September Burn Report

In accordance to our promise that a share of 2.5% from all flight bookings will be used to buy and burn LOC, we want to inform you about the monthly burn transaction for September 2019.

So far, a total of 272 LOC have been burnt, of which 142 LOC resulted from Q2 2019 flight bookings and additional 68 LOC and 62 LOC from July and August bookings respectively. Today we are adding 67 more LOC to the balance.

You can verify the burn event from the link below.

https://etherscan.io/tx/0x7feff148ce7f83e7a1538464158db2de58b981d9c1a63705b8d830d54cfdf35d

This brings the new total to 339 LOC.

All LOC were bought over Kucoin prior to being sent to the target address 0x0000000000000000000000000000000000000000, which is known as a burning address across the industry. Any funds ending up there can be considered as removed from the total supply forever.

We want to note that these burn events serve as a proof of concept for the upgraded LOC economy. As a result, it should be expected that the total amount of burnt LOC will see a sharp jump from current numbers.

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