Repayment Program - Buybacks - Token Burn

ICN token holders benefit from DAA fees collected on the ICONOMI Digital Asset Management Platform via our repayment program - buybacks.

Please read our blog post: ICONOMI introduces Repayment Program

The revenues for buybacks come from the following sources:

1. 3% Columbus Capital Blockchain Index (BLX) DAA yearly management fee
2. 30% of yearly management fees collected from other DAAs (other 70% goes to DAA Manager; DAA managers profit from management fees for their services in managing the DAA and get paid monthly in their DAA’s units)
3. 20% performance fee from realized Columbus Capital Pinta (CCP) DAA profits 

Remark:

The exit/sell and withdrawal fees cover the costs that appear with inflow/outflow and are not used for buybacks because they are not net profit for ICONOMI.

Where are reports of the repayment program presented?

When the repayment program/buybacks for the quarter are concluded, a transparent repayment program analysis is presented in the Quarterly Financial Report and published in the ICONOMI blog.

How does it work?

ICONOMI is systematically and continuously buying ICN tokens on exchanges (buybacks). At the end of each quarter, ICN tokens bought in the past three months are “burned.” “Burning” means that purchased tokens will be taken off the market, with the consequence that the total supply of ICN tokens will decrease.

Technically - how are the ICN tokens burned? 

ICONOMI has created a “black hole” smart contract showing all the burned ICN tokens.

You can view the tokens sent to this smart contract address by clicking the following link: https://etherscan.io/address/0x0006157838d5a6b33ab66588a6a693a57c869999#tokentxns.

At the end of each quarter, ICONOMI sends ICN tokens bought via the repayment program/buybacks in the past three months to this smart contact address.

The smart contract does not have any options to withdraw ICN because there is no send function to move tokens out of the ”black hole,” which means the tokens are locked/”burned” forever. In addition, the contract has no proxy method to deploy a new contract.

WARNING:
Do not send tokens to this address. Tokens sent to this address are permanently locked in the smart contract and cannot be recovered.