Klever sent a flurry across Twitter as it announced its KFI mining and KLV burn event starting on March 22. The event will take place at Klever Labs.
Also, the Klever event will be the only public round of mining for the Klever Blockchain’s governance token, the Klever Finance Token (KFI.) At this time, all KLV used to mine their tokens from mining pools will be burned. The appeal lies within the limited supply of their tokens, with only 150,000 KFI in circulation.
Accordingly, Mining will consist of daily events concluding on April 20. Klever’s Twitter community is all-in with a lot of excitement brewing around the launch:
In addition, Klever Foundation promises to use and burn 250 million of its KLV reserves to mine KFI. This will reduce KLV circulation by a quarter of a billion in supply numbers. By the time the event is over, all coins will be burned.
How KFI Works
The halving process will create a limited supply of 1,000,000 KFI. The full minting process will autonomously take 20 years to complete. KFI token holders will have an essential influence and important responsibility for the Klever Blockchain’s function.
In short, they will have complete control over the app’s protocol configuration. This includes approval authority over new apps using an on-chain voting system.
Inside this Blockchain, KLV is the main utility token used for transaction gas and energy usage. Essentially KFI’s mission statement is to “empower a world-wide distributed community to innovate in p2p technologies and advance decentralized finance products and services.”
KFI Rewards Infrastructure
Klever Blockchain will distribute 100% of the protocol fees as KLV network rewards to the KFI governance community. This will act as a reward for the responsibility involved in governing the blockchain. Each KApp can have its own set of fees. Rewards are the fees automatically collected on apps.
Using the KFI governance voting system, KFI holders will ensure that Klever Blockchain will be free of malicious parties and suspicious apps.
Klever Foundation shows confidence in Klever Blockchain and a long-term commitment to being part of the KFI governance community. They have committed to using 250,000,000 KLV out of its reserves already in circulation to mine KFI from day one of the events.
The 250,000,000 KLV is estimated to be worth more than $14 million in today’s market value. One thing is sure, and tokens are here to stay.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
