Outstanding day to all EDCOINERS!
In 2020, we shared that the “Future is Now!” and together with you, we observed the rise of decentralized finance i.e. DEFI in the 2nd half of 2020.
Together with you, we experienced small wins as well as trials and tribulations especially when it came to interacting with Uniswap and the cost of transactions on the ERC-20 platform that is Ethereum.
With the listing of EDCOIN on WhiteBIT, EDCOINERS will now be able to interact with USDT, a US dollar denominated stablecoin, affordably and speedily on a public exchange that has significant liquidity, without being incumbered with complex calculations of ETH, GAS and GWEI.
Moving forward into 2021, we have identified solid and practical opportunities to increase the utility of EDCOIN by building new pathways for greater usage. We foresee that with greater utility, demand for EDCOIN will rise in value and rise sustainably.
To further improve the tokenomics of EDCOIN for the wellbeing of all hodlers of EDCOIN, a disciplined & sustainable coin burning of nominated quantities of EDCOIN is being instituted.
Covered in this medium post are:
* What is a Coin Burn?
* Why are we burning precious EDCOIN?
* EDCOIN supply before the burn and after the burn.
* Schedule & quantity for subsequent Coin Burns?
* HODL the EDCOINER way!
WHAT IS A COIN BURN?
Coin burning is a decision and process made to permanently remove coins from circulation.
The effect is a reduction in total supply which can improve tokenomics for a coin if there is an increase in utility and demand for the coin.
Economic principles have proven that this is an effective method, in the appropriate circumstances.
However, without an increase in utility, a coin burn may artificially create a shortage of supply but demand will not rise, negating the desired outcomes for a coin burn. On the other hand, when utility increases and demand for greater utility rises, the value of a coin is more likely to rise with every coin burn.
WHY ARE WE BURNING PRECIOUS EDCOIN?
EDCOIN is an ERC-20 token and a controlled burned of EDCOIN means a reduction in total supply of EDCOIN in circulation. This will improve the tokenomics of EDCOIN as utility and demand for EDCOIN increases on the back of reduced supply.
When managed well with the wellbeing of the EDCOIN ecosystem in mind, token burns help keep the token value at a healthy level and leverages on the importance of scarcity as the supply of the tokens in circulation is reduced and in tandem, we continue to BUIDL (that’s crypto lingo for “Build”) to increase the utility and demand for EDCOIN.
EDCOIN supply before the burn and after the burn:
The total supply of EDCOIN (EDC) before this token burn is 900,000,000 EDC.
100,000,000 EDC is burned today.
The balance of EDC after the burn is 800,000,000 EDC.
The burning transactions will be public, irreversible and permanently recorded on the blockchain.
Schedule & quantity for subsequent Coin Burns?
The schedule and quantity for the coin burn for subsequent coin burns will be determined and announced in a pseudo-arbitrary manner so as to protect EDCOINERS from unhealthy speculation and to reward EDCOIN hodlers, especially, for their determination and “stick-to-it-tiveness”.
HODL the EDCOINER way!
Typically, to HODL in crypto speak means to Hold On for Dear Life. It means to stay invested and not to capitulate in the face of challenges.
We have our own twist on it and that is when we EDCOINERS hodl EDCOIN, we have a firm grasp and appreciation of the value of EDCOIN and we will Hold On to EDCOIN for Dynamic Living!
HODL ON for DYNAMIC LIVING!
We encourage all EDCOINERS to HODL with style and to unleash the full utility of EDC through the EDMARK MARKETPLACE. As the value of EDC increases, more utility benefits can be derived from utilising EDC in the EDCOIN ecosystem.
Click here to obtain an overview of the EDCOIN ECOSYSTEM on Telegram:
Do stay tuned for further updates.
This is the year EDCOIN will rise like a Phoenix!
Keep accumulating EDCOIN and Hold On for Dynamic Living!