Burning is a well-known practise in the blockchain world, involving making tokens verifiably unspendable by cryptographic means. On the public Waves Platform network, the WEST token burn will be implemented using a special ‘burn transaction’. For tokens that have been moved via the WEST gateway to the Waves Enterprise network, a smart contract will be created with a script that prohibits outgoing transactions. 600,000,000 WEST tokens will be sent to this contract and therefore frozen forever.
- WEST tokens on the public Waves Platform network were burned at the time this article was published. Check the address for burn transactions here: https://wavesexplorer.com/tx/DG56n9Z8qLNpNjSFgMorFccRoeGer8bAzqyjvUm3pjKF. Check the asset address here: https://wavesexplorer.com/assets/4LHHvYGNKJUg5hj65aGD5vgScvCBmLpdRFtjokvCjSL8
- WEST tokens on the Waves Enterprise network will be locked at 12:00 GMT on Tuesday 12 November. UPDATE: to check the locked tokens you must log into Waves Enterprise Client, and then follow this link: https://client.wavesenterprise.com/explorer/transactions/user/3NyAgGQgtYsdYEtiphvL2V8JLoSBdBQWcSu/portfolio. To check the script that freezes these tokens forever, follow this link: https://client.wavesenterprise.com/explorer/transactions/id/AWmkQHhMC7jvK7uw4D61nMcto5YwthZUYUEm9Qv7EtGc/info
We will soon be announcing a major release for Waves Enterprise, with version 1.0. This will introduce significant improvements to the network and new functionality for enterprise customers.