Announcing the burning of 21,000,000 WAN by the Wanchain Foundation 🔥🔥🔥🔥

The excess WAN have been burned to preserve the total number of WAN

Noah Maizels
Nov 7 · 3 min read

🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥

At 11:02:30 on November 5, 2019, Beijing time, the Wanchain Foundation burned 21 million WAN tokens. These tokens were transferred to the address 0x0000000000000000000000000000000000000000 (commonly known as the“zero address”).

View the transaction on the explorer:

https://www.wanscan.org/tx/0x6bc3b697e48b95793aae27b8e9aa84f98eebe5beb024b4a051b5845ef547d865

Why destroy 21 million WAN?

We know that the total amount of tokens issued by the WAN is 210,000,000, and 210,000,000 have been generated in the creation block. In the token allocation plan, we will use 10% of the total amount of the issue for the reward of PoS equity mining.

Why is it possible to burn 21 million WAN by sending them to the “zero address”?

We know that users generate public-private key pairs on the Wanchain main network through the elliptic curve algorithm (ECDSA) (similar to Ethereum’s public-private key algorithm). A key opens a lock, and only when the user holds a private key of 0x0000000000000000000000000000000000000000 (“zero address”) can the 21 million WAN at that address be transferred.
So, how likely is the user to get the private key for the address? A total of 2160 (2 to the 160th power) different addresses can be generated for the entire Wanchain network. No one has the private keys of this address, and it is near impossible to generate it (1 in ²¹⁶⁰ chance in generating the correct private key per attempt.) This means the chance of generating it is near enough to zero that you could convert the entire solar system to a supercomputer and try until the end of the universe and never succeed.¹

About Wanchain

Wanchain is the infrastructure connecting the decentralized financial world. Wanchain’s live cross-blockchain solution is EVM-based, includes optional private transactions, and provides a decentralized, permissionless, and secure approach for interoperability. Wanchain has employees globally with teams in Beijing (China), Austin (USA), Kuala Lumpur (Malaysia), and Madrid (Spain).

Wanchain

Our mission is to provide an open and trusted platform to power transfer of digital assets across siloed blockchains. We believe this will enable us to connect and empower communities globally.

Noah Maizels

Written by

https://www.linkedin.com/in/noah-maizels/ https://github.com/noahniuwa

Wanchain

Wanchain

Our mission is to provide an open and trusted platform to power transfer of digital assets across siloed blockchains. We believe this will enable us to connect and empower communities globally.

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade