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Ice Network KYC Step 3 Quiz Answers

Ice is a new digital currency that users can mine or earn from any mobile device.

It operates in a trust-based community with growing users interested in digital currencies.

Joining the Ice network requires an invitation, allowing users to start building micro-communities.

Mining sessions involve daily check-ins, and mining with friends increases the earning rate.

Anyone can join and the verification process (KYC) requires an ID at the time of claiming Ice coins.

In this article, you’ll learn the Ice Network KYC Step #3 quiz answers (21 questions in total for knowledge check).

Ice Network KYC Step 3 Quiz Answers

Tip: Press CTRL + F to find the question and answer you’re looking for on the page.

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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About the author

Lim How Wei

Lim How Wei is the founder of followchain.org, with 8+ years of experience in Social Media Marketing and 4+ years of experience as an active investor in stocks and cryptocurrencies. He has researched, tested, and written thousands of articles ranging from social media platforms to messaging apps.

Lim has been quoted and referenced by major publications and media companies like WikiHow, Fast Company, HuffPost, Vice, New York Post, The Conversation, and many others. One of his articles about the gig economy was quoted by Joe Rogan who hosts The Joe Rogan Experience (arguably the most popular podcast in the world), in the This Past Weekend podcast by Theo Von.

In his free time, Lim plays multiple games like Genshin Impact, League of Legends, Counter-Strike, Hearthstone, RuneScape, and many others. He creates guides, walkthroughs, solutions, and more on games that he plays to help other players with their progression.