We still get a lot of questions regarding IRON, so we want to take a minute to clear it up as well as notify you of a small accounting change, plus a bonus to you so keep reading! As our business has evolved so has the need to structure our digital currency to prepare for our launch.
Next week we’re going to adjust each IRON, our virtual currency, to be worth 1 penny. That means 100 IRON = $1.00 USD. This will make it easier at checkout…remember each purchase can be split tender between IRON and the real-world currencies that we will support (you can use as little or as much IRON as you wish to offset the cost, even down to the penny!).
But don’t worry, Cachers with existing balances will be updated accordingly and your cache is safely waiting for you! All we need to do is move the decimal place by two! Easy peasy.
The second change is adjusting it to be based on the USD instead of the EURO which is a result of switching our corporate governance to U.S. based. We're adding a 25% bonus to cover the conversion rate difference plus a little extra because that’s how we roll. #everyonewins! For example, if you have 5 IRON in your wallet, you’ll now have 625 IRON.
Any IRON codes redeemed between now and when we push it live will not reflect this change on the confirmation screen, but don’t worry they’re still “good” and all existing codes will be adjusted as well as existing account balances next week when we do the conversion.
As always, if you have questions or need help with your code, please don’t hesitate to reach out at help.robotcache.com.
Lastly, we have adjusted our subscriber agreement to reflect this and our FAQ goes into more detail but to summarize:
- IRON is not cryptocurrency
- IRON is a digital currency meant to stay in the Robot Cache ecosystem
- IRON cannot be traded or sold
- 1 IRON equals 1 US penny, 100 IRON = $1.00
Robot Cache is a young company we’re always evolving and improving things along the way, but our goal is always fairness and transparency (which is why we’re giving anyone that currently has IRON even more free IRON).
More insight on the IRON conversation and other RC news coming soon in our blog!