Over 34 million EOS worth $167 million was permanently removed from circulation.
The move is part of an initiative to drastically lower the inflation rate on the protocol from 5 to 1 percent.
On July 31, 2018, 15 or more of EOS's 21 block producers passed an initiative to burn $167 million EOS sitting idle in the platform's savings account.
Approximately 3.6 million EOS is minted and sent to the eosio.
The figure is growing exponentially as a result of compounding inflation.
The EOS blockchain has a 5 percent annual inflation rate.
4 percent of this inflation is allocated to the eosio.
There is currently an initiative-with overwhelming support-to eliminate the 4 percent inflation going to the eosio.
Savings account while retaining 1 percent inflation for block producers.
The burning did not affect future contributions to the savings account and inflation disbursements will continue until the vote reducing inflation is passed.
EOS votes to burn $167 million in tokens in preparation for drastically reducing inflation
gepubliceerd op May 9, 2019
by Cryptoslate | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.