Hi,
I was just looking at coinmarketcap for ETN total circulation and it is already 17.847B. Just wanted to know what is going to happen once we reached the 21B. Thanks
Regards,
Tom
Pretty sure it just means no more mining at that point. It will take a couple of decades anyway.
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I’m not so sure about a couple of decades as ETN was just realised in 2017. 2021, we are now 17.847B that is an average of 4B ETN a year. With the rate the we are going will be reaching 21B by the end of this year if we are lucky.
it doesn’t work like that - there is information about how the mining and inflation works on the website.
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Hi.
The thing is ETN is not only mined but can also be purchased like what i do. If people continue to purchase then we will be reaching the 21B in no time. Imagine in a span of 4 years you have reached 17B out of the 21B.
a lot of those coins are held by the ETN team and use for a variety of purposes. The whole idea of etn is that people will use it to buy things - its not to keep in your wallet until it all runs out . When all those coins are in circulation and diluted among millions of people and businesses that is the entire point of the coin. A self sustaining eco system.
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From the chart the I got from coincheckup website, There was a big increase in the circulation from 10B to 17B in 1st of March 2021. What is the reason for this?
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There were over 12 Billion premined to distribute to ICO investors, some for the team after a year had passed since going live, and just under 8 billion of the premined were for the mobile miner aka cloud miner aka rewards system aka airdrop.
So of those 12 Billion premined only the ICO investor’s coins, something like 4.7 billion, (or maybe it was 5.4 I forget), were included in the circulating supply after the blockchain went live and then the actual POW mined coins and those that had been distributed via rewards and mobile miner were added to the total as things progressed along.
When in actuality those being held in cold storage that had been for the purpose of Mobile miner rewards exist and have been mined.
These numbers I spit out aren’t exact, the close to exact numbers can be found if one really wanted to.
It’s just to give you an idea of the general numbers involved.
If I remember correctly 21 million was the total team allocation.
This isn’t official…it’s just the way I understand it, and I could be wrong on some things.
I think Electroneum just wanted the circulating supply and market cap to more accurately reflect reality, even if around 6-7 billion + are in the rewards pool sitting there in cold storage and not exactly out in the wild in circulation. They still exist in a wallet and can still be used as partner rewards or other promotional rewards in the future as long as it keeps us in the 2% token inflation range or whatever.
I don’t think they can be burned, because probably in regulator’s eyes that might look like manipulation or something a little shady and go against the stance that ETN is a utility token and not a security.
Long winded, sorry for that. Just trying to explain enough of how I kind of understand it so you get the idea without me actually writing a novel about it. Not sure I accomplished my objective haha.
Remember this isn’t the official version, just my interpretation of things in general.
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Plus there was recently 2 different events that reduced block rewards significantly both times and now there is a built in halving every 5 yrs I think, maybe it was 4 yrs.
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I think that is happenig every 4 years
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No worries. Thank you for explanation. Cheers
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