Earlier this year we made a step not previously planned: In our quest to gradually minimize the negative effects caused by the Cryptopia hack, we burned 13,679,941,935 DCN. Part thereof was bought back from HitBTC — the platform that was, unfortunately, used by the Cryptopia hacker to sell the main share of his stolen Dentacoin tokens and thus to artificially decrease the market price.
Today (December 31, 2019) to further support the above-mentioned, as well as to neutralize the planned annual inflation for the year of 2020, we burned all unlocked but left unused in 2019 Dentacoin tokens which amounts to 76,662,377,807 DCN. This is approximately 3 times the amount stolen in the Cryptopia hack.
Here is a proof of the transaction:
The burned amount will be forever extracted from the max supply of Dentacoin. We have already sent a request to CoinMarketCap to update it.
From now on, should more than necessary tokens are unlocked in a year — which are also not likely to be utilized in the following period — a portion or all of these tokens will be burned. The purpose: To protect holders’ interests by preventing overinflation, while at the same time allowing enough tokens to remain in circulation and enable user participation within the ecosystem. This approach will be officially included in our Whitepaper update in January 2020.
We will never get tired of repeating that the real value of Dentacoin lays in the software and payment ecosystem behind it, and respectively — in its adoption by dental offices and patients around the globe. This is what we work and fight for.
Thank you for being part of this exciting 2019 journey! We are ready and thrilled to welcome yet another year of goals and achievements!
Originally published at Official Dentacoin (DCN) Blog | Dentacoin Foundation.