October 16, 2018

Scheduled Token Burn

Scheduled Token Burn cover

On page 19 of our white paper you'll see a sentence that reads, "Uncirculated tokens may be burned in the future if deemed necessary." On October 23rd we will be burning the vast majority of our tokens for reasons outlined below. We will be releasing a revised white paper next week to accurately reflect this burn, but the original will be left up as well.

We ultimately created a total supply of 10,000,000,000 because we could not accurately predict how many we would need to distribute throughout all airdrop rounds. This is often the case when no token sale or ICO is held. The amount of tokens distributed wholly depending on the following six unpredictable factors:

  1. How many total airdrop participants there would be.
  2. Of the above number, how many airdrop participants would pass KYC and prove to ultimately be legitimate.
  3. How many legitimate referrals, on average, each fully-KYCed airdrop participant would invite to the airdrop.
  4. How many tasks each airdrop participant and referral would perform for tokens. The total amounts earned were to range from between 3,000 to over 300,000.
  5. How many airdrop rounds the demand for this token would ultimately necessitate.
  6. How many tokens would be needed going into the future to fulfill the rate and review utility outlined in our white paper.

Considering the six variables above, it was impossible for us to predict beforehand, with any level of accuracy, how many tokens would be distributed. Without a fork, it is impossible to create new NOBS tokens after creation. However it is fairly easy to burn them, should too many exist. This is why we chose to create the large, round number of 10 billion total tokens.

As of October 16th, 2018, the circulating supply is much less than total supply of 10,000,000,000. We feel that there are far too many unused tokens in existence. The purpose of the token is for people to use it as a utility for bidding on the right to rate and review crypto projects. Having billions of unused tokens is not helpful in the accomplishment of that objective. As of today, we have decided to burn approximately 75% of the total supply. The team (10%) and company (25%) token percentages will proportionally be burned as well, so there will be no change to the percentages originally outlined in the tokenomics section of our white paper. The remaining amount of tokens will be what are in circulation, the team and company's percentages and a small buffer amount for community airdrops and incentivizing events. This burn will take place on October 23rd, 2018 and there will be no other token burns after that point.