The BitTorrent (BTT) token burning system aims to regulate the supply of tokens and allow users to burn their tokens in a transparent and orderly manner. The system consists of two types of wallets: Hot Wallets and Unlimited Black Hole Wallets.
The system is designed to allow users who have accumulated BTT tokens through staking on various platforms to participate in token burns. This provides incentives for users and minimizes potential losses.
2. System Definition
Staking: The process by which users deposit their BTT tokens in a wallet or staking platform to earn rewards.
Hot Wallet: A temporary wallet that holds BTT tokens from users who want to burn their tokens.
Unlimited Black Hole Wallet: A permanent wallet that stores tokens that have been burned and can no longer be accessed.
[BTT Staking Platform] → [User Sends BTT] → [Hot Wallet] → [24 hour Wait Time Setting] → [Movement to Black Hole Wallet] → [Permanent Burn]
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3. System Workflow
3.1. User Completes Staking
Users store their BTT tokens on staking platforms such as Tron Wallet, Binance, OKEx, Huobi, or the BTT wallet itself.
Users receive staking rewards in the form of additional BTT tokens.
3.2. User Sends Tokens to Hot Wallet
After accumulating enough BTT tokens from staking, users can choose to participate in the burn.
User sends a certain amount of BTT tokens obtained from staking to the Hot Wallet address.
3.3. Wait Time Settings
Tokens sent to Hot Wallet will be held for a period of one year. Until the month (July 2) during this period users can withdraw their tokens if they change their mind.
3.4. Unlimited Transfers to Black Hole Wallet
Once the waiting period ends, tokens still in the Hot Wallet will be automatically moved to the Unlimited Black Hole Wallet via an automated script.
3.5. Permanent Burning
Tokens that have been moved to the Unlimited Black Hole Wallet are considered burned and cannot be accessed or used again.
3.6. Annual Burning
Every year, on (July 2), there must be a regular burning where a specified number of tokens will be burned automatically via a smart contract. the token to be burned must be 2,127 BTT. The burning was to commemorate the creation of BitTorrent in 2001 July 2.
4. Technical Implementation
4.1. Making Hot Wallets
Create a wallet address for Hot Wallet and publish this address on the official website or through official communication channels.
4.2. Automation Scripts
Develop a script that periodically checks the Hot Wallet balance and moves tokens to the Unlimited Black Hole Wallet after the waiting period ends.
Scripts must verify transactions to ensure the security and integrity of the burning process.
4.3. Creating Unlimited Black Hole Wallets
Create a wallet address for Unlimited Black Hole Wallet.
Make sure this address has no known or accessible private keys.
5. Incentives and Education
5.2. User Education
Create educational materials about the benefits of token burning and how it can increase the value of the BTT ecosystem as a whole.
Explain the staking process and how users can utilize staking proceeds to participate in burning.
6. Transparency and Reporting
Publish regular reports on the number of tokens that have been burned.
Provide a public interface to verify transactions involving Hot Wallets and Unlimited Black Hole Wallets.
7. Security
Ensure all steps are taken to maintain the security of the Hot Wallet and token transfer process.
Use strong security protocols and regular audits to detect and prevent potential threats.
Conclusion
By integrating staking into the BTT token burning system, users are encouraged to participate without harming their balance. They can use staking proceeds to contribute to the token burn, which in turn can increase the value of remaining tokens and provide long-term benefits to the ecosystem. And also implementing this burning system on the anniversary of the creation of BitTorrent, not only encourages active participation from the community but also creates a symbolic moment that strengthens the community’s emotional attachment to the BitTorrent ecosystem.
If there are any other aspects you would like to add or further details required. Please discuss in the comments. Thank You.
Hmm🤔. It’s a very good idea to burn BTT using the burning mechanism with USDD Stablecoin. That will encourage them to participate almost every day. However, are you sure? To implement it as a BTT burning method using Stablecoin. Remember friends, before we decide on the action we take, it is better for us to think about the risks that might arise in the future, and think about other method ideas for security for those who hold long-term BTT ownership.
But. If that’s what you think is good for the future of BitTorrent. We will fully support your initiative.
We also recognize the potential risks we proposed above. Even that needs to be refined again. In order to minimize risks that will arise unexpectedly in the future of BitTorrent.
By using bittorrent in steelcoin ussd with the participation of tron, these two currencies are a good support. Now only 700 million of usd has been saved and it has not been used for some time due to its dangers. With the entry of bittorrent to usdd, its losses will be reduced, and the two currencies of tron ​​and bittorrent are for multiplying. It is used
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Probably burning BTTC to create USDD risks causing USDD to collapse as happened to UST with TERRA LUNA, due to the value of the token being too low.
I don’t know if BTTC has a mint-and-burn solution.
An ad hoc address could be created to be made public on a large scale, on social media and trading platforms.
All holders of BTTC to be burned could donate to this address.
The address reached 100 million BTTC sends them to the burn address for a maximum of 30% of the total supply of BTTC.
If 1000 holders who have Staking 2 billion BTTC in 120 days, get 350,000 tokens as a reward and send only 100,000 per day, it would be 100 million per day.
It means visibility, sentiment, attracting new investors.
Publicizing the burning process every day on social media, with photos of the 100 million transaction will have a great media impact.
Make holders feel that they are contributing to the rise of the currency and that it can be real.
Even the smallest investor will think that just one small BTTC donated by him but multiplied by all the investors, (who with a good burn plan will multiply) will be millions of BTTC per day
instead of burning these coins, why not donating these coins to a BTTC bby coin. reducing the amount of BTTC coins, donators will be rewarded with BTTC bby coin.
so if circulations is eg.100 BTTC and its large holders donate 40% there coins the creation BTTC bby coin, bringing down the amount in circulation, and still maintaining a hold on the market. Also BTTC baby would become BTTC’s meme coin/or other BTTC creator projects
(donotors rewarded with new BTTC bby coin) another good opportunity to be a part of a new coin rise.
I don’t know too much about what i have just suggested but is this any sort of good idea?
I am just sucking out of my thumb.
future mining of this coin would then become partial donation to the BTTC bby coin.
How to create USDD, I think it’s a great solution.
Now it is up to the Developers to create the possibility of mint-and-burn to produce any baby BTTC or feed USDD.
I believe that at this point by burning them to create USDD the value of BTTC will increase drastically without the risk of what has already happened with UST and TERRA LUNA.
TRON is also there to support USSD so stability is not at risk.
We just need to get started.
Let’s hope we get some feedback.
Do we burn BTTC to create USDD?
