JitaBank.com and the Inter-Galactic Credit

Documentation and Whitepaper


Introduction


First of all, Thank you so much for your interest in JitaBank.com. You are awesome!

This documentation is to help you understand the value and use of JitaBank.com and its token the Inter-Galactic Credit. Please go through the documentation carefully to understand how this website works and how to use if effectively.

Requirements

You will need the following to use JitaBank.com.

  1. Web Browser (eg: Edge, Chrome, Firefox, Safari)
  2. Eve Online (eg: An account and the gameclient to deposit ISK)

Any investment can be dangerous, while the application is developed in good faith JitaBank.com is not responsible for your decisions.

No information given here is financial advice.

What is JitaBank.com?

The goal of JitaBank.com is to create an inflation resistant currency that can be used for automated transactions within Eve Online. By treasury backing the Inter-Galactic Credit with various assets, firstly ISK, the application can create and store value for a currency disconnected from within the Eve Online game world.

By disconnecting value from within the Eve Online game world, JitaBank.com can create a new currency that can be used to set up automated transactions, sales, bounty contracts, escrow services, and more. As an inflation protected asset, IGC will serve well as a store of value for users who intend to take a long break from the game.

How does JitaBank.com achieve these goals?

JitaBank.com uses the mechanisms of Protocol Owned Liquidity (POL), Range Bound Stability (RBS), and Infinite Price Minting (IPM), to create a robust, flexiable, stable, currency.

There is no premint for the Inter-Galactic Credit. The mint will be deployed and immediately open to the public.

The Treasury and the Mint

The treasury accepts ISK, and other assets to mint new IGC at a starting price of 1 ISK for 1 IGC. After each transaction, the price increases based on an algorithm, roughly 10% of the total cost to Mint new IGC. Users are incentivized to make larger purchases as each IGC is sold for the advertised price in the transaction while subsequent transactions cost more.

The treasury always holds at least 1 ISK for each IGC in existense. This allows the treasury to forever afford the ability to purchase back IGC for at least 1 ISK each. Because the treasury can always afford to purchase IGC at a price of 1 ISK, IGC is able to maintain a lower limit of at least 1 ISK.

Any IGC sold by the treasury at a price above 1 ISK (From the second transaction onward) is profit for the treasury. This profit is used as backing for IGC resulting in an ever increasing value for IGC.

IGC Buyback

The treasury will always buyback IGC at a price of 1 ISK each. The treasury maintains at least 1 ISK for each IGC in existense meaning the treasury can always afford to buyback all IGC in existence for 1 ISK each. The treasury makes a profit on this because from the second minting transaction onward the treasury sold IGC at a price higher than 1 ISK and has now purchased this IGC back at a price of 1 ISK. This profit is used as further backing for IGC, resulting in increased value.

Users are incentivized to sell their IGC to the liquidity pool as the liquidity pool price will more often be higher than the 1 ISK price the treasury is willing to pay, often slightly trailing or exceeding the price of a new mint.

Protocol Owned Liquidity

The protocol will purchase liquidity through the minting process. Users will be able to deposit a number of ISK and IGC into the ISK/IGC liquidity pool and receive a liquidity pool token in return. This token is redeemable for withdrawal out of the liquidity pool of ISK and IGC at the current ratio of the pool. These tokens can then be deposited into the treasury in return for newly minted IGC.

Because the protocol owns the liquidity, liquidity will never be pulled from the pool and users can rest assured their IGC can always be sold for some amount of ISK.

The Mint

The mint will begin charging 1 ISK per IGC and will increase its price after every transaction. This ever increasing price results in scarcity and an ever increasing value.


Minting

The treasury accepts ISK and other assets to mint new IGC at a starting price of 1 ISK for 1 IGC. After each transaction, the price increases based on an algorithm. Users are incentivized to make larger purchases as each coin is sold for the advertized price in the transaction, roughly 10% of the total ISK deposited to mint new IGC. If you with to purchase 100 IGC in the first minting transaction, the price will be 1 ISK. However, if you instead conduct 2 transactions, one transaction of 50 IGC for 50 ISK, the second transaction will cost more in ISK than the first costing 5 ISK for 50 IGC.

The treasury always holds at least 1 ISK for each IGC in existense. This allows the treasury to purchase back IGC for 1 ISK indefinitely. The treasury can always afford to purchase IGC at this price. This gives IGC a lower limit of 1 ISK.

Any IGC sold by the treasury at a price above 1 ISK (From the second transaction onward) is profit for the treasury. This profit is used as backing for IGC resulting in an ever increasing value.

Price Formula

TOTAL_ISK_CHARGED / 10

IGC Buyback

The treasury will always buyback IGC at a price of 1 ISK each. The treasury maintains at least 1 ISK for each IGC in existense meaning the treasury can always afford to buyback all IGC in existence for 1 ISK each. The treasury makes a profit on this because from the second minting transaction onward the treasury sold IGC at a price higher than 1 ISK and has now purchased this IGC back at a price of 1 ISK. This profit is used as further backing for IGC, resulting in increased value.

Users are incentivized to sell their IGC to the liquidity pool as the liquidity pool price will more often be higher than the 1 ISK price the treasury is willing to pay, often slightly trailing or exceeding the price of a new mint.

Liquidity Pool

Liquidity Pool

A liquidity pool will be established for ISK/IGC

XYZ MATH

Game Theory

Gamestonk

Community able to balloon the price of Gamestop stock, even saving the company.

(3,3)

Stakeholders

CCP -

CCP

CCP is the developer if the MMO Eve Online.


Jehle -

Jehle

Jehle is the main developer for this project.

Discord

Community Discord comming soon...

Join the Discord if you...
  • * Are interested in IGC.
  • * Want early adoption of an innovative project.
  • * Have questions about the protocol.

Twitter

Twitter

Please follow us on Twitter!

Twitter feed

Twitter feed coming soon.

Version History (Changelog)

Changelog


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                                        Version 1.0 - 20231127
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                                        - Original Documentation
                                        



                                      

Copyright and license

Proprietary