SAFEMOON WALLET PLAN TO DESTROY BINANCE AND COINBASE
UPDATES OF SAFEMOON
One of the most discussed things for the last 24 hours is the golden "100 Million Circulating Supply". If you didn't know, Safemoon was launched in March and had a 1 quadrillion hard cap. A hard cap is the limit placed by a blockchain's code on the absolute maximum supply of a cryptocurrency, A hard cap doesn't allow any further circulation of its units. And for now the number is around 600 trillion.
So many people asked "How is it possible to get from 600 trillion to 100 million?"
A simple explanation is token burn. As you guys know, SafeMoon employs a protocol in which they discourage day trading of their coins to fix the price volatility issue. SafeMoon announced a rewarding process for the long-term holders of the SafeMoon tokens. People selling the tokens will be hit by a 10% penalty tax fee on the transactions and 5% of these penalty transaction fees will be distributed to the current token holders, and half of the remaining 5% will be burnt. For the last 24 hours we have had around $20 million trading volume, so it is clear that a way from 600 trillion tokens to 100 million should take some time. But Safemoons CTO, also known as "papa" recently said that it can be done differently than a burn, so what could it be? I'm not the only one who wondered about this, one of Safemoon fans asked for a hint and Papa replied with this strange symbol.
The question is what is this and how is related to reducing the supply? After giving this hint papa said "Good luck with this hint, looking forward to the theories. I'll be right back." So if we go to his linkedin account, we can find that from January 2019 to April 2019 he worked as Backend Engineer for something named Hoard. Exactly the same symbol by the way. But scrolling down to the Volunteer Experience section, we can find that from April 2019 to today he is an Open Source Developer in Hoard.
So what is this "Hoard" actually?
Briefly speaking, Hoard is a cryptocurrency wallet project. Hoard, the cryptocurrency app you can bank on. An open source mobile wallet that combines peer-to-peer transactions in crypto and cash with a second layer solution connected to decentralized exchanges. We’re being called the killer crypto app; the missing link to mass adoption that’s solving the last mile for consumers and the new crypto economy.
What hoard is about and what their plan was?
Here is a direct quote from the website. "To empower anyone, anywhere in the world to hold, track, transfer and transact with any digital asset from their mobile device, privately and instantly. We’re not building a bank, we’re reinventing banking." More stuff from their website.
This is absolutely insane, Is this part of project Pheonix or is safemoon bringing this aspect but with new features? Perhaps who knows for sure, only papa and the safemoon team. What I find interesting is that this website has the date of September 14, 2018 so maybe the project went under or perhaps maybe the world wasn't quite ready for crypto back then. The next hint by papa was this picture.
A picture with Smaug, Lord Of The Rings character. This was a thing that got many people confused, but look what I found. The website medium(dot)com has an article explanation of Hoard version 2.0 and if we scroll down, that's what we can find. Meet the Smaug Network. In the future, nearly everything of value will be tokenized. Ownership and equity. Barrels of oil and bars of gold. Fiat currencies and cryptocurrencies. The Hoard app is your place to manage these assets, but what about an open market to exchange and convert them?
Smaug is the pipeline exchange technology that enables assets to be individually accessible, globally verifiable, and instantly transferable across any chain. Again, open-sourced, distributed, and decentralized. The big question is whether Safemoon partners with Hoard, or gives them credit for similar ideas. Or maybe HOARD is SAFEMOON? Well, that's not yet known, waiting for more hints from papa and other developers.
If you enjoy reading this article, don't forget to hit that like button. But, note that I'm not forcing you to invest in this project. It's 100% your personal decision.
Thanks for reading!
