Submitted by The Collective
As our roadmap continues its extraordinary journey, we find ourselves preparing for a huge ‘Coin Burn’ of our CDEX tokens. We will shortly be releasing the date of our coin burn in which we will burn a massive 1 Billion CDEX tokens. This event will be followed by a planned burn schedule, mapping out a linear timescale for the strategic burning of further tokens.
What Is a ‘Coin Burn’
Simply put,Coin burning is a process of permanently removing coins from circulation, thus reducing the total supply.
The burn function is called for by the coin/token holder where a nominated amount of the asset is designated for burning. Coin burns are carried out as part of the smart contract and ALL coin burns are recorded as a transaction on the blockchain. This provides complete transparency for all interested parties and anyone can verify that these coins have been destroyed.
Cryptocurrencies are burned by being sent to a verifiably invalid address. This means the address cannot be accessed by anyone. Individuals can then able to verify this on the blockchain using the TXID. In doing these checks, anyone can verify that the tokens have been destroyed.
The coin burn process is an ‘absolute’ process, meaning once complete it would be impossible to recover any of the destroyed coins.
*The burn is carried out by THE COLLECTIVE will only involve the tokens that we hold. Investors tokens are not at risk of being destroyed. *
Why carry out a coin burn
When we set out on our ICO journey we promised that any unsold tokens would be burnt. The alternatives to this would have been for our founders to allocate more to the core team or to conduct a series of airdrops. Neither of the above options served in the best interests of our community, we have kept our word and in doing so, lowered the total circulating supply.
Coin burns have been historically known to increase the value of a token but the burning a cryptocurrency is not a guarantee that the value of the remaining tokens will increase. As always, the value is always dictated by supply and demand.
Similar to the Binance Coin (BNB) we will further release a slow burn of our tokens to reduce the CDEX total supply and encourage deflation. Our 1 Billion CDEX coin burn will take place July 31st2019
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