πŸ”₯ 24 HOURS LEFT ⏲ πŸ‘‰πŸ‘‰πŸ‘‰ WHAT IS THE BURN PROTOCOL? πŸ”₯

in cannabis β€’Β  last year


With only 24 hours left before we burn any un distributed SMOKE from this phase, we would like to take the opportunity to explain the protocol.


Photo Credit: BBHub

Some of the basics of SMOKE supply.


  • SMOKE token was created on the Bitshares blockchain as a UIA (User Issued Asset).
  • There is a max supply of 420,000,000 SMOKE.
  • The founders SMOKE is 10% (42,000,000) that is already burnt on the Bitshares blockchain and will only become available to the team once the application is launched on the EOS main net.
  • 20% of all SMOKE was placed on the Bitshares DEX on the 15th August and any SMOKE not distributed by the 15th September at 1 UTC will be burnt once we have confirmed total distribution.
  • TokenLot.com started selling SMOKE which will be sent to the tokenlot-smokedistro account after confirming how many they need for distribution.
  • The remaining 70% of the SMOKE will be held by the foundation and is reserved for a second round of distribution to be held in Q1 2018 (TBD).

The Burn


  • In 24 hours from now, on September the 15th at 1 UTC, the SMOKE that is remaining as a sell order on the DEX will be pulled..
  • TokenLot will delist SMOKE from the Tokenlot listing at the same time.
  • We will then confirm with TokenLot how many SMOKE they need for distribution and send the SMOKE from the Bitshares address 'smoke-network' to the address 'tokenlot-smokedistro'.
  • After that is done we will burn any remaining tokens in the 'smoke-network' account.

We estimate this all to take less than 1 hour to complete. In that time, and going forward, trading will be available and the free market will decide on the price.

Once completed we will post and update on the Steem blockchain as well as syndicating it across our channels.

Whats left will grow. Image by MaxPixel (Free Stock)


After coming out of Ninja Stealth Mode, Smoke.Network and the SMOKE cryptocurrency ( Bitshares UIA ) hit the scene running last month by opening the pre-distribution phase held on the Bitshares decentralized exchange.

There is now less than 24 hours left to contribute!



Once this phase is over all remaining tokens from this round will burnt in the big burn happening on the 15 September, right after closing bell ( 1 PM UTC )

The second, and final phase, will only be held after a test net release and price will be determined by the fair market rate (TBD). Any unsold tokens in the final round will also be burnt.

Our website, roadmap and whitepaper is available to all and clear instructions on how to get a Bitshares wallet, convert any crypto into BTS and get SMOKE securely and in a decentralized manner is available on the site.


Next Steps.

Missed yesterdays news about the merged pull request to the Bitshares UI? This means that SMOKE will be listed on the Bitshares DEX market and index list and available to anyone that implements the Bitshares UI by default. (Such as in the Bitshares Light Client).. Check it out here.

The Smoke.Network pre-contribution period is almost over!.
If you want to grab some SMOKE before it ends go to our website.

Follow us on steemit @smokentwork to find out what comes next... (Treats not on the current Roadmap)

Join our Community.

Reach out directly by entering our Discord channel.


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nice

nice post

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Not nice comment.

Actually I didn't understand anything πŸ€”

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Hey @decorations , the best is to read our pre-ann , Website , or the whitepaper ..

Sorry that the post confused you, but it is an update and we try not to reshash our whole model in every post. . We will take it into consideration how we can make things more clear for posts in the future. Perhaps a blurb about what SMOKE is at the end.

Thanks.

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Thanks for the reply and i will definitely read the pre announcement

So this is a currency based on cannibis? I'm not sure I understand the basic pretext of this offering and how it will grow or what drives it, @smokenetwork.

It's certainly a great hook, though, combining cryptocurrency with marijuana (if indeed that is the premise...)

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Hey @braveboat the best is to read our pre-ann , Website , or the whitepaper ..

Sorry that the post confused you, but it is an update and we try not to reshash our whole model in every post. . We will take it into consideration how we can make things more clear for posts in the future. Perhaps a blurb about what SMOKE is at the end.

Thanks.

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Thanks, @smokenetwork. Yes, I think a short, explanatory statement for those coming across Smoke for the first time would be of use. Something standard that is embedded in all of your communications... Good luck!

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This is a great idea. I will make sure to get this sorted for our next and future posts. Thank you again.

This is a good post, I really like it

nice, i like smokenetwork!

Hope you ready for the next protocol
Heyyyyyeeyy
smoke weed everyday!

@smokenetwork What a wonderful and heartwarming Tale..

currency is good shit

@smokenetwork Thanks for your work sir.... Love it. Followed

Great to hear! Keep up the great work! Wish I could get some tokens to give way in my giveaways! :D

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No kidding!