Vexanium VEX: Coin Burn
Hello Blockchain Enthusiasts!
Currently, the Vexanium protocol, through Block Producers / Validators, will burn the worker proposal (vex.saving) on 25 August 2020.
This Burning process occurs with the voting process of Block Producers through Voting Proposals, which will be carried out 1-2 days before burning. 2/3 active BP will vote and once executed, VEX will be in Retired (burned) condition.
The amount of VEX that is burned is not less, but it can be more than 40,500,000 VEX of the amount of vex.saving (worker proposal) + covid.donasi (covid19 donation) + part of the market.
For the next burn activity in the coming years, the vex.saving reward process (used, distributed, or burned) will always be announced through a meeting of BP / Validators and all decisions are determined by the results of deliberation and voting from BP / Validators.
Regarding how the Vexanium reward works for Block Producers / Validators, please read the following:
How to Become Vexanium Block Producer and Install Nodes
What is coin (token) burn?
A coin (token) burn is a process of sending a certain amount of cryptocurrency to a public address that has unobtainable private keys. In the future, the sent coins cannot be spent, thus the coin burn leads to an overall decrease in the cryptocurrency circulating supply.
