Token Metrics Update — Execution of Token Vaulting
The total HTR supply includes a combination of pre-mined tokens and mined tokens, where at the genesis block on January 3rd, 2020, one billion HTR were created, and the rest are mined through proof-of-work, with decreasing block rewards.
As depicted within our token economics paper, these pre-mined tokens will be used to get the platform started and to bring initial adopters up and running. Therefore, they are subjected to vaulting and locking schedules to support the early development and bootstrap Hathor´s ecosystem, community, and use cases.
On Wednesday, the 27th of January 2021, Hathor Labs progresses with the proposed changes for the future circulating supply of the HTR token previously published on our Token Economics paper:
- 20% are permanently out of circulation — 200M tokens were sent to the address HDeadDeadDeadDeadDeadDeadDeagTPgmn and will never enter into circulation again. No one holds the keys to this address, and these funds will become inaccessible forever.
- 18% moved to a 5-year lock — 180M HTR were transferred to the address HPioFotYvd2mgc1SCCLzUJ1xvdVDgoWZVy, controlled by Hathor Labs. These tokens will not be accessible or put in circulation until January 3rd, 2025, when the mainnet completes five years.
Impacts on the current model
This execution means that those 200M tokens are out of reach forever and will never be put in circulation again, reducing indefinitely by 20% the total pre-mined supply.
Regarding the tokens sent to HPioFotYvd2mgc1SCCLzUJ1xvdVDgoWZVy , they will be again unlocked on January 3rd, 2025. On this date, Hathor Labs will re-evaluate these vaulted tokens, and, in case they are no longer needed for the project’s growth and support, they may also be put out of circulation partially or entirely.
HTR and Hathor Network
Hathor Network is a blockchain platform for real-world tokenization use cases and is designed to be easy-to-use, scalable, and have zero transaction costs. Our network uses the HTR token as the native currency of Hathor Network, which will always be the gateway to the current and future services possible on the platform.
Instead of charging a fee to create a new token, we require the creator to deposit a sum of HTR as collateral, which can later be returned if those tokens are melted.
The HTR token usage will be central to developing the unlimited number of use cases, services, and products to be created and powered by Hathor Network globally.
We have several strategic items in our roadmap that will bring additional and unique functionalities to the network, enabling Hathor to be used in other markets.
For more information on our token economics, please visit https://hathor.network/resources/token-economics/
About Hathor Network
Hathor Network is a PoW-based novel distributed ledger architecture using both DAG and blockchain data structures intertwined. Built having in mind scalability, usability, and decentralization, our network uses its unique design to solve significant bottlenecks preventing the broad adoption of the technology.
Hathor Network has been in mainnet since January 2020, experiencing exponential growth in the number of custom tokens, active wallets, and mining hashrate.
For more information, please visit our Website, Twitter, Discord, and Telegram channel.
