What Is Incentiv

Incentiv is creating a simplified blockchain process for those unfamiliar with the space or looking for an easier experience. It combines Web3 features like account abstraction, smart contracts, and an integrated decentralized exchange, with Web2 reliability.

Key Takeaways

• Incentiv is a Layer 1 blockchain that wants to build a simple and accessible interface for users to access Web3 innovations. 

• It uses account abstraction to simplify many of the processes like account recovery, paying transaction fees, and performing multiple steps. 

• The network is currently in its testnet phase to give new users the opportunity to learn more about the platform and its features. 

Incentiv Brings Simplicity

Incentiv is a Layer 1 (L1) blockchain on a mission to make blockchain technology easy, accessible, intuitive, and rewarding for users. To redefine the blockchain experience, Incentiv is building a network that combines the reliability of Web2 with the innovative nature of Web3 by taking advantage of features including smart contract, an integrated Decentralized Exchange (DEX), and account abstraction. 

The L1 is Ethereum Virtual Machine (EVM) compatible, allowing it to support Ethereum-based applications and tools. Developers can launch their decentralized applications (dApps) on Incentiv faster and with lower overhead while still benefiting from Ethereum’s security. 

Users that interact with the Incentiv portal are meant to find it a familiar and simple experience comparable to any Web2 portal. From there, the Incentiv portal will access the Incentiv Network’s Web3 components and enable users to interact with the blockchain, perform financial tasks, claim rewards, and more. The network also wants to implement common functions found in existing financial systems like scheduling payments, setting up subscriptions, and setting transaction limits. 

Incentiv’s integrated DEX can streamline blockchain interactions by handling token swaps behind the curtain and letting users pay transaction fees with any token. It eliminates the need to use the native token while making transactions smooth and effortless. 

Aside from that, an inclusive ecosystem distributes rewards to key contributors such as wallet providers, active users, and network operators. Incentiv aims to use this incentive distribution model to drive innovation and long-term growth. 

Advantages of Account Abstraction 

Incentiv is implementing account abstraction to simplify transactions and equip developers with advanced tools to design intuitive and user-friendly experiences. For example, losing your private key on the blockchain can result in permanent loss of access to your assets. With account abstraction, account recovery mechanisms can be put in place such as creating a group of trusted people to act as recovery agents. 

Account abstraction could also handle a number of steps usually involved with transactions, especially when it comes to gas fees. Instead of acquiring native tokens or calculating gas fee settings, a user’s wallet could have a smart contract built in to automatically calculate and handle these fees in the background. 

Another situation that account abstraction could improve is when users make multiple transactions. It facilitates transaction batching by letting users combine and approve multiple actions in a single step. 

The INC Token

Incentiv has plans to release a native token, the Incentiv Network Coin (INC), which will be used to power transactions, facilitate staking, grant governance rights, and pay fees within the ecosystem. Incentives accumulated from transaction fees in the DEX are also to be distributed through INC tokens. Furthermore, it will take on the role as the ecosystem’s main token for smart contract interactions and the development of any new dApps that do not have their own token.

INC’s token generation event (TGE) does not have an official date but according to the network’s roadmap, it is set to align with the mainnet launch which is listed to occur sometime in Q2 2025. The image below shows the token’s distribution and allocation information which is available in Incentiv’s Foundation Paper published in September 2024.

Source: INC Token Distribution and Allocation

The team has allocated 35% of the token’s supply to short-term growth fund which includes airdrops to encourage participation, loyalty, and engagement. On top of that, the team has specifically indicated in their foundation paper that they want to encourage people to participate in the testnet phase.

The Team Behind Incentiv

Co-founder, Arben Kane, describes himself as an entrepreneur, tech visionary, and startup shrink. He is also the founder and CEO of Kontur Inc, a partner in Rosebud Ventures, and acts as an advisor or investor for several ventures. 

Incentiv held a private sale for the Gems community to secure their INC tokens. Approximately $25 million was raised across five rounds and received participation from 4,200 Gems community members.

Interacting with the Incentiv Testnet

Incentiv is currently in its testnet phase to allow users to explore the platform and learn more about token swaps and staking while developers have the opportunity to access tools for dApp testing and integration. Given this opportunity to be amongst the early users of Incentiv’s testnet and potentially qualify for the INC token airdrop, now is an ideal time to interact with the testnet. 

However, do note that despite Incentiv’s inclusion of token airdrop allocation for testnet participants, the Incentiv team has not made any official announcements regarding the necessary qualifying steps and when the token airdrop will occur. Therefore, following the steps below to participate in the Incentiv testnet does not guarantee a future token airdrop allocation. 

Step 1: Enter Testnet

Go to https://testnet.incentiv.net/login and select Web3 is my thing. 

You can then choose to create a new wallet or use an existing wallet such as MetaMask or Rabby. However for the purpose of this guide, we will Create a new wallet as it will allow you to test out the Incentiv Smart Wallet.

After that, you can enter your nickname or let Incentiv decide for you then Continue. 

A key feature of Incentiv’s wallet is that you can use your device’s biometric authentication or PIN to access it. If your laptop or mobile device has a fingerprint sensor, this would be how you Verify your ID. 

You can now Start Exploring. 

Step 2: Get Testnet Tokens

In the top right corner, click on Get Testnet Tokens.

Verify your account and confirm your request for testnet tokens. You can request 100 TCENT tokens every four hours.

Step 3: Send TCENT

Under the my assets section, click on Send and a new window will pop up. 

Then input the amount and wallet address to send your TCENT. If you don’t have an address to send to, we recommend going through Incentiv’s official X profile at https://x.com/Incentiv_net where other users are sharing their addresses as replies. 

Once done, confirm the transaction.

Step 4: Add New Contacts

Scroll down to the bottom of the page and Add New Contact.

Input the contact name and wallet address to be saved. You can use the same wallet address that you sent tokens to earlier. Then Add Contact to save.

Conclusion

Incentiv is a L1 blockchain designed to simplify and create a more user-friendly experience in the crypto space. It aims to focus on real-world use cases and provide an interface that combines Web2 reliability with Web3 innovations such as account abstraction, smart contracts, and an integrated DEX. The INC token generation event is set to occur in the same phase as the mainnet launch.

This article is only for informational purposes and should not be taken as investment or financial advice. Always do your own research before connecting your wallet to any protocol, and note that following the above steps is no guarantee of receiving an airdrop.