We have recently upgraded our Polkadot parachain to production runtime:
see <a href="https://polkadot.js.org/apps/?rpc=wss%3A%2F%2Fpolkadot.api.integritee.network#/explorer">Integritee Network (Polkadot) on js/apps</a>
for technical reasons, we needed to mint a small amount TEER on that chain.
According to our tokenomics, TEER will be the native token&nbsp; of both Kusama and Polkadot chains and no new TEER may be minted (hard cap).&nbsp;
This proposal aims to burn an equal amount of TEER on Integritee Network (Kusama)
total supply on Polkadot para:
at <a href="https://polkadot.js.org/apps/?rpc=wss%3A%2F%2Fpolkadot.api.integritee.network#/explorer/query/0x8936bda6891383e7cd8e7ee819062d578a78000cc41c5a8b094ca2a3d5f273a0">#2,384,181</a> total issuance is 410.999109325506 TEER
We created a burner account with public key <code>0x4275726E546F4D696E744F6E506F6C6B61646F74000000000000000000000000</code> which corresponds to ASCII <code>BurnToMintOnPolkadot</code> and provably has no known private key.
This proposal force-transfers funds from an account in control of Integritee AG &mdash; which is also in control of the minted funds on Polkadot side
At a later stage, this account can be set to zero if desired, to ensure totalsupply(Kusama) + totalsupply(Polkadot) is capped correctly

We have recently upgraded our Polkadot parachain to production runtime:

see [Integritee Network (Polkadot) on js/apps](https://polkadot.js.org/apps/?rpc=wss%3A%2F%2Fpolkadot.api.integritee.network#/explorer)

for technical reasons, we needed to mint a small amount TEER on that chain.

According to our tokenomics, TEER will be the native token  of both Kusama and Polkadot chains and no new TEER may be minted (hard cap). 

This proposal aims to burn an equal amount of TEER on Integritee Network (Kusama)

total supply on Polkadot para:

at [#2,384,181](https://polkadot.js.org/apps/?rpc=wss%3A%2F%2Fpolkadot.api.integritee.network#/explorer/query/0x8936bda6891383e7cd8e7ee819062d578a78000cc41c5a8b094ca2a3d5f273a0) total issuance is 410.999109325506 TEER

We created a burner account with public key `0x4275726E546F4D696E744F6E506F6C6B61646F74000000000000000000000000` which corresponds to ASCII `BurnToMintOnPolkadot` and provably has no known private key.

This proposal force-transfers funds from an account in control of Integritee AG — which is also in control of the minted funds on Polkadot side

At a later stage, this account can be set to zero if desired, to ensure total_supply(Kusama) + total_supply(Polkadot) is capped correctly

Problem Statement:
- The proposal aims to burn an equal amount of TEER on the Integritee Network (Kusama) to maintain the hard cap on the total supply of TEER tokens.

Significance:
- Burning TEER tokens ensures that the total supply of TEER tokens remains within the set limit, maintaining the tokenomics of the network.

Proposed Solution:
- Transfer funds from an account controlled by Integritee AG to a burner account with no known private key, effectively burning the TEER tokens.

Expected Outcomes:
- The total supply of TEER tokens on the Integritee Network (Kusama) will be reduced, aligning it with the total supply on the Polkadot parachain.

Burn TEER on Kusama parachain to mint them on Polkadot parachain

No Active Proposals