EDCOIN Token Burn Mechanism

Image for post
Image for post

Firstly, let’s give a brief introduction of what token burn is all about. This will help you understand and appreciate the EDCOIN token burn process.

So what is a token burn?

Coin burning is the process of permanently removing coins from circulation, thus reducing the total supply. It happens by sending a number of tokens to a wallet address — commonly referred to as the “black hole” — where the private keys are unobtainable by anyone. This process makes the tokens unusable forever and it cannot be undone.

Why are we burning our precious EDCOIN?

Token burns help keep the token value at a healthy level and importantly embrace the importance of scarcity as the supply of the tokens in circulation is reduced.

Economic principles have proven that this is an effective method and it’s a reinforcement of the project’s passionate desire for growth.

The EDCOIN token burn schedule is as follows:

Total supply before token burn: 900,000,000EDC (100%)

88.88% of Total supply which is 800,000,000EDC to be burnt periodically, every quarter.

The first token burn will be on 20th Dec 2020. This is when 43.21% of the token will be burnt which is equivalent to 388,888,888EDC.

The second token burn will be on 1st March 2021. This is when 11.41% of the token will be burnt which is 102,777,778EDC.

The third token burn will be on 1st June 2021. This is when 11.41% of the token will be burnt which is 102,777,778EDC.

The fourth token burn will be on 1st Sept 2021. This is when 11.41% of the token will be burnt which is 102,777,778EDC.

The final token burn will be on 31st Dec 2021. This is when 11.41% of the token will be burnt which is 102,777,778EDC.

Remaining EDC after the burning process on Dec 2021–100,000,000 EDC (11.11~%).

For more information about our tokenomics please click here..

Follow us on Medium and see how we are building a better-decentralized asset protocol.

Follow us on our Official Social Media Pages (Facebook, Twitter, and Telegram) or visit our Official Website at ed-coin.io.

Edcoin is an ERC-20 community governance token that provides visible utility and real-time use cases for the entire EDMARK multi-product & real-estate ecosystem

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store