Table of Contents
- How did the burn happen ?
- Burn Event
- Tokeneconomics Rework
I) You are witnessing history
This is one of the biggest burn in blockchain history.
No layer 1 blockchain decided to re-allocate such a big stake of their holdings.
We are happy to announce that "Blackhole" is now the biggest UCO holder !
II) How did the burn happen ?
Smart contracts in Ethereum are immutable by default.
Once you create them there is no way to alter them, effectively acting as an unbreakable contract among participants.
This is initial distribution hard-coded into our smart-contract :
23.6% Deliverables (90% Locked)
14.6% Network Pool (90% Locked)
9% Enhancement (Locked)
3.4% Exchange Pf
You can check our smart-contract code here
As Ethereum smart-contracts are immutable what is "locked" is gone forever.
Nobody will ever be able to use those, this is why they are considered as burnt.
The reason we locked them in the first place was to achieve higher level of security knowing that once SWAP completed after Mainnet launch there will be no more use of this smart-contract.
Hence why to reach 1B maximum circulating supply :
- Burnt via "lock" = 4.3 B
- Burnt via Blackhole = 4.7B
Proof of the burn via lock is in smart-contract code here.
Proof of the burn via blackhole is on Etherscan here
You can see that blackhole wallet holds 4.7B UCO :
If you do the precise math, 9 090 135 953 UCO have been burned which is an excess of 90 135 953 compared to initial target.
This amount can be used to create liquidity pools on other chains while Mainnet is getting deployed. If by Mainnet the pool has not been used, it will be re-credited on Mainnet following our Tokeneconomics Template.
III) Burn Event
Burn : 90% of total circulating supply
Date : 12/12/2021
We will be sending all tokens to the black hole : 0x000000000000000000000000000000000000dead
You will be able to verify the burn via our smart-contract :
IV) Tokeneconmics Rework
Archethic Public Blockchain
Archethic is a Layer 1 aiming to create a new Decentralized Internet.
Its blockchain infrastructure is the most scalable, secure & energy-efficient solution on the market thanks to the implementation of a new consensus: "ARCH".
Archethic smart contracts expand developers' boundaries by introducing internal oracle, time-triggers, editable content & interpreted language.
Through native integration for DeFi, NFTs & decentralized identity; Archethic offers an inclusive and interoperable ecosystem for all blockchains.
In order to achieve the long-term vision of an autonomous network in the hands of the world population, we developed a biometric device respecting personal data privacy (GDPR compliant).
Making the blockchain world accessible with the tip of a finger. Be the only key! https://www.archethic.net/
Archethic Foundation Non-profit in order to manage decentralized governance of the public blockchain