Final ODIN distribution figures
17,143,394 ODIN coins are eligible to be burned immediately, in order to preserve 100% of the circulating supply with the community, and less than 15% of the total supply in a locked, non-staking, publicly viewable, multi-signature wallet for future use by the community of developers and team members who govern ODIN, referred to as the ‘Foundation’. There are also some community coins awaiting withdrawal in a locked, non-staking, publicly viewable, multi-signature wallet. If any of the community coins awaiting withdrawal are remaining at the end of January, they will be publicly burned.
The locked foundation wallet is held in a multi-signature wallet and currently requires 2 of 3 signatures to release any funds. We are looking at additional ways to further increase the security and transparency of this fund for the benefit of the community.
Final distribution figures post burn
Total supply: 91,712,085 ODIN
Circulating supply: 74,423,214 ODIN
Locked Foundation wallet: 13,788,871 ODIN
Community coins awaiting withdrawal: 3,500,000 ODIN
What is a ‘coin burn’?
A coin burn is an action where coins related to a cryptocurrency are made unusable and unrecoverable. For ODIN Blockchain, this is done by utilizing a special transaction operation code known as “OP_RETURN”. When coins are sent via this special transaction they are provably unspendable outputs as there is no owner or key signature that can utilize them.
This can be done on other blockchain networks such as Ethereum if one were to send crypto tokens or ETH to a smart contract with no ownership and/or withdraw/send method.
Proof of the ODIN coin burn
You can use a Transaction IDs (txid), to manually verify that a specific value has been sent to the unrecoverable burn address. Using your ODIN-Qt Core wallet, open up the Debug Console and enter the command getrawtransaction followed by a txid and the number 1, you will see the raw transaction. The following Transaction IDs are relevant for manual verifications of the coin burn:
Ø 900,686 + (261,533 tx fees)
We are also working on an update to our ODIN Block Explorer in order to support the tracking of OP_RETURN transactions.
Locked coins held by the foundation
14.9% of the ODIN Blockchain supply is held in a publicly viewable multi-signature wallet and locked (not staking). This percentage is reducing every minute, as it is not staking. There are five ODIN masternodes operating from this wallet to provide a service which guarantees that users wallets will always be able to sync with the chain.