The Kin (KIN) Foundation, the organization behind the Kin protocol, has announced the results of a vote in which a large portion of the altcoin will be burned.
Voting ended at 5 pm on July 27, with 133,170,647,476 Kin voting in favor of the proposal, while only 2,344,408,814 Kin voted against the proposal.
The voting was initiated by Ted Livingston, the founder of messaging platform Kik, who founded Kin in 2017.
Livingston has proposed burning 4.96 trillion KIN tokens from the Kin Foundation's reserves and 2.1 trillion KIN tokens from Kik's assets. This will reduce the total supply of KIN by almost 71% from 10 trillion to 2.94 trillion.
Livingston argued that this would make Kin the only viable cryptocurrency on the Solana blockchain that is completely decentralized, inflation-free, groundless, and has no website.
He also claimed that this would make Kin more resilient to regulatory challenges, as it would not be controlled by any centralized entity.
Voting took place by sending tokens to two cryptocurrency addresses shared by the Kin founder. In the voting initiated by Livingston, those who voted in favor sent 1 Kin to one address, and those who voted against sent 1 Kin to another address.
The burning process will take place in two stages; Kin Foundation will burn its reserves first, followed by Kik. The process is expected to be completed by August 31.
*Not investment advice.
