a bitcoin mining-farm operator, energy consumption totaled 240kWh per bitcoin in 2014 (the equivalent of 16 gallons of gasoline). Moreover, these energy costs are almost always paid in non-cryptocurrency, introducing constant downward pressure on the price. Proof of Stake currencies can be several thousand times more cost effective and is way more environmental friendly.

How can you take part in staking? Check the FAQ “How to start staking”

How to make a backup of my wallet

Always make an offline backup of your wallet! like in an USB stick for example.

Encrypt your wallet!!

It is advised to always encrypt your wallet with a passphrase. If you don’t have an encrypted wallet then somebody else that has your wallet.dat can just copy the wallet.dat and have access to your coins! Store your passphrase offline and never online. Be sure to remember it. If you lose your passphrase, you can NEVER access your coins again.

Make a backup

To make a backup of your wallet is pretty straightforward.

The only thing you need to do is close the wallet and download the wallet.dat file.

The wallet.dat file can be found at:

OSX path: ~/Library/Application Support/iocoin
Windows path: c\users\yourusername\AppData\Roaming\IOCoin

–> In the latest HTML 5 wallet, you can just say “create backup” in the settings menu and choose the location where to put the backup of your wallet.dat
Attention: If you have made a backup of your wallet.dat and in the meantime created a new receive address, you need to make a whole new backup because the new address is not part of you old backup wallet.dat

How to restore a backup?

If you download a new wallet and open it for the first time, an wallet.dat is created for you.

Just close the wallet and copy / paste the backup wallet.dat in that same folder (overwrite it)

If you open the wallet, your pasted wallet.dat will be loaded. Remember that it needs to sync the whole blockchain again when opening a new wallet.

Where can i find the official Block Explorer

The Block Explorer is an online Blockchain browser which displays the contents of individual I/O Coin blocks and transactions and the transaction histories and balances of addresses.

Our block explorer can be found at:
http://chainz.cryptoid.info/ioc

How to buy and trade I/O Coin

I/O Coin (IOC) can be bought on online exchanges. You can only buy IOC with Bitcoin at the moment. Our aim is to make it possible to buy IOC with cash or credit card in the near future or even buy them in-wallet.

So, to obtain IOC, you must have or buy Bitcoin (BTC). BTC can be bought on exchanges as well. First of all you have to send a native currency (Dollar, Euro etc) to an exchange and buy BTC with that.

Where to Buy Bitcoin.

EU: If you live in the EU, we advise kraken.com https://www.kraken.com and use SEPA or bank transfer to fund your account. Also Bitstamp is a tried and trusted exchange https://www.bitstamp.net

Note: Exchange will charge you a fee for depositing funds from your bank account. they will vary, so make sure to check or ask the exchange in advance.

NL: If you live in the Netherlands, a simple and easy way to buy BTC is through online easy exchange services like bitmymoney.com or bitonic.nl

USA: If you live in the USA, there are many exchanges where you can deposit $ to buy Bitcoin. You can use localbitcoins.com , coinbase.com , circle.com or trucoin.com (there are many more)

UK: If you are in the UK, BitBargain https://bitbargain.co.uk is one of the most trusted and secure sites. You can use coincorner.com , bittybot.co.uk and quickbitcoin.co.uk

** There are many more services to buy Bitcoin from. The above are just some examples and may vary in quality and deposit fees. Check google for the best exchanges in your region.

IMPORTANT

When you sign up to these sites, make a strong password, write it down in several places. Make sure it contains at least 10 letters, upper and lowers case, with a mixture of numbers and symbols (note not all sites allow symbols)

Then straight away, enable 2FA to secure your account. Google 2FA is very good to use link here Google 2FA infohttps://www.google.com/landing/2step

Ok, i got Bitcoin, how can I buy IOC?

You can buy I/O Coin on Bittrex.com
When you have bought Bitcoin (BTC) , you will then need to transfer Bitcoin from the place you bought it, to a trading exchange, like  https://bittrex.com

Steps to take :

  1. Sign up for bittrex.com
  2. Click Wallets [1]
  3. Search for the BTC wallet and click “the + icon”. See screenshots

After you have clicked [2] you will get your own private Bitcoin address.
Send the Bitcoin you bought on another exchange to this [3] address.

If you have sent the BTC to that exchange it can take a few minutes or hours to receive BTC on the exchange. This depends on the amount of transaction confirmations required by the exchange.

How to buy I/O Coin when i have Bitcoin on the exchange available?

Go to the I/O Coin market. For Bittrex it is https://www.bittrex.com/Market/Index?MarketName=BTC-IOC
The below screen explains a bit how trading works. Read the tutorials and FAQ’s on the site so you know exactly how trading works. Most exchanges work exactly the same.

 

Summary:

1- Create accounts to buy Bitcoin and I/O Coin.

2- Secure accounts with 2FA

3- Buy Bitcoin

4- Send the Bitcoin to exchange to buy IOC

5- Buy IOC

6- Advised: Transfer to desktop wallet – Links to wallets found here I/O Coin Desktop wallets http://www.iocoin.io/

  • Note we understand people may not have own computer or their own computer might not be secure (if it is shared with other people) So best to use a desktop wallet if you are trusted family only use your computer.
  • Crypto currency trading is a high volatile market. Trade with caution and do not trade with money you can’t afford to lose.

