Eidoo to destroy 500,000 EDO tokens
As promised in our latest articles, we are going to destroy tokens earned from the ICO Engine service we launched a few weeks ago.
The excellent news is that we will destroy 500,000 EDO tokens starting from today to January 8th.
We collect these fees from both the ETHLend ICO and the AidCoin pre-sale, but also from a few private pre-sales.
Why Eidoo destroys tokens
As explained in our Ethereum Funding Informative Prospect, we are going to delete 50% of tokens we earn from our services fees, including this ICO Engine.
This means that the total supply of EDO will decrease in number: the more the service is used, the more tokens will be destroyed.
This “buy-back and burn” system will help Eidoo to decrease the number of tokens available on the market.
In fact, the net revenue from all the services linked to Eidoo will be collected in EDO tokens by a public smart contract which will divide it as follows:
- 50% will represent the revenue flow for the companies involved in the Eidoo project providing the added value services;
- 50% will be a voucher for the service. The voucher will be deleted from the blockchain after its use, effectively forwarding these tokens to a burn address that doesn’t have a private key to move funds from.
How the ICO Engine works
This tool has already been used by us to organize our own Eidoo token sale.
Click here to watch a video we realized for our token sale, so you can better understand how the ICO Engine works.
Also, you can see the whole detailed process in the Eidoo ICO Engine page of the website here.
We decided to prioritize the creation of this spin-off service because we believe that this is an important chance for both EDO holders that will be able to know how we are earning funds, and for new startups to see how our ICO Engine works and get in touch with us.
ICO Engine Website
As you may know, we created a new website for this ICO Engine spin-off in order to give this service more visibility.
Upcoming ICO: Ubiatar
As you can see from the ICO Engine website homepage, we are going to add more ICOs to our service.
The first one in the queue is Ubiatar, a project that offers a new solution to the ancient dream of mankind: having the power of ubiquity, or instant transfer to any place.