The burning of the Scolcoin SCOL cryptocurrencies will take place this Wednesday, March 16, 2022, with the assistance of the community through the Scolcoin YouTube channel: https://www.youtube.com/c/ScolcoinBlockchainColombiana/videos, where the address will be assigned. T6FGRu4WyQXDDoWwuQoYxv2tZD7FQFBbyN with the label Ecoduende rank 2 an official burned wallet the private key will be deleted so that the specific Scol can never be accessed, this wallet was born from the alliance with Ecoduende an environmental association that seeks to mitigate the damage that human beings do. It also has the 17 objectives of the UN in its goals, the coins that are burned are symbolic, they would never enter the market and with this action it gives birth to the Ecoduende token that will serve for the social responsibility of companies.
The Value of Ecoduende:
Because it is linked to the project, the ecoduende coin will always be traded with the value that this scoin and the amount of the burned wallet.
Number of coins:
The amount of 17,004,782 SCOL is burned, but it will not be the only day of Burn, in an aggressive strategy to fight inflation, the project has an alliance with Blockchain Technology SAS, acquires responsibility for the Re-Purchase adoption process and will be burned 2% of those achieved by the same topic. Promising a semi-annual Burn to guarantee that the price will have an upward trend and be competitive with all the investors who have believed in Scolcoin for 4 years.
In the traditional market, interest rates are managed. Coin burning is the process of permanently removing cryptocurrencies from circulation, reducing the total supply
How does it work?
Basically, a token burn event occurs in the following order:
An "eco-leprechaun" cryptocurrency holder, indicating to the community that he wants to burn a designated amount of coins.
Public event where the existence of the wallet.dat file and private key is deleted.
The Ecoduende wallet will be the reference if someone wants to burn coins to control inflation.
Price
As soon as a semi-annual coin burn takes place, Scolcoin makes an official announcement specifying the number of SCOL coins that were burned (based on buyback volume). You can verify all SCOL coin burning transactions with the following address: https://chainz.cryptoid.info/scol/address.dws?1572.htm in the Scolcoin blockchain explorer, as CryptoID. Burn transactions are public, irreversible, and permanently recorded on the blockchain.
The current price is recorded according to coingecko 0.01698417 US in Colombian pesos 65 COP can be checked at https://price.scocoin.com/index/
Every 6 months the burning routine will be carried out, this will cause a demand for coins and guarantees that SCOL has an upward trend, an alternative to the traditional market.
more info:
https://bitcointalksearch.org/topic/ann-scolcoin-scol-1-digital-asset-colombian-in-cmc-blockchain-ecopos-3-2739783