Friday 14-09-2018 at 4pm CET, the development team is burning 100,000 ESCO!
What exactly does this mean and are there any disadvantages?
Burning coins in crypto currency means sending a certain number of coins to a public address from which those particular coins can never be spent because the private keys of such an address is unobtainable.
This public address should be available on the blockchain for anyone to review such a transaction.
For this reason we have generated the following public address with a python script ( EburneSCoorFunBurnESCoorFunXb1rba8 ) and anyone can check it here http://explorer.escrow-coin.com/
The background to burning coins is to reduce the number of ESCOs in circulation and to stabilise the price. The burnt coins have no effect on the other coins in circulation.
Therefore all will benefit who are holding ESCO because it is the law of supply and demand. When supply decreases, demand increase or remains constant then you get price appreciation.
