Yes, thanks to the launch of the LockTrip blockchain (currently scheduled for Q2 2019).
With the introduction of the burning mechanism, we have added a completely new type of element that will steadily decrease the circulating supply. There are two ways to burn LOC.
1. A share of the transactional economy
One of the burning mechanisms is placed at the protocol level and will automatically burn a certain period of the staking rewards across the network. If for example a 5% burning rate is agreed on, then 5% of all staking rewards distributed among all stakers will be burnt. The burning rate will be voted on regularly by LOC holders (including, but not limited to stakers) and thus adopt to the needs of the network, as well as the stakers.
2.Burning through voting
The voting mechanism brings us to the second burning mechanism. In case of a voting event, separate smart contracts will be set up that represent different outcomes each (for example a “yes” and a “no” smart contract). In order to place their votes, holders can then send LOC to the smart contract they prefer. The outcome of the smart contract that holds the most LOC will be the result of the voting and the blockchain setting that was voted on will be changed accordingly.
All LOC used for the voting will be destroyed.
The following settings will be subject to voting:
- Burning rate at the protocol level
- Fiat fee for gas (fixed in fiat)
- Block size (and thus transaction capacity)
- Reimbursement rate to token projects
- Promoting new admins (they can initiate new votes)