Sukhavati Network (SKT) Weekly Buyback and Burn Plan
The latest test-net of Sukhavati Network has been updated to Beta v0.1.7. Sukhavati Beta test-net has been updated many times since the launch of v0.1.0 on December 2, 2021. As the underlying technology of the Sukhavati protocol advances, we have secured strategic partnerships with many partners and formed technical lines of communication with trusted customers.
In order to promote the development of Sukhavati Network and a vibrant ecosystem, the team has decided to launch the SKT (Sukhavati Token) Buyback And Burn Program, which will commence immediately. The burn cycle is tentatively set at once every two weeks, but it may be adjusted to once a week in the future to stabilize the market as the ecosystem expands. Please stay tuned to further official announcements.
The buyback program will be funded in two primary ways:
First, 50% of revenue earned by the Sukhavati Foundation for providing technical services to partners and customers will be directed towards SKT token buying on the market;
Second, the Sukhavati Foundation will use additional treasury funds to acquire the SKT token.
As the protocol grows, we will also strive to increase new buyback funds and expand the size. The buyback funds may include, but are not limited to: new additional income, foundation support, charity auctions, mining, etc. We will of course keep our community updated.
In order to prevent volatility in the market, we intend to divide the buyback funds into equal parts in order to execute smaller, randomized trade orders every 2 weeks.
The purchased SKT will be transferred to a burn address. We will publish the details and transaction IDs of each destruction on Twitter to ensure that the information on the chain can be truly traceable. Interested users can go to the blockchain explorer to query and confirm.
We want to end by thanking our most loyal community members who have been with us from the beginning. We are so excited to be approaching the launch of our mainnet, and believe that 2022 will be the year of SKT. We look forward to working with you to bring decentralized cloud storage to all corners of the world!
About Sukhavati Network
Sukhavati Network is a decentralized cloud network service that is focused on storage. The network is built on hardware-based Trusted Execution Environment (TEE) and the Substrate framework to inspire and incentivize improvements on distributed storage ecosystems.
Sukhavati creates a decentralized gateway that covers both Web 3.0 and Web 2.0 storage services. It allows unified data storage, retrieval, and management on Web 3.0 applications.
Website: https://sukhavati.io/
Twitter: https://twitter.com/Sukhavati_N
Discord: https://discord.gg/aPmKWUBvR7
Telegram Channel: https://t.me/SukhavatiNetwork
Telegram Announcement Channel: https://t.me/SukhavatiN
Medium: https://medium.com/@Sukhavati
