Hacken has adopted one more financial innovation to the cryptocurrency that is the " Burning principle". So, this is an added feature to the cybersecurity on blockchain.
I don't think burning is an added feature to cybersecurity of blockchain. it does tackle the volatility issue in a smart way. 1% of total tokens will be burned and it'll be like distributing that value back to the remaining holders.
The cybersecurity shall be taken care of by the group of white hackers who i hope will rub off some of there knowledge onto us poor seekers..!!
I think, burning program of Hacken tokens will defend its price from the large falls on the exchanges!
Every investor keeps in mind that info about the reducing of tokens supply!
Have read in the Telegram channel that very soon Hacken will have reports on main ico ratings websites!
That`s the key feature for many "lazy" investors nowadays, about what I have mentioned previously!
Looking forward to the highest marks for the project!
The Burning principle only affects the platform fees not
"1% of total tokens will be burned". Math behind the "Burning Principle" was explain on their blog.
Link:
https://blog.hacken.io/burn-a-million-quid-the-rationale-behind-hackens-burning-principle-13a943731d9Lyubomyr Pavlyk (PR manager of Hacken) answered this question on their telegram and explain what will happen on that 1%.
Question:On the Burning principle "Once the amount of HKN reaches 1% of the total amount of HKN in circulation"
Does it mean that the 1% will be burned?
Answer:No.We will sell it back to exchanges.Here is how burning principle works - Currently the estimated average margin for HackenProof services is 30% per transaction, meaning 15% of each transaction amount involving services of HackenProof is going to be ‘burned’.
What happens to the other 50% of our service margin that is not burned? The managing company of the Hacken Ecosystem will accumulate these Hackens until their amount reaches 1% of the total amount of Hackens in circulation.
Upon this event we will make 24 hours announcement, and then sell 1% of the amount accumulated at the moment of the event (i.e. 0.01% of the total amount of Hackens as of the moment of the event) via the major cryptocurrency exchanges. The sale will take place at 14:00 EET on the day following the day of the announcement. The list of exchanges will be provided to the public at the time of occurrence of the first such sale. We reserve the right to amend the list of exchanges
