SmartCash did the first Time Locked Coin Burn in Crypto History

SmartCash is a project that has been actively developing since 2017 and has always brought innovations: SmartRewards — a program for rewarding SmartCash holders, SmartHive platform, Time Locked Payments, BeeHive platform with built-in encrypted chat are some of the most famous features of the project.

In early October, the SmartCash team tweeted for the first time about time locked coin burn event, specifying that it “reducing our active supply while keeping total supply number intact, respecting the max supply count».

On November 15, 300 million SmartCash coins were taken out of circulation for 200 years in the first ever timed lock burn crypto event.

SmartCash implemented this using the Time Locked Payments feature, which allows to lock coins at an address for a certain period of time without being able to send them anywhere.

Any user can trace the address where 300 million SMART is locked, like any other address, through the block explorer at this link: https://explorer.smarts.cash/address/Sf2nHFwCQVd9Mb14L6iktAdu75FWoDT7B3

Coin burns are part of SmartCash’s new roadmap. The team is now working on a detailed timed burn schedule that will be released next week, where a deflationary path will be laid out.

300 million SmartCash taken out of circulation is over 10% of the existing supply (2,761,497,846), which makes SmartCash a deflationary coin.

SmartCash will be conducting further burns, which will be part of the deflationary measures. The first burn has taken a large portion of the coins out of circulation, making this burn a big and unique event in the crypto world.

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Useful links:

Website: https://smartcash.cc/

Discord: http://discord.smartcash.cc/

Twitter: https://twitter.com/scashofficial