If you have any further questions please reach out to us in our slack chat, the community is always happy to help.

Wallet and synchronizing

Where to download a wallet

You can download the latest wallets at http://iocoin.io/#download

Never download a wallet from another source!

I cannot sync my wallet

There are several reasons why a wallet won’t synchronize.
Be aware, when starting your wallet it could take up to 20 minutes before the first connections are recognized.
If after some time your wallet does not start synchronizing follow the below steps:

Please make sure your firewall or anti virus program does not block any connections.
Make sure your router or modem forwards port 33764 to your computer
You can also try to replace the peers.dat with the following one: https://iodigital.io/wp-content/uploads/2016/06/peers.zip

You need to manually download it using the provided link, unzip it and place the peers.dat in the ~/Library/Application Support/iocoin (for OSX) folder and then run the wallet. The peers.dat also works for Windows wallets.
Windows users have to copy the peers.dat file into the c\users\yourusername\AppData\Roaming\IOCoin folder and run the Win client again.

99% of the time it is your firewall / router or anti virus software preventing the sync.

Second option to kickstart your wallet is to use our bootstrap.

An (official) bootstrap.dat is available to fast track the blockchain sync – up to block 1.3m (june 2017). You need to manually download it, unzip it and place the bootstrap.dat in the ~/Library/Application Support/iocoin (for OSX) folder and then run the wallet. The bootstrap.dat also works for Windows wallets.

Windows users have to copy the bootstrap.dat file into the c\users\yourusername\AppData\Roaming\IOCoin folder and run the Win client again.

Loading the bootstrap could take up to 24 hours but is a much faster way in syncing the wallet for the first time.

The wallet seems to be “stuck”at the opening screen, but basically it is loading the bootstrap. This can take a few hours to max around a day. So don’t close the wallet!!

Download from Github

I want to sync faster, what can i do?

Remember, don’t send any coins to your wallet if it is not fully synced! Also do a test send before you send all the funds. Always check! Always make a backup of wallet.dat before you do these actions! It is your own responsibility.

If you are syncing without using a bootstrap or copy of the chain, this can take some time. It is though the best option to do so. If you really can’t wait then we have some options for you:

OPTION 1) use our bootstrap

An (official) bootstrap.dat is available to fast track the blockchain sync – up to block 1.3m (june 2017). You need to manually download it, unzip it and place the bootstrap.dat in the ~/Library/Application Support/iocoin (for OSX) folder and then run the wallet. The bootstrap.dat also works for Windows wallets.

Windows users have to copy the bootstrap.dat file into the c\users\yourusername\AppData\Roaming\IOCoin folder and run the Win client again.

Loading the bootstrap could take up to 24 hours but is a much faster way in syncing the wallet for the first time.

REMINDER: The wallet seems to be “stuck”at the opening screen, but basically it is loading the bootstrap. This can take a 24 hours to max around 2 days. So don’t close the wallet!!

Download from Github

OPTION 2) Download the whole chain
You can also download the whole chain.

This is the complete blockchain files before DIONS upgrade up until 7/23/17 Block 14569–.

If you are syncing make sure to BACKUP YOUR wallet.dat.
Never just delete. please save your files until you have successfully synced. download, extract, copy and paste into the I/O Coin Folder. For the html5 iocoin.conf and html5wallet.conf are needed to be imported also so make sure to always save these files

If you dont have the iocoin folder, launch the wallet one time and close it again. Then place the the txleveldb and blk0001.dat in the folder. Once is synced you can add your backupped wallet.dat file to access your coins.

OSX
~/Library/Application Support/IOCoin

Windows 10
c\users\yourusername\AppData\Roaming\IOCoin

Link to complete Blockchain

How do i know if my wallet is fully synchronized

When you install a fresh new wallet, it can take a few days (depending the total block amount, internet connection and the speed of your pc) to fully synchronize the wallet with the network.
If you synchronize, the full I/O Blockchain will be downloaded to your pc. Only send coins to your wallet if you are fully synchronized! Do a test send first.

You can check if you are fully synched by checking the statusbar.
In the below example you can see that this wallet is not yet fully synced.

synching

How do i know if my wallet has a network connection

Wallets need to synchronize with the I/O Blockchain. In order to do so your wallet (pc) need to be connected to the internet. Most problems with connections are due to firewall, anti virus or other programs blocking the internet connection of the wallet.

You can check if you have connections by hovering over the below icon.
In this example we have three (that is good) connections to the network.

connections

Staking and rewards

What is Proof of Stake

Proof of Stake is a type of algorithm for reaching consensus on the Blockchain.

What does that mean?
The goal of Proof of Stake or Proof of Work or any “Proof” in crypto, is the need to establish consensus of the Blockchain. With these forms of “proofs”, anyone can create a block.  However, to secure and ensure the unique blockchain, there has to be some method to decide which block should be trusted (meaning, which block is indeed the one to be added/accepted).

