After reading all the comments pertaining to the burning of the premine in the news update, many of you wanted us to keep all the premine for development, promotion, listing, website, exchanges and other activities that are in the interest of the Solaris Network. Some of you wanted us to keep half and some of you wanted us the keep all. One person wanted the coins to be burned. As we already said, your opinion and decision is of utmost importance and we would like to thank all who contributed.
First of all, we would like to say that the Solaris Coffers is for everyone who is a stakeholder in Solaris including the exchanges, the users who hold Solaris on exchanges or in their wallets, the mining pools, the listing websites, the future merchants of Solaris and more.
It is not for any one man and neither is it for the Core Team. We will not be the SolarisDev forever and the core team members will not be the core team members forever but Solaris will stay forever. And when we retire, all funds in the coffers with our trusted escrow will be handed to the new leader.
How long the money in our coffers will last will depend on the price of Solaris. In that if 1 XLR is $50 or $100, then if managed well, what we have, not including what will come from the budget system could last for decades.On the other hand, if 1 XLR is a few cents (less than 1 dollar), then you can take a guess how long all the money will last, just be a few weeks to a few months.
We have decided to keep 80k of the premine and burn the outstanding 88,449 in April, although many of you wanted all to be kept.
With this premine, we will be able to fund continuous Solaris development, keeping up with the latest blockchain advancements. Use funds to help Solaris get listed on centralized and decentralized exchanges, develop new wallets and use it to keep expanding the XLR ecosystem through the use of bounties, marketing, promotions and more.
The premine will be used as follows:
Solaris Development Funds, websites, listings, project funding and more 50%
Developers Funds 30%
Bounty Giveaway, marketing, promotion, and more 20%
A detailed post regarding plans as well as a high-level roadmap will be released the week starting 18th of December.
I would like to confirm that @Dabs will escrow our premined coins . Announcement and details soon.
Outstanding 88,449 XLR will be escrowed until April 2018, at which stage they will be burned as we transition into the POS phase.
Some of you may be questioning the decision, as to why we are going to burn the premine in April. To put it simply, we had the following two options:
OPTION 1 : Burn premine now (PoW phase) by sending to an unspendable address and the burned coins will remain a part of the total supply but cannot be touched, used, or moved by anyone ever again.
OPTION 2: The premine will be included (burned) as transaction fee in the PoS phase. All burned coins are completely lost and subtracted from the supply as if they never existed. (In POS Phase, all transaction fees are automatically burned at every transaction). In other words, premine that is meant to be burnt becomes transaction fees.
As you can see, the coins will be completely subtracted from the circulating supply, thus lowering the market capitalisation of Solaris and adding to the scarcity of XLR.
Thank You for supporting Solaris !
