Total supply is set at 10 million BARR. All existing coins at launch must stay in the burnfund until exchanged for burned coins.
There is no IPO, ICO, or Pre-Sale, and our devs get 0 BARR unless we burn for it the same as everyone else. There is no “Pre-Mine” – the mining work has already been done on countless altcoins; BARR redeems the value of that work and investment instead of letting it all go to waste.
No BARR will be sold or distributed to anyone without being earned via Proof-of-Burn of our accepted altcoins during each burn period.
We welcome community contributions in the following ways:
– – Buy the accepted altcoins and burn them for BARR, or burn the coins you already have.
– – Buy BARR from people who earned it when they burned their altcoins.
– – Dump your altcoins into our buywalls, and we’ll burn them.
We will attempt to provide buy support, hopefully with community help, to allow liquidity for these coinswaps. Whether your sell your altcoins to us on exchanges, or burn them and sell us your BARR, we want to take away the weight of that bag you’ve been holding.
IMPORTANT: Although the announcement of a BARR “buyout” has the potential to influence the market prices of these altcoins, any such market activity is incidental to our goals. There are many unpredictable factors beyond our control that will affect these markets – the price of Bitcoin, the price of NXT, the price of BARR, and the price of the altcoins we’re redeeming.
The primary purpose of exchanging BARR for burned coins is to act as a swapover for existing holders of these coins. Therefore the most important rate is the amount of BARR we are exchanging for each burned coin; that rate will be set and will not change for the duration of the burn period, no matter what else happens.
If you intend to speculate or play the market during a swap, please trade at your own risk and remember that our altcoin buywalls will disappear at the end of the burn period (if not before). You can continue to hold these altcoins, gambling on the chance that the price might rise; or you can take the guaranteed BARR and forget about those other coins forever.
How the swaps will work:
Swaps for burned coins will be done at a fixed rate – we will announce each coin, its exchange rate in BARR, and the period for which the offer will be available.
INSTRUCTIONS AND RULES FOR BURNING YOUR ALTCOINS IN EXCHANGE FOR BARR
Step #1: Before sending your coins to the burn address, make sure you’re burning one of the coins accepted during the current burn period.
Step #2: Before you burn your coins, message BARR_Official at Bitcointalk and tell us which coin you’re burning, how many coins, and your NXT address. (If your NXT account has never received a transaction before, also include your Public Key)
Step #3: After you have burned your altcoins, message us again with a copy of your previous message, and add the transaction ID of your send to the burn address.
This allows us to verify on the blockchain that you have actually sent that amount of coins to the burn address.
Telling us before you do it will prevent anyone else from watching transactions and claiming that your burned coins came from them.
There is no way to prove who sent an unclaimed transaction, and any disputed or unclaimed burn transactions may not be redeemed if we cannot determine who burned the coins. So message us and claim your coins before you send them.
If you split your coins into multiple smaller transaction IDs, we will wait until all transactions arrive at the burn address and verify that they add up to the total amount you had requested.
Anyone attempting to pass a fake transaction ID or previously used transaction ID will have their bitcointalk account and NXT account permanently banned from participating in all future BARR altcoin redemptions.
The initial burn period may require a minimum exchange of 50 BARR per transaction, to reduce spam and because each transfer costs us 1 NXT. That means you must burn a minimum of 100 FRAC, 100 KEY, or 66 XAI. Newbie Bitcointalk accounts may be held to a minimum of 500 BARR, to reduce spam from sockpuppet accounts. The minimum may be reduced for future burn periods according to the difficulty, or it may be waived on an individual basis if spam is not a significant problem.
We will strictly enforce the cutoff of the burn period at one minute before Midnight, 11:59PM or 23:59 UTC/Greenwich Mean Time on the final day of the burn period. (That’s 7:59PM in New York during the summer, and 6:59PM in New York if it’s winter.)
If you have not sent us the txid showing your send to the burn address by 23:59 UTC, you will not receive BARR.
We will attempt to maintain buywalls on exchanges through the end of the burn period, and any coins sold to us after 23:59 UTC will be burned for BARR and that BARR will be re-burned by sending it back to the burn fund.
If our buywalls are depleted before midnight on the final day of the burn period, and you are able to buy a million billion coins for 1 satoshi, we will honor them at the set rate of BARR if you send them by 23:59 UTC – but one minute later and you will get nothing.
So please stop buying the altcoins well in advance of midnight, and do not burn any coins after 11:59PM unless you consider it a donation. Because we’re serious about the cutoff.
Using the exchange rate as the variable “difficulty” for acquiring BARR will allow us to offer burn redemptions into the future without running out of BARR supply.
We will target ongoing coin supply swaps with a reduction of 20% the amount of BARR offered at each difficulty level.
The launch swap is an offer of up to ~ 500,000 coins in exchange for XAI, ~ 500,000 coins in exchange for KEY, and ~ 500,000 coins in exchange for FRAC, for a total of up to 1,500,000 BARR (if all 3 coins burn 100% of supply). After the initial launch period to burn 3 different altcoins simultaneously, we plan to offer at least 1 altcoin at a time for future burn redemption periods, reducing the amount of BARR exchanged by 20% each time.
The second burn period will have a maximum offer of 1,200,000 BARR, so we will find an altcoin (or group of altcoins) with a marketcap less than or equal to the value of 1,200,000 BARR. After that the goal is to offer a maximum of 960,000 BARR to replace the entire marketcap of the next altcoin or altcoins.
Continuing in this way, planning a new burn period every 30 to 60 days, we can chart the next 2 to 4 years with an estimated 7,500,000 BARR in circulation by the end of the 24th burn period:
1st Burn Period, Nov. 1 – 30, 2015, FRAC, KEY, & XAI: 1,500,000 BARR allocated
2nd Burn Period: 1,200,000 BARR
3rd Burn Period: 960,000 BARR
4th Burn Period: 768,000 BARR
5th Burn Period: 614,000 BARR
6th Burn Period: 491,000 BARR
7th Burn Period: 393,000 BARR
8th Burn Period: 314,000 BARR
9th Burn Period: 251,000 BARR
10th Burn Period: 201,000 BARR
11th Burn Period: 161,000 BARR
12th Burn Period: 128,000 BARR
13th Burn Period: 103,000 BARR
14th Burn Period: 82,000 BARR
15th Burn Period: 65,000 BARR
16th Burn Period: 52,000 BARR
17th Burn Period: 42,000 BARR
18th Burn Period: 33,000 BARR
19th Burn Period: 27,000 BARR
20th Burn Period: 21,000 BARR
21st Burn Period: 17,000 BARR
22nd Burn Period: 13,000 BARR
23rd Burn Period: 11,000 BARR
24th Burn Period: 8,800 BARR
These numbers represent the number of coins BARR will have available in exchange for the total supply of each coin offered during each burn. Following this progression, BARR can continue to destroy more altcoins into the foreseeable future.
If we reach a difficulty level at which we can find no available altcoins with a marketcap less than or equal to the targeted number of BARR, then the difficulty may be reduced. But any such expenditure from the burnfund over the targeted amounts will be dependent upon a surplus from previous burn periods.
In the 10th burn period, we plan to offer 201,000 BARR in exchange for the entire supply of an altcoin. If only 50% of the altcoin’s total supply is burned in exchange for BARR by the end of the 30-day burn period, then the burn fund has a surplus of 100,500 over the allocated amount. That means future burn periods and/or Wild Cards can afford to allocate at least 100,500 more than the targeted plans, without exceeding the 4-year estimated expenditure of 7.5 million BARR.
Surplus funds will also be augmented by BARR sent back to the Burn Fund in exchange for OFFS.