Kin price surges on successful 7 trillion KIN burn proposal

Kin price surges on successful 7 trillion KIN burn proposal

The Kin Community Votes to Burn 7 Trillion KIN Tokens

The blockchain community has been buzzing with news of the Kin Foundation’s recent announcement that a proposal to burn trillions of KIN tokens has been passed. This move signals a significant step towards decentralization in the blockchain industry. Let’s explore the implications of this development and examine the reasons behind the surge in KIN token prices.

Kin’s Path to Decentralization

Kin is a cryptocurrency that aims to create a decentralized ecosystem for digital services. With a total supply of 10 trillion KIN tokens, the proposal to burn over 7 trillion KIN tokens will result in roughly 71% of the total supply being destroyed. This represents a substantial reduction in the circulating supply of KIN tokens.

The Kin Foundation plans to destroy about 4.96 trillion KIN tokens that it currently holds, while an additional 2.1 trillion KIN tokens held by Kik will also be burned. Once these burns are complete, the foundation will publish on-chain proof of the token destruction.

Ted Livingston, the founder and CEO of Code, explains that this burn will transform Kin into a fully decentralized cryptocurrency. By eliminating inflation and removing any central authority, such as a foundation or website, Kin will become one of the few truly decentralized cryptocurrencies in existence.

The Surge in KIN Token Price

News of the vote’s success had an immediate and positive impact on the price of KIN. The token’s value soared, experiencing an intraday high of $0.000022. Over the past 24 hours, KIN has seen a 22% increase in value, and in the past week, it has surged by more than 68%, reaching highs close to $0.000030.

It’s worth noting that KIN’s all-time high price of $0.00122572 was reached on January 7, 2018. The recent surge in price represents a renewed investor interest in the cryptocurrency. This can be attributed to the community’s support for the KIN token burn proposal, which reinforces the belief in a more decentralized future for Kin.

Conclusion

The blockchain industry is witnessing a significant development with the Kin community’s approval to burn 7 trillion KIN tokens. As Kin progresses on its path to decentralization, the destruction of a significant portion of the token’s supply is a significant milestone.

The rise in KIN token price reflects the positive market sentiment towards this move. Investors and traders have reacted favorably to the news, driving up the value of KIN. With Kin evolving into a fully decentralized cryptocurrency, it represents a promising example of how blockchain technology can achieve true decentralization.

This development also serves as a reminder that the blockchain industry is constantly evolving. With each milestone achieved, more possibilities emerge, enhancing the potential of blockchain technology to reshape various sectors of our economy. The future of blockchain is exciting, and the journey towards decentralization is an essential step forward.

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