WeAreSatoshi (WSX) — A Blast From the Past With Incoming Coin Burn.
What is WeAreSatoshi?
For those unfamiliar with the project, WeAreSatoshi (WSX) is a project launched in 2014 that set out to be a peer to peer Cryptocurrency focused on fast transactions and mass adoption. The project has remained dormant for a considerable portion of its existence like many projects before and after it. Rumblings of a new team mixed with original team members have sparked some interest and buzz surrounding this coin.
WeAreSatoshi has recently had a new team step in and relaunch the project as a pure Proof of Stake (PoS) coin removing the Proof of Work (PoW) hybrid model. This was performed to help secure the network from 51% attacks on the network, since it previously had a low hash rate. Cryptopia, a popular exchange where WSX can be traded, recently changed their confirmation requirements from 200 down to 30 for WSX deposited on their platform as a positive sign of the network’s improved strength and resilience against network attacks.
What is a Coin Burn?
Put simply, a coin burn is when the development team decides on a method for reducing coin supply. There are a number of ways this can be accomplished. In the case of WSX the coin burn will impact all wallets that have remained inactive for an excessive amount of time. According to the project explorer (https://chainz.cryptoid.info/wsx/), 8,220,265.22 coins have been inactive for over a year. Assuming all these coins are Lost or Forgotten, they would be burned dropping the supply from 26,602,982 to 18,382,716 WSX. This amounts to nearly a 31% overall supply reduction that is expected when this burn is completed.
Why is One Happening to WSX?
A coin burn on a project of this age allows investors to have a better idea of the true supply of WSX. Informed investors will invest not only according to current price trends, but also outstanding supply and distribution of coins. By permanently reducing the circulating supply, the market capitalization will be accurately be adjusted as well. This is yet another metric crypto savvy investors use when making investment decisions.
Wait That’s MY Wallet!
Rest assured the team will give all WSX holders ample time to make a single transaction on any inactive wallet that might be under an active community member’s control. Stay tuned for future updates on when the coin burn is going to occur and steps community members will need to take in order to safeguard their coins from the burn. We encourage you to follow us on Twitter and join our Discord and Telegram channels. The team would be happy to answer any questions and are looking forward to what 2019 has in store for this project!
You can find lots of valuable information and keep in touch with the team at the following links below:
https://wearesatoshi.net/ Website
https://bitcointalk.org/index.php?topic=4938083 Bitcoin Talk Ann
https://chainz.cryptoid.info/wsx/ Explorer
https://t.me/wearesatoshi1 Telegram
https://discordapp.com/invite/ZBRt4KX Discord
https://github.com/WeAreSatoshi Github
