Volume Network Foundation to Introduce Dynamic Burn Mechanism for High Net-Worth Growth of VOL Coin

Volume Network
Nov 2 · 2 min read

Volume Network foundation has published on several online outfit that it will officially introduce a dynamic burn mechanism that will ensure the destruction of part of the total amount of rewards and earnings accrued to the Network.

Rules for the Dynamic Burn Mechanism

According to the version 1.0 VOL white paper, VOL adopts dynamic pledge and dynamic block-based revenue-linked mechanism, that is, the average pledge per T is 300–1200VOL, and the average reward per T, per block dynamically fluctuates with the average pledge per-T. The value is 1500VOL, the VOL dynamic destruction mechanism will destroy the part with less than 1500VOL output and destroy some VOL tokens will be transferred to the VOL main network black hole address, then the user can conduct query supervision at volscan.io.

For example, the current output per block of an MPRN is 1200VOL, which is 300VOL difference from the maximum output per block of 1500VOL. The 300VOL will be transferred to the VOL Alpha Mainnet black hole address for permanent destruction. If the total pledge of the MPRN is less than the current minimum 60W VOL pledge, the pool node will not be rewarded, hence every unclaimed 1500VOL will be destroyed per time.

The black hole wallet address for the continuous burn of unclaimed VOL reward is: VOL-Z5ND-649B-RCYW-3AS7B. Anyone will be able to confirm this address at any time.

The Mechanism is Officially Effective: After a Series of Testing

At present, the tech team has conducted series of testing to ensure that this new mechanism is effective and deliver its expected results without any error in preparation for the Alpha Mainnet which has been slated to launch any moment from now. In addition, the team is in the final phase of testing of the BHEX exchange swap mechanism that will enable VOL holders and miners to swap their ERC20 tokens for the VOL Alpha Mainnet coin.

To learn more about Volume Network, please visit any of the following links below 👇
👉 Twitter: https://twitter.com/VolumeNetwork_
👉 LinkedIn: https://www.linkedin.com/company/volume-network-foundation
👉 Telegram [EN]: https://t.me/VolumeNetworkio
👉 Telegram [TKY]: https://t.me/VolumeNetworkTurkey
👉 Telegram [INDIAN]: https://t.me/VolumeNetworkIndia
👉 Telegram [RUSSIAN]: https://t.me/VolumeNetworkRussia
👉 Facebook Page: https://www.facebook.com/VolumeNetwork
👉 Facebook Group: https://www.facebook.com/groups/volumenetworkcommunity
👉 Medium: https://medium.com/@volumenetworkblockchain
👉 Uptrennd: https://www.uptrennd.com/user/NjYxNg==
👉 Steemit:
https://steemit.com/@volumenetwork
👉 YouTube: https://www.youtube.com/channel/UC2wCgaKjoYy3GzzWe8c8L6
👉 Website: https://volumenetwork.io
👉 Bluepaper: https://volumenetwork.io/miner-guide/VOLMiningBluePaper.pdf

Volume Network

Written by

Former CTO of TRON.network.and Chinese Filecoin project-Lambda built VOL together. Official website: https://volumenetwork.io

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