Decentralizing ZXC Ownership: Another Step Toward the Decentralized Future
Today, ERC20 tokens are often controlled by the entity that issues them. We could have a long debate over whether this is good or bad, but the truth is that if you understand how the global economy works and you care about improving the world, you probably advocate for decentralization, which means you probably prefer independent tokens not controlled by interested parties or entities with outsized power to influence the token.
At 0xcert, we have always prioritized transparency in our work building a decentralized future. We strongly believe that the decentralized world will be a better world for all of us. One major benefit will be a drastic reduction in centralized power and the abuse and data manipulation that arises from it. This bright future has not arrived yet, but we see it coming, and we want to contribute our share.
Over the past two years, we have developed some awesome decentralized products, including the open-source 0xcert Framework, the 0xcert API, the 0xcert verifier, and more. Even centralized custodial services like Evidenspace and Credentify are built using these decentralized products, and use ZXC utility tokens to achieve decentralization.
Until today, the 0xcert company has been one of the biggest holders of ZXC tokens. Because the token now plays an important role in the 0xcert ecosystem , acting as the required fuel for enterprise products, we have decided to scale down our influence on the token, to become, essentially, simply another customer on the decentralized ZXC market.
Good news for all token holders! On April 30, the 0xcert company will start burning the majority of the ZXC tokens the company owns; 0xcert will hold only tokens reserved for bounties and some active pilot projects . This contribution to the decentralized world should have a positive effect on the token economy. Products like 0xcert API will be forced to buy ZXC tokens from global exchanges like any other customer. We have also built a dedicated decentralized service to which anyone can send ZXC tokens for burning. This service (its smart contract) is also the sole owner of the ZXC smart contract.
So what does all this mean? By burning most of our ZXC reserves and giving up most of our influence on the token, we will release the ZXC token from ownership by any single, centralized entity. Instead, the ZXC token will be owned by the market itself, completely decentralizing ownership!
We believe this gesture really demonstrates our dedication to the 0xcert project and our commitment to building a decentralized future for everyone. Our team will continue to innovate and provide value to the non-fungible token community. Now, let's spread the news!