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What Is Iron Fish and How to Buy IRON Coins?

2023-07-19 03:18:55

Iron Fish is a proof-of-work privacy-focused blockchain that uses zero-knowledge proofs (ZKPs) to ensure the privacy of transactions on the blockchain.

In this article, we will explore what Iron Fish is, its coin IRON, IRON tokenomics, the history of Iron Fish, Iron Fish features, token value, and finally how to buy IRON coins.

What Is Iron Fish?

Iron Fish is a cryptocurrency project that recognizes the limitations of existing privacy coins and aims to address them by integrating privacy from the ground up. While other privacy coins have struggled with adoption due to government regulations and limitations in privacy or accessibility, Iron Fish takes a different approach. They are committed to collaborating with legislators, policymakers, and other stakeholders to develop a robust, compliant, and globally usable solution.

Iron Fish (IRON)

The necessity for privacy coins like Iron Fish primarily arises from the inadequate privacy and security measures implemented within conventional digital payment systems. Web2 platforms often gather and exploit user data for targeted marketing, advertising, and monetization without clear user knowledge or consent. These practices erode users' capacity to uphold the desired degree of privacy and authority over their financial and personal information. By leveraging zero-knowledge proofs (ZKPs), Iron Fish enables private transactions that hide the sender, recipient, and amount while ensuring the transaction's validity. This enables users to have complete authority over their financial and personal data, granting them the ability to safeguard themselves.

The majority of blockchain platforms allow public access to user addresses and transaction histories, leaving users vulnerable to fraudulent activities and scams. Iron Fish's use of ZKPs ensures that every transaction on their network is private, with details of an account only visible when the owner grants read-only permissions via view keys. This heightened privacy protection not only safeguards users from potential fraudulent activities but also encourages the development of secure decentralized applications, removing limitations to innovation in the blockchain space.

Iron Fish's commitment to privacy goes beyond just transactions. When users create an account on Iron Fish, they receive view keys that can be shared with others to provide read-only access to their transaction records. This feature is particularly useful when dealing with entities like tax authorities, as users can issue view keys to establish compliance or resolve disputes.

Moreover, Iron Fish's network is multi-asset capable, meaning that users can bring their assets from other chains and transact on the privacy-enabled Iron Fish network. This interoperability expands the utility and reach of the Iron Fish ecosystem, allowing users to leverage the privacy guarantees provided by Iron Fish for various assets.

Iron Fish has extensively researched various consensus mechanisms including Proof-of-Work (PoW), Proof-of-Stake (PoS), and Delegated Proof of Stake (DPoS). After careful analysis, Iron Fish has determined that PoW systems provide superior security, a more transparent understanding of potential attack vectors, and a more realistic pathway towards achieving decentralization. While PoS systems may offer improved user interface and faster block times, Iron Fish believes that the benefits of PoW outweigh the drawbacks when considering the overall algorithmic integrity and decentralization.

In conclusion, Iron Fish recognizes the need for privacy in cryptocurrency transactions and addresses the limitations of existing privacy coins. By integrating privacy from the ground up and leveraging zero-knowledge proofs, Iron Fish enables private transactions, protects user data, and promotes the development of secure decentralized applications. Through their multi-asset capability and commitment to collaborating with regulators, Iron Fish strives to provide a globally usable and compliant solution that empowers users with full control over their financial and personal data.

What Is the IRON Token?

IRON serves as the native cryptocurrency on the Iron Fish blockchain, which prioritizes privacy by utilizing zero-knowledge proofs (ZKPs) to conceal the sender, recipient, and transaction amount.

The IRON token offers several utilities, including:

  1. Confidential Payments: IRON enables users to make private and secure payments within the Iron Fish blockchain. This feature is particularly valuable for transactions that require confidentiality.
  2. Staking Rewards: Participants can stake their IRON tokens to contribute to the security of the Iron Fish network and earn rewards in the form of additional IRON tokens.
  3. Interaction with dApps: IRON can be used to engage with decentralized applications (dApps) developed on the Iron Fish blockchain. These dApps operate autonomously on the blockchain without the control of any central authority.
  4. Privacy Enhancements: IRON's privacy-focused attributes make it well-suited for scenarios where individuals desire to maintain the privacy of their financial transactions. For instance, IRON can be used for anonymous donations or to purchase goods and services without revealing personal identity.

Token Supply & Distribution Data

The initial block of the Iron Fish blockchain comprises 42 million tokens, which are distributed among insiders, the foundation, and community members. The total supply of coins will eventually reach 256,970,400. Further details regarding these allocations will be explored in subsequent sections of this article.

As time progresses, a significant portion of the coins will be held by miners and community members, ensuring broader participation and distribution within the network.

IRON Token Distribution

IRON Statistics (June 2023)

IRON Statistics

History of Iron Fish

Iron Fish is a privacy-focused blockchain project that was established in 2022 by a team of experienced developers and entrepreneurs. With its emphasis on privacy and the utilization of zero-knowledge proofs (ZKPs), Iron Fish aims to revolutionize financial transactions by concealing the sender, recipient, and transaction amount. This blockchain platform offers numerous applications, including anonymous donations and confidential purchases. 

