Mktcoin since its inception has gone through different stages, which unfortunately most have been disastrous between poor management and poor development for the ecosystem of our valued currency. For this reason, during the last six months we have been proposing different scenarios and developing sustainable alternatives to achieve real stability in our network, which is expected to be appreciated by the community, so that its price is also impacted, in the last semester price wise has been strongly affected without being able to recover its historical maximum.
After these six months we have reached a Burn Plan, which is detailed for you, also what it’s about, its implications and what will be the roadmap to follow.
First Step: A last Chain fork, (already done with v1.2.2); and here a list of objectives achieved:
· The assets that previously were manipulated on the network or those of the previous Development teams that didn’t cooperate, those were definitively blocked.
· Critical errors were corrected, such as the impossibility of sending large sums of MKT that limited it to a couple of million coins, as this was vital to resolve so that the burning of coins avoiding to have errors.
*Block reward increased by x10 (explained above)
Second step: The NFT platform and mBurn addresses.
· The first MKT Blockchain-based NFT platform will be enabled.
· mBurn addresses will be enabled, optional for users who sell NFT, required for Mktcoin (verified) account.
The mBurn addresses have been created so that, no one can access them, nor users and developers, they are literally addresses to burn MKT. Everything that goes in these addresses is unrecoverable and removed from the network forever, thereby guaranteeing a reduction in coins that would implicitly rise the price
The Mktcoin account will release a number of NFT assets within the new platform.
These assets will be sold for the value reached in auctions. Once sold, the winning user of the bid will receive their NFT and their purchase value will be recorded, but the coins that have been used for their purchase will disappear. The higher the value of the assets associated with mBurn addresses, the lower the supply that will be available.
*This raises the possibility of shortages, so without an increase in the reward this could be a problem, so we have considered that the ideal thing to do was to increase the reward. On the other hand, masternode miners were earning 3–4 dollars per year in returns, which is unsustainable for any coin worth its salt. These few rewards have caused a loss of more than 300 masternodes in the last year, a drop of 20%, something that endangered the stability of the network.
We know that the community was concerned about the latest changes in the Mktcoin network, so we hope that this new action plan clears up all doubts about the future of our currency and the decisions made by the development team and as you always know that you can support or ask questions to clarifying doubts in the two most used media, Telegram and Discord.
May 21, 2022
— Mktcoin Development Team.