IOV Token “Burn” — 1 of 6
IOV SAS, the company behind starnames, starts to modernize its tokenomics.
IOV SAS launched the Starname (IOV) blockchain 6 months ago and it has performed perfectly thanks to our validators. We are past the point where someone with a relatively small proportion of the tokens could attack the chain. So, now that the chain is stable, secure, has a full validator set, and has Tendermint lined-up to join as a validator, we can modernize our tokenomics for the benefit of IOV token holders.
To that end, IOV SAS will donate a significant amount of its tokens to the community pool over the coming months. We already sent 3 million tokens there a few weeks ago.
Having tokens in the community pool means that an on-chain proposal can be used to spend the tokens. I, as an investor in IOV tokens, submitted a proposal to send the 3M tokens in the community pool to address 0x0, where they can’t be spent or delegated, which effectively reduces the token supply.
The proposal will have to pass in order to trigger the effective burn of the tokens. Delegators will have 4 days to vote on the proposal (Voting end time: March 7th, 18h33 CET). Delegators can submit their votes using their Ledger via the Big Dipper block explorer, Cosmostation mobile app, or the Keplr browser extension.
Vote By Ledger
Make sure that your Ledger is setup with the IOV Ledger App as detailed in the “Before you begin” section of this article and open the IOV app on your Ledger.
Browse to https://big-dipper.iov-mainnet-2.iov.one/proposals/1.
Click the key icon in the upper right corner to connect your Ledger to the Big Dipper site. A modal window will pop-up and disappear if your Ledger was successfully connected. VOTE and DEPOSIT buttons will now be displayed.
Click the VOTE button. A modal window will pop-up that allows you to vote on Proposal 1.
Sign the transaction to vote.
After you sign the transaction you’ll see
The Big Dipper block explorer is still synchronizing with the blockchain after being restarted yesterday, so you won’t see your vote on its transaction page. Use https://www.mintscan.io/starname/txs to confirm your vote.
Vote By Cosmostation Mobile App
Open your Cosmostation app, select your Starname Mainnet wallet, and tap the Governance button.
Tap the one and only proposal.
Tap the Vote button.
Tap YES and then Next to send 3 million tokens to address 0x0.
Add a memo if you want.
Set the transaction fee or just tap Next.
Confirm your vote transaction.
And finally sign the transaction.
Once the transaction is executed then you’ll see the transaction details.
Vote By Keplr Browser Extension
Make sure that your Keplr extension is setup as detailed in the first four steps of this article.
Make sure that you’re logged into Keplr and pointed at the Starname network.
Browse to https://wallet.keplr.app/#/iov-mainnet-2/governance and click Vote.
Click Yes to send 3 million tokens to address 0x0.
Optionally set the memo and fee for the transaction and click Set Fee.
Approve the transaction.
Wait a second for the transaction to be executed and then you’re done.
More To Come
The 3 million tokens in the community pool are just the first of many scheduled donations. The last donation will happen after the launch of the Stargate version of the chain. We have more plans for the modernization of our tokenomics that will benefit IOV token holders and we will detail them in the near future.
Go vote! :)
(You can do it until March 7th 6.33pm CET)