With Proof of Work, you apply an amount of power (hash power) to perform computations to arrive at a solution.  Arriving at the solution (block) earns coin and transaction fee rewards according to the number of blocks mined successfully.  Put another way, Proof of Work mining requires the person to take an active part in mining data blocks, which helps verify transaction data and create new coins. With proof-of-work mining, if you don’t apply power to mining, you won’t earn anything.

So what is Proof of Stake?
Unlike Proof of Work where the focus is all about mining, in Proof of Stake the focus is about validating. Blocks still need to be created by someone, but the selection process of who creates the next block has some kind of randomness put into it, or at least voting shares are distributed randomly in some manner.  In PoS, what you in essence are doing is pledging (or bonding, dedicating) an amount of coins as a type of collateral to vouch for a block.  In other words, by putting coins into the wallet, and “staking” those coins, you are contributing to the network security by process of validating the blocks, and thus are rewarded when your “stake” is the validator for that block.

What does "staking" mean and how does it work

At launch in July 2014 there was a two week mining period. All 16 million coins where minted during those weeks. The mining algorithm was X11. There was no IPO or pre-mine.
After the mining period I/O Coin switched from Proof of Work (PoW – mining) to the Proof of Stake (PoS) protocol.

Proof-of-stake (PoS) is a method by which a cryptocurrency blockchain network aims to achieve distributed consensus. While the proof-of-work (PoW) method asks users to repeatedly run hashing algorithms or other client puzzles to validate electronic transactions, proof-of-stake asks users to prove ownership of a certain amount of currency (their “stake” in the currency).

The proof-of-stake system combines randomization with the concept of “coin age,” a number derived from the product of the number of coins times the number of days the coins have been held. Coins that have been unspent for at least x amount of days begin competing for the next block. Older and larger sets of coins have a greater probability of signing the next block.

Proof of Work relies on energy use. According to a bitcoin mining-farm operator, energy consumption totaled 240kWh per bitcoin in 2014 (the equivalent of 16 gallons of gasoline). Moreover, these energy costs are almost always paid in non-cryptocurrency, introducing constant downward pressure on the price. Proof of Stake currencies can be several thousand times more cost effective and is way more environmental friendly.

So, PoS is another way of securing the network. There is no need for mining coins. Just add your coins to a wallet and click “stake” in the wallet. You are helping the network and are rewarded with free I/O Coins.

Can i stake with my pc or mac?
Yes you can. There is no super computer needed to stake. Just an average PC or Mac will do. There is almost no heavy pc usage when you are staking so there is no specific requirement in RAM or CPU.

How much do i get rewarded?
When you are staking and the coins in your wallet have a sufficient “coin age”you will get rewarded by the network for doing so. The incentive for that is a payment of approx. 0.8% and max 2%. If all of the total coins in the network are staking, the network payment will be 2%. If 50% of all existing coins are in wallets staking the average is 1% per year. Payments are done in small amounts during the day/week.

When we introduce DIONS (data on the Blockchain) businesses and people using the data storage (like messaging) capabilities pay a small IOC fee. These fees are being rewarded to the stakers in the network as well.

How can you take part in staking? Check the FAQ “How to start staking

How much IOC do i need to make profit in staking

Example:

When you stake on a raspberry pi it will cost you less than 10$/year on electricity.
(https://www.raspberrypi.org/forums/viewtopic.php?t=18043)

With IOC value ~2,50$ you need to stake 4 ioc a year to break even. So roughly that will come down to staking 500 ioc*1.2% – if you add data fees on top of the reward then you need less than 500. All depending on IOC price, electricity and hardware costs.

Requirements for staking on a PC or Mac

Can i stake with my pc or mac?
Yes you can. There is no super computer needed to stake. Just an average PC or Mac will do. There is almost no heavy pc usage when you are staking so there is no specific requirement in RAM or CPU.  You just need a stable internet connection and during staking your pc must be on.

An average pc that is staking uses 10MB ram and just a few kb/s when connected to the internet.
CPU depending on your pc config, but it will not be more then just a few %.

How to start staking my HTML5 wallet

Your wallets needs to be synched to the network and must have some coins in it in order to participate in the I/O Coin network.

Click the top icon to unlock your wallet for staking. You should enter your passphrase in order to start staking. If you are successfully staking, then the icon will light up.

wallet-staking

I/O Digital Foundation FAQ

Can i donate to the Foundation?

Yes you can! All expenses of development, design, legal, registry, servers etc are payed privately by the current team. Since we are a foundation, you can donate to the Foundation to support us.
You can donate money but you can also donate your time to help us out or maybe you are the owner of a printshop and want to donate pens for example. All help is appreciated.

Donation also for our charity goals

5% net (after taxes) of every donation we spend on a public charity chosen by the board (shortlist) and community voting on that shortlist. Especially charities which are focussed on the environment, helping children and helping animals/people in need.

How to donate

The Foundation accepts I/O Coin, Bitcoin, Paypal and IBAN Bank Transfer payments. Please contact us for donation addresses.

I/O Coin:
– please contact us for an address –

Bitcoin:
– please contact us for an address –

IBAN Bank transfer:
Please contact us for IBAN details

Paypal:
Click on the button to start your donation