Announcement: VITE Coin Burning
Don’t worry, this is all according to plan…
As outlined in our Pre-Mainnet Launch article, after the Vite Mainnet is launched, 3% of the annual VITE inflation will go towards SBP rewards.
The current version of the Vite Pre-Mainnet will accurately simulate the way that SBP rewards will function after the Mainnet is launched. However, in order to ensure that the total VITE circulation remains unchanged at 1 billion going into the Mainnet launch, the Vite labs team will manually burn the corresponding amount of VITE rewarded to SBPs.
The total SBP rewards (block producing reward + voting award) generated during the period from May 21st (when the Pre-Mainnet was officially launched) to July 9th was 3,800,873.45 VITE. Accordingly, 3,800,873.45 VITE was burned on July 11th. In the future, we will burn coins on the 10th day of each month until the Mainnet is launched.
Proof-of-Burn
NOTE: the new total circulation after burning = old total circulation – burn quantity. Since some SBPs did not withdraw their rewards in time, after the burning the total circulation will be less than 1 billion for a period of time.
As of July 11, 2019, 2:00 PM PST, the total VITE in circulation stands at 999,578,215.
Transaction request: https://explorer.vite.net/transaction/b8791ddd4d49993d0fd515fb555e9e511084993387baba7c60dd21691cb93b4a
Transaction response: https://explorer.vite.net/transaction/30cd714c3ed9a42ebed772e1f94c7cc55b4abd2afb07320662e73453e35db162
May 21st – July 9th daily breakdown of SBP rewards: http://bit.ly/2GaBwzU
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