600 million WEST tokens to be burned before network upgrade

Burn protocol

Burning is a well-known practise in the blockchain world, involving making tokens verifiably unspendable by cryptographic means. On the public Waves Platform network, the WEST token burn will be implemented using a special ‘burn transaction’. For tokens that have been moved via the WEST gateway to the Waves Enterprise network, a smart contract will be created with a script that prohibits outgoing transactions. 600,000,000 WEST tokens will be sent to this contract and therefore frozen forever.

Stay tuned

We will soon be announcing a major release for Waves Enterprise, with version 1.0. This will introduce significant improvements to the network and new functionality for enterprise customers.