SNPC : Get Ready to feel the Burn!
Firstly, the team here at Snapparazzi would like to extend a big thanks to all their existing and new community members. Our profile is growing fast and it’s great to have you on board!
To keep true to our word, we will soon commence our program of burning unsold SNPC tokens! This is set to happen in 3 stages. The first stage being scheduled for 22nd February 2019.
As you may already know, we created 735,000,000 SnapCoins!
We also promised to destroy any SNPC that remained unsold during the ICO and private sale (after distribution to key groups).
For transparency, coins were also allocated to team members (locked), advisors, and distributed to our airdrop participants.
Reducing for the community
The Snapparazzi team have generously relinquished a proportion of their own tokens, as have the advisors. We have reduced the teams token allocation from 9% to 6% and the advisor tokens allocation from 6% to 3%.
These relinquished tokens create part of the Stacking Bonus Incentive fund. This huge gesture is a sign of our confidence in the project. It will certainly assist our coin holding community to get the most from SNPC too.
85 million tokens will be burnt
So, now we have 171 million SNPC tokens remaining from the ICO sale. Of these we plan to burn 85 million tokens and the remaining 86 million tokens are to be returned to our most dedicated community members through the Stacking Bonus fund!
Burning the remaining tokens means there are fewer SNPC tokens, therefore value is added to those currently in circulation.
Stage 1 : 22/02/19
Stage 2 : 22/05/19
Stage 3 : 22/08/19
After the 3 token burning stages have been completed, our total supply of tokens will be 650.000.000, of which 605.900.000 are in circulation.
Team members tokens are locked for a period of 12 months to ensure full commitment and dedication to our business model.