Sensorium Corporation is burning ~70% of the minted SENSO supply by the end of April 2021. This decision is set to adjust the supply following a successful private token sale and ahead of the release of its Whitepaper 2.0. The document will outline new use cases for SENSO (NFT & DAO) and details on an imminent blockchain migration to the Polkadot ecosystem.
As of this writing, the minted supply for SENSO stands at 5.9 billion tokens. This token burn will reduce it by 4.2 billion units, leaving it at 1.7 billion SENSO. This burn will account for $3.9 billion in dollar value, making it the world's largest token burn in history.
You'll be able to monitor these changes to our supply on Etherscan.
Why Burning SENSO Tokens
It's only natural to wonder why this sudden adjustment to the token supply. According to our initial plan, we created an ample supply of tokens to conduct private and public sales.
The first private sale provided sufficient funds to support further product developments. For that reason, our team no longer considers the public sale of SENSO tokens a viable option. That said, this token burn will eliminate the exceeding supply and ensure a proper and healthy development of our ecosystem.
New Token Allocation, Use Cases & Technology Platform
Burning nearly billions of dollars in digital assets isn't a decision taken lightly. This supply adjustment represents a chance for our team to re-evaluate the allocation of resources. Once the token burn is completed, we will release an updated Whitepaper 2.0 outlining a new token allocation.
Typically, in-game currencies don't run on a blockchain. Instead, they rely on a central authority or private company. On a superficial level, this matter doesn't present a real problem for end-users. However, these 'fake' digital currencies don't provide any guarantees, not from a security standpoint nor the ownership side.
SENSO was initially conceived as an in-platform medium of exchange. Simply put, the token was meant to regulate value transactions within the Sensorium Galaxy digital metaverse solely.
As the Sensorium Galaxy approaches its launch, we have identified new ways to integrate our SENSO into the metaverse. Some of the new use cases for SENSO include minting non-fungible tokens (NFT), running marketplace operations, and regulating a decentralized autonomous organization (DAO).
When we created SENSO, the Ethereum blockchain offered the best conditions: extensive user reach, reliable technical features, and, yes, affordable fees. Yet, a lot has changed since then.
After carefully considering other options to expand the use cases of SENSO further and protect all users' economic interest (especially when it comes to network fees), we've decided to migrate SENSO to a new Substrate-based technological platform compatible with the Polkadot ecosystem.
Information on this blockchain migration, the extended SENSO use cases, the new token distribution structure will be included in the upcoming Lightpaper. This document will become available by the end of April 2021.