As it was planned in our whitepaper and anticipated in our official Telegram chat, we are going to destroy the tokens earned from the ICO Engine service.
The excellent news is that we will destroy 920,000.00 EDO tokens starting from August 31st. This means that we are going to permanently remove 1% of the total supply of EDO tokens.
We have collected these fees from a few ICOs that were launched during the recent months, including but not limited to ParkinGO, Xriba, Ubiatar and ORS. As it is described in our whitepaper, Eidoo will always destroy 50% of any token earned from our services fees, including the ICO Engine.
This means that the total supply of EDO will decrease in number: the more the service is used, the more tokens will be destroyed.
This “buy-back and burn” system will help us to decrease the tokens available on the market.
In fact, as already explained in the whitepaper, the net revenue from all Eidoo services will be collected in EDO thanks to a public smart contract which will distribute such revenue as follows:
– 50% will represent the revenue flow for the companies involved in the Eidoo project providing the added value services;
– 50% will serve as a voucher for the service. The voucher will then be deleted from the blockchain after its use, effectively forwarding these tokens to a burn address that doesn’t have a private key to move funds from.