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BARR – Burning Altcoins for Redemption & Reduction
Raising the BARR by Reducing Supply – 1st Coin using Multi-Proof-of-Burn
BARR Asset ID 7823929696462256005
OFFS Asset ID 11439988768245232566
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Burning Altcoins for Redemption and Reduction is a cryptocurrency on the NXT Asset platform.
BARR is only earned via Proof-of-Burn, in exchange for altcoins which are permanently destroyed via burn addresses.
Our goal is to absorb entire altcoin networks and their users, burning their coins, redeeming those coins with BARR, and reducing the total number of altcoins on the market.
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We believe that the altcoin market is stuck in a fatal loop;
BARR is designed to disrupt that self-destructive cycle and eliminate resource-hogging redundancy.
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PLEASE NOTE:
BARR does not burn or destroy other people’s coins;  that would be impossible.
It is up to the holders of these coins to burn them, and only if they choose.
BARR is not an attack on you or other holders of your altcoin, because only you and other holders of your altcoin can burn your coins.  The choice is yours, and any holders who choose to participate in BARR redemption are voting with their coins when they send them to the burn address.
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 – Multi-Proof-of-Burn as a long-term method of coin distribution –
As the life of BARR develops, we hope to see the true benefits of the Multi-Proof-of-Burn innovation.  The price of BARR acts as the difficulty in a unique way that has never been seen before.  At launch, you can earn 5,000 BARR for 10,000 KEY.  But as BARR gains more users, the difficulty – the price – will hopefully rise.  In the future, if BARR has a higher price, then 10,000 altcoins might only bring you 500 BARR.  Or 50.  Or 5.  In this way we hope to have a curve of emission over time similar to Bitcoin, which could allow us to continue buying altcoins indefinitely as we approach the maximum supply without ever reaching it.
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If we do not burn a significant percentage of a coin’s supply, we may offer another round of burn at a later date.
Additional altcoins will be offered for burn exchange only when there is enough available BARR in the burnfund to exchange the total supply of the altcoin at reasonable rates.
Since our goal is to remove altcoins from the market, we will not offer burns on coins that are already dead or delisted from all exchanges.
We will not offer burns on coins that have high block rewards, high staking rewards, or which would otherwise easily be able to regain the supply after we burn it.
We cannot offer burns on coins that do not have a working block explorer, as we need to verify each burn transaction.  We also need to verify the total supply, as CoinMarketCap’s figures can be inaccurate if the official block explorer is down.
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Wild Card Burns
If we do not agree that a coin needs to be burned, but it is requested for burn by the community or its own devs, we may choose to burn it as a Wild Card.  Even though we think it’s a good coin, we’ll burn it anyway and see what happens.  Maybe it’s not as good as we think, and we could end up destroying the entire coin.  Or maybe the coin will continue with a reduced supply and come out stronger.
Wild Card coins will be treated as a separate category in addition to the standard burn periods – with a regular burn, we honestly believe that we can burn a coin’s supply and get rid of it.  If we don’t think that’s possible or desirable for a given coin, we will make it clear that it is a Wild Card and falls outside the normal rules of BARR redemption in 2 ways:
 #1 – The exchange rate.  Standard burns offer an exchange rate that is favorable enough to be accepted by the majority of a coin’s users, to give them incentive to burn their coins for BARR.  But for a Wild Card, if we don’t feel that there is a reasonable chance of destroying the entire coin, we may offer a lower rate of exchange.
#2 – Our personal supplies of these coins, if we have any.   In a standard burn period, we will offer buy support for the altcoin being burned, and we will burn 100% of the coins we buy on market or otherwise hold.  We don’t want to be stuck with these coins after the burn period ends.  But for a Wild Card, BARR devs may choose to keep some of our personally-held coins.  However, the BARR Burn Fund and the BARR Market Fund will always participate in burns and burn any altcoins they acquire, even for Wild Cards.
For all standard coin burns, we pledge to burn 100% of the altcoins under our control.  We do not want to give the appearance of a conflict of interests in any way, and that is why we want to make a clear distinction between our standard burns and any Wild Card burns.
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Altcoin Offset Credits 
By purchasing or earning BARR, and then self-burning it by donating it back to the Burn Fund, altcoin developers and other groups involved in the crypto community can be verified with Altcoin Offset Credits.  Their contribution to the altcoin community can be measured in BARR Certified Altcoin Offset Credits, which will show their commitment to the ongoing health and reduction of existing altcoins before they release another one onto the market.  A group or developer will get Altcoin Offset Credits based on the amount of BARR donated and the estimated value of BARR at current difficulty – in the first burn period the set target value is .0001BTC per BARR, so anyone who sends 1000 BARR to the Burn Fund will be issued 1000 OFFS.  The exchange rate will be set for each burn period.
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The number of OFFS held by a person or group can be used as their Altcoin Offset Rating,
a quantifiable measure of their contribution to the crypto community, certified by BARR proof-of-burn.
An Altcoin Offset Rating can by publicly verified by checking a NXT account’s current balance of OFFS.
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 – – The NXT Asset ID of BARR is 7823929696462256005
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 – – The NXT Asset ID of OFFS is 11439988768245232566

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Coins destroyed by BARR as of December 10, 2016:
FRAC – 333,978 coins burned out of 1,003,589 = 33% of FRAC coin supply
KEY – 285,067 coins burned out of 946,902 = 30% of KEY coin supply
XAI – 336,561 coins burned out of 690,460 = 48% of XAI coin supply
LYB – 378,591 coins burned out of 985,344 = 38% of LYB coin supply
ACP – 1,135,048 coins burned out of 2,793,664 = 40% of ACP coin supply
UIS – 17,025,663 coins burned out of 36,874,815 = 46% of UIS coin supply
BUN – 11,120,369,000 coins burned out of 88,975,662,768 = 12.5% of BUN coin supply (excluding charity funds)
BSC – 2,079,346 coins burned out of 5,544,449 = 37.5% of BSC coin supply
CHC- 2,029,696 coins burned out of 11,387,208= 17.8% of CHC coin supply
XAP – 67,882 coins burned out of 269,477 = 25% of XAP coin supply
CAGE – 9,605,167,227 coins burned out of 93,796,631,167 ~ 10% of CAGE coin supply
BARR – 305,356 coins burned out of 1,301,599 issued  = 23% (self-burned BARR, sent back to the burnfund)
OFFS – 15,000 coins burned out of 295,305 issued = 5% (permanently destroyed)
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