The Semux core team is pleased to announce that following months of consulting the community and listening to their concerns, 15,000,000 SEM of the initial premine has been burned.

You can find the burn address and transactions here: https://semux.info/explorer/account/0x0000000000000000000000000000000000000000

This burn address does not have a known or discoverable private key; coins sent to this address will be effectively removed from the network and can never be accessed. 1000 SEM for delegate registrations are being sent to the burn address as well.

- TX with burned foundation funds

- TX with burned community distribution funds

- TX with burned semux founder funds.

Semux didn’t go through the conventional route of ICO or pre-selling to fund the project development. Instead, it relied on enthusiasm of core contributors, the community and a self-funding model. All contributors agreed to receive rewards for their work in SEM. The initial premine was divided into 3 separate parts:

• Community distribution: 10 million SEM: funds for Airdrops and Bounty campaigns with the main goal to provide a better decentralization of the project and seed the network with 100 validators at launch.

• Development, marketing and partnerships: 10 million SEM held by the Semux Foundation, this is the source of funds used to develop the ecosystem. • Founder: 5 million SEM

After various successful airdrops, bounty campaigns and rewards to contributors in 2017–2018, the Semux Foundation ended up with 18.6M SEM in early 2019.

There were no doubts that we needed to burn undistributed coins from ‘Community distribution’ fund. Additionally, the Semux founder agreed to burn more than 90% of his premine.

With that said, Semux Foundation decided to burn:

- Founder: 4m

- Dev & marketing: 6m

- Community distribution: 5m

This leaves approximately 2,9 million SEM for development & marketing and approx 378K SEM for community distribution and future bounties. You can find the updated list of accounts here: https://semux.info/richlist

The Semux Foundation now controls 3.2 million SEM (instead of 18.6 million SEM as before). Our research shows that Semux Foundation has enough funds for development and adoption for many years ahead, despite of having a reduced share of the Semux network.

Finally, the remaining coins will be locked in a smart contract with multisignature requirements of 3+ core contributors once the VM is activated on the Semux mainnet.

We look forward to sharing more updates with the community and new releases are coming soon.

Join our discord and chat with the dev team: https://discord.gg/qQVckKZ

Official Twitter: https://twitter.com/semuxproject