Ahead of a major release for the Waves Enterprise network, this game-changing measure will reduce supply dramatically without the need for any further changes to the protocol.
Waves Enterprise is set to burn 60 percent of all WEST tokens — the system token for the Waves Enterprise network. The measure will reduce the total supply of WEST from the original 1 billion to just 400 million WEST.
Based on Waves Platform technology, Waves Enterprise is an international project providing a blockchain solution tailored to the specific needs of large enterprises and public sector organizations. The native token for the platform was recently renamed WEST (Waves Enterprise System Token). WEST will eventually be available under this name and ticker symbol on all aggregators and exchanges that list the token.
The investment already collected is sufficient for the development of the project, so further token sales are not necessary to secure additional funding. In order to reduce the total supply of tokens, the Waves Enterprise team will burn 60 percent of the original 1 billion WEST created, or 600 million tokens. The remaining 400 million tokens are currently distributed as follows:
- 200 million WEST — purchased by early investors
- 40 million WEST — airdropped to Waves/WCT holders and in the market
- 160 million WEST — held by Waves Enterprise
Burning is a well-known practise in the blockchain world, involving making tokens verifiably unspendable by cryptographic means. On the public Waves Platform network, the WEST token burn will be implemented using a special ‘burn transaction’. For tokens that have been moved via the WEST gateway to the Waves Enterprise network, a smart contract will be created with a script that prohibits outgoing transactions. 600,000,000 WEST tokens will be sent to this contract and therefore frozen forever.
- WEST tokens on the public Waves Platform network were burned at the time this article was published. Check the address for burn transactions here: https://wavesexplorer.com/tx/DG56n9Z8qLNpNjSFgMorFccRoeGer8bAzqyjvUm3pjKF. Check the asset address here: https://wavesexplorer.com/assets/4LHHvYGNKJUg5hj65aGD5vgScvCBmLpdRFtjokvCjSL8
- WEST tokens on the Waves Enterprise network will be locked at 12:00 GMT on Tuesday 12 November. UPDATE: to check the locked tokens you must log into Waves Enterprise Client, and then follow this link: https://client.wavesenterprise.com/explorer/transactions/user/3NyAgGQgtYsdYEtiphvL2V8JLoSBdBQWcSu/portfolio. To check the script that freezes these tokens forever, follow this link: https://client.wavesenterprise.com/explorer/transactions/id/AWmkQHhMC7jvK7uw4D61nMcto5YwthZUYUEm9Qv7EtGc/info
We will soon be announcing a major release for Waves Enterprise, with version 1.0. This will introduce significant improvements to the network and new functionality for enterprise customers.