The burning of 950 million KGO tokens (95%) out of the 1 billion KGO tokens issued on its official launch on February 22, 2021 and locked in a dedicated smart contract named KiwiGoVault has now been completed earlier, resulting in a definitive total supply of less than 50 million KGO tokens!
KiwiGo released 1,000,000,000 KGO coins upon its official launch on February 22, 2021. The KGO token was designed with a maximum of five decimals. On March 24, 2021, a specialized smart contract named KiwiGoVault was created to lock 95% of the supply, that is 950,000,000 KGO tokens. The KiwiGoVault smart contract was subsequently audited and deemed true and compliant by the security blockchain auditor Certik.
The proposed burning program originally involved the unlocking of the KGO tokens locked in the KiwiGoVault smart contract every 6 months, and the subsequent burning or destruction of KGO tokens to reduce the total supply. The token burning process was to be exclusively done using the tokens unlocked by the KiwiGoVault based on a schedule that has been outlined here.
The day before the first burn of 50 million KGO tokens was supposed to happen, Greg (Founder & CEO) checked ifhe had access to the 50 million KGO tokens on KiwiGo’s Master Wallet only he has access to, to prepare for the first burning event. To his big surprise, he did not find 50 million KGO tokens waiting for him there, but all the KGO tokens locked in the KiwiGoVault, that is, the whole 950 million KGO tokens.
Obviously, a mistake was made during the creation of the KiwiGoVault smart contract that even escaped the blockchain security auditor Certik’s scrutiny. This unforeseeable mistake thus forced us to change our plans and modify our original burning schedule. But more importantly, this turned out to be a big opportunity for KiwiGo.
Why Burn 95% of the KGO Tokens?
We decided to burn the whole 950 million KGO tokens unlocked by the KiwiGoVault smart contract in one go on September 24, 2021 (the transaction details can be found here). Indeed, a total circulation supply of 50 million KGO tokens leaves enough tokens for KiwiGo to be used for its staff, partners, and marketing in the next two years. Moreover, burning the unlocked KGO tokens seemed the best thing to do to increase trust, instead of locking them back into a new smart contract.
When the KiwiGoVault smart contract was created in early 2021, it was not exactly clear how long it was going to take to be able to use the KGO token in all KiwiGo’s economy ecosystem, so spreading a burning schedule over two years originally seemed the most cautious thing to do. However, the recent progress of our hardworking team to include the KGO token in our ecosystem, that is, in our payment, food, taxi and e-commerce services, has made it clear that the sooner the burning of the 950 million KGO tokens locked in the KiwiGoVault, the better it would be.
The mistake made during the creation of the KiwiGoVault smart contract thus appeared quite timely and allowed us to bring forward the burning of KGO tokens to September 24, 2021, instead of waiting for March 25, 2023 to finalize the burning of the locked tokens.
KiwiGo is launching the KGO token in its economy ecosystem in 4 to 6 countries in Africa before the end of the year and before Christmas time. All KiwiGo customers that use our services (payment, food, taxi, e-commerce) will receive KGO tokens, which will automatically be bought from different exchanges or DEXs. By saving KGO tokens, users will be able to enjoy discounts on all products of our ecosystem.
Also, the KGO token will soon be listed on new exchanges, so stay tuned!
Watch the youtube live token burn event here: