Quote from: Altcoinlover on August 08, 2016, 12:54:39 PM

Quote from: worth on July 27, 2016, 07:01:02 AM

Also, a small housekeeping update:

When we relaunched earlier this year, we of course had to create a premine to be able to restore everyone's funds on the new chain. We were not 100% sure of the timing when we planned it out and so we mined extra funds to make sure we had enough, with the plan of burning the excess once we knew everything had gone smoothly.

There were 376432.26089348 more XSEED created than were needed, and the wallet they were held in unavoidably staked three times, bringing the total to 381751.95130442 XSEED before burning.

We recently burned the funds and here are links to the proof of burn:

Here is the temporary address they were held in - http://45.55.193.231:3001/address/bS8L2Sa3rvkH17a4DehvbUo6omKQyeEbSd
and they were sent to the burn address BitseedsBurnAddressXXXXXXXXXYUDoxE

Here is a link to the TXID of the burn - http://45.55.193.231:3001/tx/e6ccbae792487601165cb5704887ae241c8d7f85e51408f8011c0ca247b1e5f9

Thanks.

Sorry, as I am not familiar really here, what does this mean ?

I think this is not good, but I clearly miss something here to understand the consequence of this news.

Thanks for clarifying.

************

Also, I am a new holder of the coin.... is this a good time to download a wallet and start stacking?
Not sure about it with your info about relaunching and else ;-)

thanks for your clarifications!

Hi, welcome aboard and thanks for checking in with your questions. First off, I probably should have linked to an article explaining what Proof Of Burn is just in case people weren't familiar with the term.

Here is a discussion about the concept since the main wiki article isn't as clear as it could be:
http://bitcoin.stackexchange.com/questions/24187/what-is-proof-of-burn

but the basic idea is that we created extra coins that were not needed or part of the plan for BitSeeds.
We could have dumped them on the market, but instead we chose to destroy them to avoid devaluing everyone's existing coins in the process. I posted the information publicly so anyone could verify this on the blockchain. Bottom line is, this is not a bad thing it's either neutral or positive news depending on your perspective since there are now fewer coins in existence on the network.

I hope that makes sense; feel free to ask if you need any further clarification.

As for whether you should download the wallet and start staking, absolutely! The relaunch went successfully back in early May and there are no hard forks/relaunches/etc. needed or planned at this point. I've got a wallet staking as I type this in fact.