What is “ixo” and what does it stand for?
ixo is the new operating system for the Impact Economy. Using blockchain and Web3 standards, ixo enables anyone to collect, measure, evaluate, value, and tokenize verified impact data.
“ixo” is an invented word (neoligism) and not an acronym. Using of the ixo Protocol, anyone can create, verify, share and trade high-definition, trusted impact data. Tokenized impact data can be used to create a range of innovative impact financing mechanisms..
How is ixo being used in the real world?
Since 2015, UNICEF Innovation Fund and Innovation Edge (backed by Omidyar Network and UBS Optimus Foundation) have provided seed investments to develop an application of ixo through a project called Amply, a platform for early childhood development, using the ixo protocol to track attendance at pre-schools in South Africa, for a national government subsidy scheme.
Every morning, the teacher logs each child’s attendance in the app as an impact claim, an evaluator confirms the attendance, and a verified impact claim is created. The verified claim can then be submitted to the government in return for subsidies for pre-school operators to service underprivileged children.
Amply has helped the teachers upgrade their previously paper-based system saving over 4,000 hours every month. Since November 2016, the project has grown to operate in over 72 schools and has recorded more than 55,000 attendance records.
What is the difference between ixo and IXO?
ixo is always referred to in lowercase unless referring to IXO tokens (see below). E.g ixo network, ixo community, ixo team, etc.
What is the IXO token?
IXO tokens are the primary cryptographic tokens (blockchain-based units) of the ecosystem enabled by the ixo protocol. The holder of an IXO token has the right to use services, applications and economic mechanisms that are offered within this ecosystem.
The IXO token utility is to provide holders with rights to:
Access the hosting services of the network, to process and store impact claims and related data.
Use the ixo software applications at a zero-rated license fee.
Operate network nodes, which requires depositing a security stake to assure the integrity of the network. This also accords the rights to participate in network governance mechanisms.
Participate as agents providing services through the network, by depositing a reputational stake that dis-incentivizes poor service delivery. Staked tokens are lost (burnt) for poor performance.
Have impact claims evaluated. These services will typically be performed by software algorithms (evaluation oracles), or human agents that are augmented by software.
Access tokenized services from third-party providers. For instance, smart contract driven dispute-resolution services.