Talao’s team is committed to support and strengthen the value and usage of our token. Therefore, as the market conditions are not the same as what they were when we designed the token metrics of TALAO’s protocol, we have decided to burn 100 million TALAO token to support the long term value of the token on the market. These tokens will be burnt and removed permanently from the market. This has been proven to be an efficient method to keep the token value at a healthy level.
We don’t have a “burn” feature inside our smart contract so we will transfer 100 million TALAO to an invalid ETH address like 0x0. As everything that occurs on our Smart Contract since the very beginning of our ICO, you will be able to see and track this transaction on our Smart Contract address.
The circulating supply will stay the same on the market analysis as the value of the supply is not editable on our smart contract. Nevertheless, as the real circulating supply will be divided by three, the value of the TALAO token will be more attractive for the market and more consistent with the actual use of the TALAO tokens.
This is not just an announcement to keep the trust of our community. It’s just another step in our long journey to create the next generation solution to manage professional self-sovereign identity.
We invite you to keep being active on our official channels (Telegram, Twitter or here on Medium). If you want to create your own Blockchain workspace to take ownership of your professional digital identity, join us at https://talao.io/.