The Whole Earth Foundation Burns 70% of the total token supply
To the Whole Earth Community,
The Whole Earth Coin, we believe, is a truly unique project with a mission that distinguishes us from other projects within the crypto space. Our goal is to address the real-world challenges of aging infrastructure utilizing novel tokenomics to empower the people to govern their infrastructure. Though the project has rapidly evolved since its inception, the ecosystem is still in its early stages; the Foundation will be primarily responsible for development and growth until it achieves sufficient decentralization.
Recently, we have decided that burning tokens would be an important step for the Foundation’s growth going forward. Therefore we would like to announce the decision to perform a one-time burn of 700 million or 70% of the total token supply, reducing our total token volume from 1 billion to 300 million. This can be found on etherscan. The maximum token supply will never increase beyond its current cap in the future. For fairness, this burn will be applied evenly across all allocation criteria, including tokens reserved for the ecosystem, team, and public sales.
We believe this is a necessary correction to the total token supply, which will help improve the project’s success. The early supporter’s commitment and support of the project are crucial for its success; thus, we are reworking the tokenomics to improve their positions. Moving forward, the Foundation will transition its efforts to project development with partnered organizations to deliver robust solutions to address the complicated infrastructure problems of today. Finally, we want to thank all community members who believe in our project and have decided to join us in our journey to success. Our final IEO round is set to take place on ProBit and Coinsbit starting May 21. Don’t miss this chance!
Cheers to more exciting things to come,
The Whole Earth Foundation Team