The 1st Social Engagement Burning in Crypto
Burning is the process of removing a specific amount or portion of a token from circulation supply. It is a common practice in the crypto industry to decrease the circulating and total supply of a token, hence making it more scarce and deflationary.
Some projects burn several percentage of their total supply after TGE, while other projects burn their supply based on several percentage of their quarterly earnings to decrease the amount of their token.
Kommunitas has a burning mechanism in their staking pool, where 5% will be charged to users who do a premature withdrawal from the staking pool.
Now, Kommunitas is proud to announce their second burning mechanism, and this might be the 1st kind of burning in the crypto industry!
Introducing the 1st Social Engagement Burning in the crypto industry!
Most of the time, projects will give rewards (in their token) to the user who helps to spread the news or interact with their social media (Like a twitter post, Retweet, or tag their friends).
Unfortunately, most of the users who receive rewards, will sell the rewards token and not hold them.
Kommunitas has tried many ways to give rewards to their users but this does not really help in terms of the price of the KOM token.
Not giving them rewards, Kommunitas will now burn a several amount of token, based on their user engagement in the social media.
Special thanks to one of our Elite Group Members who came out with this idea. While we have been looking for a way to reduce our total and circulating supply, we want to make sure that it has a good impact for KOM and KOMmunity in general. — Robby Jeo.
Be it a Like, or even a Retweet, Kommunitas will count on all that engagement, from twitter to medium and telegram, and then based on each engagement, Kommunitas will do this Social Engagement Burning monthly, starting from October 2021.
The burning process will take place monthly, the latest by the 5th every month.
If you are a KOM token holder, now you can participate to reduce the token supply, by interacting and sharing news about Kommunitas. The rules can be seen in the google docs below, and Kommunitas will make a monthly report and share the link of the burning process with the KOMmunity.
While the list is exhaustive, the current rules are :
1. For every Like of the Twitter pinned post, Kommunitas will burn 100 KOM. So, the more you share about Kommunitas pinned posts on twitter and get your friends to like, the more KOM tokens will be burnt!
2. 200 KOM will be burnt for every Retweet of the twitter pinned post.
3. Every 1 mention of @kommunitas1 in twitter, 200 KOM will be burnt. This will be taken from the twitter statistics page monthly.
4. In the twitter statistics page, Kommunitas will check on their monthly top followers, and will burn 2 KOM multiply by the number of that twitter’s followers number. For example : the top follower of the month of October 2021 is Twitter account ABC with 123,000 Followers. So, Kommunitas will burn 123,000 x 2 = 246,000 KOM!
5. From the Medium user stats page, Kommunitas will burn 1,000 KOM for every new follower of that month.
6. Medium’s views, reads and fans will be taken into consideration too. Those numbers will be added and Kommunitas will burn 200 KOM multiplied by those numbers.
7. If you help Kommunitas to expand its regional KOMmunity and establish a new regional KOMmunity (we have 14 regional by this time of writing) then 50,000 KOM will be burnt for every regional KOMmunity created. However, it will take approval from our internal team to create this.
8. Based on the combot’s stats page, Kommunitas will burn 200 KOM for every new user in the main telegram group.
9. And based on the combot’s stats page, Kommunitas will also burn 50 KOM multiplied by every message sent in the group. So, if you are active and help Kommunitas in bringing up topics and chats, you have done your part in making KOM token scarce!
10. From the block explorer itself, Kommunitas will burn 1,000 KOM for every new holder (The number is 27,210 currently). So, if by the end of the month of October, there are 28,210 holders Kommunitas will burn 1,000 x 1,000 KOM = 1,000,000 KOM!
11. If you are a creative person and wish to help Kommunitas, you can also do so by creating a Meme, Infographic, Gif, Short videos, Video Review or article and blog. For every Meme and Infographics about Kommunitas, 5,000 KOM will be burnt. A GIF or a short video of 1–2 minutes will help KOM to be decreased by a time of 10,000 KOM. And 20,000 KOM will be burnt for every article or blog with minimum 500 words. Please note that all of these are subject to quality checking. Low quality submission will not be taken into consideration. Form submission is needed for this part, and the link to the google form is : https://forms.gle/gLe7bDo6tQniSzecA
12. For those who want to help us expand our network of KOLs and Crypto Community, you can introduce Kommunitas to them, and make a telegram discussion group.
The form for Community Partner is : https://forms.gle/SaAJ2NoH8qHsqCyd8
And the form for Partnership (KOLs, Security Audits, other projects) is : https://forms.gle/YNKciGfqZv6H4VeRA.
Don’t forget to fill up the form as a proof so that our team can do the calculation monthly : https://forms.gle/gLe7bDo6tQniSzecA.
13. If you happen to know some KOLs or Influencers and can make them tweet / mention / talk about Kommunitas, a 50,000 KOM will be burnt for every 10,000 followers of them. So let’s say a KOL mentions Kommunitas and tags Kommunitas social media and He has 40,000 followers, Kommunitas will burn 4 x 50,000 KOM = 200,000 KOM.
14. For a video review made by a KOL or Influencer about Kommunitas (subject to quality checking), a multiplier of 100,000 KOM will be burnt for every 10,000 Followers of that KOL / Influencer.
So, are you ready to help Kommunitas decrease the total supply of KOM token and make KOM token scarce?