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  • Ice Network KYC Step 3 Quiz Answers

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    zeeshan
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    The document contains answers to questions about the Ice Network project. It describes key aspects of the project including how validators maintain network security and availability. It also outlines how users can earn coins through checking in daily or mining with friends, as well as how the coin supply is determined and the project aims to build trust. The resurrection feature and progressive slashing of inactive users' coins are also summarized.

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    The document contains answers to questions about the Ice Network project. It describes key aspects of the project including how validators maintain network security and availability. It also outlines how users can earn coins through checking in daily or mining with friends, as well as how the coin supply is determined and the project aims to build trust. The resurrection feature and progressive slashing of inactive users' coins are also summarized.

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    4K views4 pages

    Ice Network KYC Step 3 Quiz Answers

    Uploaded by

    zeeshan
    The document contains answers to questions about the Ice Network project. It describes key aspects of the project including how validators maintain network security and availability. It also outlines how users can earn coins through checking in daily or mining with friends, as well as how the coin supply is determined and the project aims to build trust. The resurrection feature and progressive slashing of inactive users' coins are also summarized.

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    of 4

    Ice Network KYC Step 3 Quiz Answers

    Question: What is one of the main advantages of Ice being an open-source


    project?

    Answer: It promotes transparency and allow anyone to review the project’s code.

    Question: What is the role of validators in the Ice network’s governance and
    operation?

    Answer: Validators are tasked with maintaining the network’s security and
    availability.

    Question: What type of bonus you receive for friends referred by you (Tier 1) and
    those referred by your friends (Tier 2) in the Ice project?

    Answer: 25% for Tier 1 and 5% for Tier 2.

    Question: What factors determine the total supply of Ice coins?

    Answer: Multiple factors, including total registered users, online miners, halving
    events, and bonuses.

    Question: How does the Ice project aim to demonstrate the value and reliability of
    its digital coin to gain wider acceptance?

    Answer: By building trust with owners and users.

    Question: How often will the BNB Smart Chain distribution occur in the Ice
    network?

    Answer: Monthly.

    Question: What is the bonus you and your Tier 1 friends receive when mining
    together?
    Answer: 25% bonus.

    Question: What blockchain technology does the Ice project use for its consensus
    mechanism known for its speed, security, and scalability?

    Answer: Proof-of-Stake (POS).

    Question: How can users earn Ice in the Ice network?

    Answer: By checking in every 24 hours.

    Question: What does the term “halving” refer to in the cryptocurrency industry?

    Answer: The process of reducing the issuance rate of new coins.

    Question: On what network will the Ice distribution take place?

    Answer: BNB Smart Chain.

    Question: What is the staking concept similar to?

    Answer: Depositing money in the bank.

    Question: What is the primary goal of the Ice Network?

    Answer: To build a decentralized ecosystem.

    Question: How can a user restore lost coins due to inactivity in the Ice project?

    Answer: By initializing a new check-in session and choosing the resurrection


    option.
    Question: How many times can you benefit from the resurrection option in the Ice
    project?

    Answer: Once.

    Question: What makes Ice unique in the context of crypto mining?

    Answer: It allows users to mine without using their phone’s resources, data, or
    battery.

    Question: During Phase 1 of the Ice project, how much can users increase their
    mining rate through pre-staking?

    Answer: Up to 250%.

    Question: What happens to the coins of users who become inactive in the Ice
    project?

    Answer: They are gradually lost in the progressive slashing.

    Question: When are users notified about the availability of extra bonuses in the Ice
    project?

    Answer: Between 10:00 and 02:00.

    Question: How is the Pre-Stake bonus in the Ice project rewarded to users?

    Answer: By increasing their mining speed.

    Question: Does mining in the Ice network require keeping the app open all the
    time?

    Answer: No, mining doesn’t consume any phone resources.


    Question: How does the Ice project encourage trust and social connections among
    its users?

    Answer: By offering bonuses based on referrals and network activity.

    Question: What information can you find on the team screen in the Ice project
    app?

    Answer: The current check-in activity of your referrals.

    Question: What distinguishes the Ice network from other mining methods?

    Answer: It rewards those who actively build micro-communities.

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