Since its inception, Iron Fish has achieved significant milestones, such as the successful launch of the mainnet, the introduction of the Iron Fish Explorer, and the deployment of various decentralized applications (dApps). The team's dedication to building a scalable and sustainable blockchain solution positions Iron Fish as a promising player in the privacy-focused blockchain landscape. Stay tuned for the future developments of Iron Fish, as it continues to make waves in the industry.

Iron Fish, a privacy-focused blockchain project, recently completed its successful Iron Fish Incentivized Testnet, which ran from December 2021 to February 2023 across three phases. Notably, Phase 2 of the testnet achieved a remarkable milestone, surpassing over 39 million fully shielded transactions. This accomplishment further establishes Iron Fish as a prominent player in processing zero-knowledge proofs (ZKPs), a testament to its cutting-edge technology. The upcoming launch of the Iron Fish Mainnet on April 20, 2023, has generated significant anticipation within the blockchain community, signaling a new era for the platform's advancement and adoption.

Features of Iron Fish

Iron Fish offers a range of compelling features that make it an attractive cryptocurrency:

  1. Privacy: By utilizing zero-knowledge proofs (ZKPs), Iron Fish ensures the concealment of sender, recipient, and transaction amounts. This makes it an ideal choice for users seeking to maintain privacy in financial transactions, such as making anonymous donations or engaging in confidential purchases.
  2. Security: Iron Fish prioritizes security by implementing a proof-of-work (PoW) consensus mechanism, recognized for its robustness. Additionally, the network incorporates additional security measures like elliptic curve cryptography and transaction signing, further enhancing its resilience.
  3. Decentralization: As a decentralized blockchain, Iron Fish operates independently without any central authority. This feature guarantees censorship resistance, ensuring that users' transactions remain unaffected by government or financial institution interference.
  4. Scalability: Iron Fish has been intricately designed to prioritize scalability, enabling it to handle an impressive throughput of up to 10,000 transactions per second. This remarkable scalability places Iron Fish in an advantageous position compared to well-known cryptocurrencies like Bitcoin and Ethereum. Consequently, Iron Fish becomes an ideal choice for high-volume use cases, including decentralized exchanges (DEXs) and decentralized finance (DeFi) platforms, where swift transaction processing is of paramount importance.
  5. Sustainability: Iron Fish addresses sustainability concerns by employing environmentally conscious practices. It combines the PoW consensus mechanism with techniques like pruning, which removes outdated blocks from the blockchain, reducing data storage requirements and minimizing its environmental footprint.

Iron Fish's noteworthy features, including privacy, security, decentralization, scalability, and sustainability, make it an enticing cryptocurrency option. With its commitment to user privacy and cutting-edge technology, Iron Fish has the potential to emerge as a significant player in the cryptocurrency industry.

IRON Coin value

As of June 28, 2023, the current value of IRON Fish Coin (IRON) stands at $1.07 USD, contributing to an overall market capitalization of approximately $13 million USD. The price of IRON is primarily influenced by demand and supply. When more individuals express an interest in purchasing IRON, its price tends to rise, while an influx of sellers typically leads to a decrease in price.

Several factors contribute to the demand for IRON, including the innovative technology employed by Iron Fish. With its privacy-focused blockchain utilizing zero-knowledge proofs (ZKPs) to safeguard transaction details, Iron Fish holds substantial value as a platform for developing decentralized applications (dApps).

The reputable and accomplished team supporting Iron Fish also plays a significant role in driving demand. Investors find confidence in the team's extensive experience and established presence within the cryptocurrency industry, fostering positive sentiment for the project's long-term prospects.

Furthermore, the potential applications of Iron Fish further fuel interest in the platform. As IRON can be utilized to construct various dApps, such as decentralized exchanges, lending platforms, and insurance platforms, the foreseeable demand for IRON may increase.

Considering the current circulating supply of about 12 million tokens, the limited availability of IRON could potentially contribute to future price appreciation. The scarcity of IRON tokens may drive higher prices, as demand outpaces supply in the market.

How to Buy IRON Coins? 

CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including IRON, users can now trade easily and seamlessly. To purchase IRON coins on CoinEx, follow the steps below.

  1. Create an Account: Start by signing up for a CoinEx account.
  2. Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
  3. Navigate to IRON Trading Page: Once your account is funded, go to the dedicated IRON trading page on CoinEx. Here, you can type in IRON in the search box and find the trading pair involving IRON tokens.
  4. Choose a Trading Pair: Select the trading pair IRON/USDT to trade IRON against USDT (Tether).
  5. Specify the Purchase Amount: Determine the quantity of IRON tokens you want to purchase. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.
  6. Execute the Trade: With the specified amount, proceed to execute the trade. Confirm the details, and if you are satisfied, submit the order. 

By following these comprehensive steps, you can easily trade IRON on CoinEx, taking advantage of the available trading pairs.

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