According to the website, a Starname is a term that can be used as a universal username in the blockchain world. A Starname aims to let a user do the following:

· Accept cryptocurrencies.

· Hold digital assets in a readily accessible manner with the Starname profile. 

· Transfer value swiftly, efficiently, and cost-effectively with blockchain technology. 

IOV is the term for Starname's chain native token ($IOV) and the organization responsible for Starname. IOV SAS is the organization that makes the name service that aims to deliver Starname and comprise validators and wallets providers. The name service is made upon a Cosmos-SDK and works as a decentralized chain name service, seeking to let anyone personalize the crypto address and utilize one single address for every chain. The entire functioning is based on Tendermint bond proof-of-stake (BPoS) consensus. BPoS consensus provides straightforward solutions to the issues of the staking mechanism that some validators face on LPoS (leased proof-of-stake) protocols.

The motive of IOV is to make crypto assets even more accessible to the primary source and promote general adoption. All Starname expires, be it basic or premium editions. The essential and premium default expiration period for all Starname is one year from purchase. After the expiration date, all names need to be revived, and a renewal fee is applied.

Starname renewals and sales are the essential blockchain revenue allocated to validators and delegators. The product fees permit the Starname (IOV) blockchain to regress to 0% inflation. As a liberated blockchain created by validators and users utilizing the service, Starname requires a token to seek to offer incentives and provide the service for a longer duration. The introduction of the native IOV token is designed for token economics to add more meaning.

IOV token is utilized for purchasing Starname and staking the rewards. The IOV token is defined as a utility token used on Starname sales and performing blockchain transactions. Moreover, all the turnover rendered by the service is allocated to Starname holders and users, making it a completely decentralized task and supplying the incentives. The exercise of the Starname service is instantly reflected in the token price.

Karim Ganem is the CEO of the token.